cancel
Showing results for 
Search instead for 
Did you mean: 

Portfolio Recovery / Synchrony letter

tag
jkry
Valued Member

Portfolio Recovery / Synchrony letter

Aloha,

Today I received a letter in the mail from portfolio recovery, saying " we know times are hard and we can help".....  My synchrony associate was reporting charged off and derogatory as off three days ago; now it changed and says closed.  Portfolio's letter says 1760.00 is the balance.   I am going to call portfolio, but wanted to make sure I get it right.   I think I stopped payment in December of 2019, lost work in March of 2020.   So, I did not make those payments, after years for perfect payment history.   But, now that synchrony has changed status, I want to make sure and get an answer from Portfolio, I'm hoping I can set it up, or pay it off without them reporting anything/ or alternatively delete and collections reporting after payment.  Any advice if this will work? 

 

12 REPLIES 12
Anonymous
Not applicable

Re: Portfolio Recovery / Synchrony letter


@jkry wrote:

Aloha,

Today I received a letter in the mail from portfolio recovery, saying " we know times are hard and we can help".....  My synchrony associate was reporting charged off and derogatory as off three days ago; now it changed and says closed.  Portfolio's letter says 1760.00 is the balance.   I am going to call portfolio, but wanted to make sure I get it right.   I think I stopped payment in December of 2019, lost work in March of 2020.   So, I did not make those payments, after years for perfect payment history.   But, now that synchrony has changed status, I want to make sure and get an answer from Portfolio, I'm hoping I can set it up, or pay it off without them reporting anything/ or alternatively delete and collections reporting after payment.  Any advice if this will work? 

 


@jkry PRA does PFD. Doesn't help the CO, but deletes any CA.

Message 2 of 13
jkry
Valued Member

Re: Portfolio Recovery / Synchrony letter

Thanks for your quick response! I guess my question or guidance needed is: if I contact them quick enough, and pay off, will they report at all.  I'm hoping to catch it before it reports at all.  That way I can avoid having it report and then deleted .... fingers crossed.  

Message 3 of 13
Anonymous
Not applicable

Re: Portfolio Recovery / Synchrony letter

Possible, but as long as it’s deleted, all points would return.
Message 4 of 13
simplegirl
Valued Contributor

Re: Portfolio Recovery / Synchrony letter

Since PRA already does PFD i can't see them reporting anyways after payment. I feel that would be pointless since they are going to delete it anyways. Also after you pay it you should send a goodwill to synchrony to have their tradeline removed. I had a charge off from 2017 for synchrony & paid it through midland funding in early 2019 then sent a goodwill to synchrony in late 2019 and they removed the tradeline.








Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge





Goals:

Get First Home in Summer 2025
Message 5 of 13
jkry
Valued Member

Re: Portfolio Recovery / Synchrony letter

Thanks!! I am assuming that you paid your entire balance, and not sell for less?  I don't necessarily plan on settling? But I'm assuming if we do you in settlement or less, they will still delete?

Message 6 of 13
Anonymous
Not applicable

Re: Portfolio Recovery / Synchrony letter

From my understanding PRA does PFDs for settlement or in full. Maybe other members can chime in, but you make the agreement with them prior to paying so they agree to it or not beforehand.
Message 7 of 13
OmarGB9
Community Leader
Super Contributor

Re: Portfolio Recovery / Synchrony letter

Portfolio will delete whether paid in full or settled for less.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 13
Anonymous
Not applicable

Re: Portfolio Recovery / Synchrony letter

Thank you for confirming I thought they did.
Message 9 of 13
Anonymous
Not applicable

Re: Portfolio Recovery / Synchrony letter

Yes they will delete for pay. Their website says that they will delete it within 30 days of payment, but I would suggest getting that information in writing. I had two cards with capitol one that were sent to portfolio recovery back in January. I wrote them a lettter in June asking to settle the accounts. One was 359.00 and the other one was 452.00. I asked to settle them both for 50% of the amount I owed, I told them when I could pay it, and then asked if they would delete the accounts from my credit report once the account was settled. They sent a letter back agreeing to the terms, I paid both accounts on 7/24/21, about two weeks later they updated as settled then a week after that they both updated as closed. I sent a dispute to Experian telling them that they told me they would delte these, and included all the correspondance and  they payments, and they deleted one of the accounts today. If both havent been deleted  by 8/24/21, then I will send the same correspondance to the other two bureuas to have them delete it as well.


@jkry wrote:

Aloha,

Today I received a letter in the mail from portfolio recovery, saying " we know times are hard and we can help".....  My synchrony associate was reporting charged off and derogatory as off three days ago; now it changed and says closed.  Portfolio's letter says 1760.00 is the balance.   I am going to call portfolio, but wanted to make sure I get it right.   I think I stopped payment in December of 2019, lost work in March of 2020.   So, I did not make those payments, after years for perfect payment history.   But, now that synchrony has changed status, I want to make sure and get an answer from Portfolio, I'm hoping I can set it up, or pay it off without them reporting anything/ or alternatively delete and collections reporting after payment.  Any advice if this will work? 

 


 

Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.