Portfolio Recovery, amounts don't make any sense!

[Anonymous]

I have four collections I'd like to clear off my report. One is PIF, and I'm sending GW requests. The other is in the process of validating, if it comes back as mine I'll be negotiating PFD.

The remaining two are with Portfolio Recovery, from Synchrony Bank. I was researching SOL when I realized neither of the amounts make sense. I had two accounts with Sync:

SYNCB/Care Credit

Last Payment Made: 08/25/2014

Charge Off: $473

Est Removal: 04/2021

SYNCB/Walmart

Last Payment Made: 11/15/2013

Charge Off: $1,587

Est Removal: 11/2020

Here's where it gets weird. Matching up the PRC dates by estimated removal, they look like:

PRC #1

Original Amount: $1,216

Balance: $1,181

Est Removal: 04/2021 (assuming this is connected to Care Credit)

PRC #2

Original Amount: $1,950

Balance: $1,785

Last Payment Made: 10/28/2016 (huh??)

Est Removal: 11/2020 (assuming this connects to Walmart card)

What tf is going on here? I want to approach them about PFD but those numbers don't make sense. I could see PRC #2 having some fees on it, because I was almost maxed out at $1600, but I don't understand the original amount vs balance and what do they mean last payment made? I never made a payment to them.

PRC #1 blows my mind tho, how did a $473 charge off turn into $1,216 and then $1,181?

[silver_idle]

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@Anonymous wrote:

I have four collections I'd like to clear off my report. One is PIF, and I'm sending GW requests. The other is in the process of validating, if it comes back as mine I'll be negotiating PFD.

The remaining two are with Portfolio Recovery, from Synchrony Bank. I was researching SOL when I realized neither of the amounts make sense. I had two accounts with Sync:

SYNCB/Care Credit

Last Payment Made: 08/25/2014

Charge Off: $473

Est Removal: 04/2021

SYNCB/Walmart

Last Payment Made: 11/15/2013

Charge Off: $1,587

Est Removal: 11/2020

Here's where it gets weird. Matching up the PRC dates by estimated removal, they look like:

PRC #1

Original Amount: $1,216

Balance: $1,181

Est Removal: 04/2021 (assuming this is connected to Care Credit)

PRC #2

Original Amount: $1,950

Balance: $1,785

Last Payment Made: 10/28/2016 (huh??)

Est Removal: 11/2020 (assuming this connects to Walmart card)

What tf is going on here? I want to approach them about PFD but those numbers don't make sense. I could see PRC #2 having some fees on it, because I was almost maxed out at $1600, but I don't understand the original amount vs balance and what do they mean last payment made? I never made a payment to them.

PRC #1 blows my mind tho, how did a $473 charge off turn into $1,216 and then $1,181?

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They usually show who the OC is on PRA website, however what you can do is request a DV and they should validate it. If they do, they will send statements and you can see where it came from. It could be due to all the interest along with monthly late fees and a possible charge off fee (most creditors charge it), but nothing is wrong with getting it validated to get an idea on why its so much and why there is a difference in the balance (assuming you never made any payments on it) and the original amount.

[Anonymous]

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@silver_idle wrote:

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They usually show who the OC is on PRA website, however what you can do is request a DV and they should validate it. If they do, they will send statements and you can see where it came from. It could be due to all the interest along with monthly late fees and a possible charge off fee (most creditors charge it), but nothing is wrong with getting it validated to get an idea on why its so much and why there is a difference in the balance (assuming you never made any payments on it) and the original amount.

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All what interest? I didn't think CA's could charge interest? I could understand the second debts difference being fees, but the first is over double, it's almost triple the original charge off amount. 

I'm also not keen on investigating it just yet as I'm not sure if I'm past the SOL or not. The state the debt is from (NM) is 4 years, which I would be well past, but my current state of CO is 6 years, which doesn't pass until May. I'm willing to negotiate with them in order to get it removed but I don't want to get sued 3 months from passing the SOL by poking them.

[silver_idle]

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@Anonymous wrote:

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@silver_idle wrote:

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They usually show who the OC is on PRA website, however what you can do is request a DV and they should validate it. If they do, they will send statements and you can see where it came from. It could be due to all the interest along with monthly late fees and a possible charge off fee (most creditors charge it), but nothing is wrong with getting it validated to get an idea on why its so much and why there is a difference in the balance (assuming you never made any payments on it) and the original amount.

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All what interest? I didn't think CA's could charge interest? I could understand the second debts difference being fees, but the first is over double, it's almost triple the original charge off amount. 

I'm also not keen on investigating it just yet as I'm not sure if I'm past the SOL or not. The state the debt is from (NM) is 4 years, which I would be well past, but my current state of CO is 6 years, which doesn't pass until May. I'm willing to negotiate with them in order to get it removed but I don't want to get sued 3 months from passing the SOL by poking them.

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If the debt happen and the DOFD and CO (charge off) was while you was in NM then the SOL for the debt is 4 years, however was in a your current state then the SOL would be based on that state youre currently in. Regardless, its usually best to get it figured out so you can pay or settle accordingly. Having an investigation done or doing a DV usually dont reset the SOL (though some claim it does so maybe it varies from state to state) but if youre looking to settle or discussing settlement options, the SOL wont reset unless an agreement is made and they can only sue if you breach that agreement. The CA will be removed from your CR regardless of if its PIF or Settled as per PRA policy.

[Anonymous]

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@silver_idle wrote:

If the debt happen and the DOFD and CO (charge off) was while you was in NM then the SOL for the debt is 4 years, however was in a your current state then the SOL would be based on that state youre currently in. Regardless, its usually best to get it figured out so you can pay or settle accordingly. Having an investigation done or doing a DV usually dont reset the SOL (though some claim it does so maybe it varies from state to state) but if youre looking to settle or discussing settlement options, the SOL wont reset unless an agreement is made and they can only sue if you breach that agreement. The CA will be removed from your CR regardless of if its PIF or Settled as per PRA policy.

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Okay so on the dofd I was still a resident of NM, so the SOL has long past if that's the SOL that's applicable.

The one I want to settle is the one that doesn't fall off until next year, which of course happens to be the one with the largest difference in original balance vs current balance. 😲