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Portfolio Recovery Associates - Debt that is nearly 7 years old

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Anonymous
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Portfolio Recovery Associates - Debt that is nearly 7 years old

These forums are AWESOME!  Thank you in advance for reading!

I had 3 credit cards, some tax debt and other stuff going on, I declared bankruptcy in 2012, but it just got discharged (another job loss) due to non-payment.

Anyways.

Chase and Walmart accounts are with Portfolio Recovery Associates.  They send me mail, they call me, and I finally called them back to see how low they would go for one time payment.  They disclose right up front that "because of the age of you debt, we will not sue you for it", I'm probably 6 months from full 7 years since the first missed payment, as evidenced by the walmart account showing "Estimated month and year that this item will be removed: 02/2018"

CHASE - on credit report, still 'included in bankruptcy' "Estimated month and year that this item will be removed: 02/2018"
Walmart - On credit report under Portfolio Recovery Associates, active in collection.  "Estimated month and year that this item will be removed: 02/2018"

The question becomes....  after 2/2018 will I actually owe this money or does it fall off my credit?  Is it worth trying to work out payment 5 months before this drops off my credit and they cant sue me for it anyways?

How does this work?  I'm reading like crazy here, I just want to understand how it works!  I appreciate you!

 

CY

Message 1 of 20
19 REPLIES 19
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

The 7 years from the date of first delinquency DOFD pertains to the time that they can sue you. You still are liable for the debt if it belongs to you and collection agencies can still pursue you for payment.
Message 2 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

However the statute of limitations is different in most states.
Message 3 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

Gotcha.

So, its still in my interest to try and work out a lower settlement with Portfolio?

I'm stuck right now on maybe 60% of the initial balance, I need to read up on strategy to get it down.  I dont want to pay the $11k I owe, I offered her $1500 to take care of it today and she all but laughed.  It was entertaining.

This is Colorado, BTW

Message 4 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

Also, found this from my local newspaper:

"Setting aside the moral issue of meeting one’s financial obligations, if the statute of limitations has expired on a debt, the borrower is, legally speaking, free to ignore the collection agency. But the claim can remain on your credit report after the statute of limitations for collecting the debt has expired. Such statutes vary from three to 15 years, depending on the state. Negative items remain on a credit report seven years; 10 years, if it’s a bankruptcy."


http://www.denverpost.com/2013/07/26/know-your-rights-in-dealing-with-debt-collectors/

Message 5 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

The bad thing is that Portfolio is the worst of the worst and they never do pay for deletes, so settling with them is still going to hurt your credit.
Message 6 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

No do not work it out with them, let it age off. They already said they will not sue you because you are past the statute of limitations. Let it go and wait it out. Dv
Message 7 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

I personally would get hard copies of your credit reports from the credit bureaus and make sure you are definitely out of the SOL. Since it is such a large amount of money I probably would just ride it out and let it fall off unless you have plans to purchase a home in the near future. There are plenty of others that may give you better advice.
Message 8 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

As for you question, you will always owe that money. You will not however be legally bound to pay it back, nor can they come after you for it, nor will they legally be able to put it on your credit report past as you put it 02/2018. So sir just wait it out and move on.
Message 9 of 20
Anonymous
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Re: Portfolio Recovery Associates - Debt that is nearly 7 years old

700orbust, they already admitted it was past the sol by stating they will not sue him. They are just trying to collect on a debt before it falls off his reports. Dv
Message 10 of 20
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