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Portfolio Recovery

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Portfolio Recovery

Hello everyone,

 

I have a question about how to handle collection accounts that are outside the statute of limitations. Portfolio Recovery is reporting 2 of my accounts to the credit bureau's and when I log into their website, it says "The law limits how long you can be sued on a debt. Because of the age of your debt, we will not sue you for it. Depending on the laws of your state, certain actions, such as making a payment or promising to pay the debt, may restart the time period for the filing of a lawsuit against you; but even if that were the case, we still will not sue you on this debt." 

 

I also see that PR will remove collections once paid or settled. Okay..... finally getting to the point of my post. I would really like to pay them off and get them removed from my credit reports but I'm afraid to start a dialogue with them about the debt (even though they said they won't sue now). Also, do you think they will waiver any on the amount owed due to the age of the debt and being unable to sue me for it? I hope all of this makes sense. 

 

Message 1 of 8
7 REPLIES 7
Community Leader
Senior Contributor

Re: Portfolio Recovery

Now that the only way they can get anything from you is out of the goodness of your heart, you are in a strong position to negotiate. I would preface it with something along the lines of “I am not acknowledging this debt to be mine but in the interests of getting it off of my reports, I’m willing to pay 25% of the amount being collected in exchange for full and permanent deletion from my credit reports, and for which amount the debt will be considered by both parties to be paid in full.” PRA has a policy of removal after payment but I’d still get written communication from them that they accept these terms. Once you have it, pay ‘em and be done with it.


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Message 2 of 8
Member

Re: Portfolio Recovery

Thanks! I'll give it a try!

Message 3 of 8
Valued Member

Re: Portfolio Recovery

I'm in the exact same position with the same CA. Although I didn't think that the SOL has ran out yet, I have the same "disclaimer" when I log in. I am going to take the same approach. I will update with my progress as well. 

 

Thanks!

Message 4 of 8
Established Contributor

Re: Portfolio Recovery

PRA does delete after payment. If you request it in writing, they will just refer you to their website as it is disclosed there openly. As far as the big bad world of CA's, PRA is actually one of the easier ones to deal with these days. Of course, as with anything, YMMV.
Welcome to the forums and good luck!
Starting rebuild July 2019 EX 501, EQ 512, TU n/a CCT Fico 8 scores
Message 5 of 8
Regular Contributor

Re: Portfolio Recovery

So they automatically delete? No need to ask? Just negotiate payment?


@crazedforcredit wrote:
PRA does delete after payment. If you request it in writing, they will just refer you to their website as it is disclosed there openly. As far as the big bad world of CA's, PRA is actually one of the easier ones to deal with these days. Of course, as with anything, YMMV.
Welcome to the forums and good luck!

 


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Message 6 of 8
Member

Re: Portfolio Recovery

Let me know how it goes, I am going to email and see where I get with them. 

Message 7 of 8
Established Contributor

Re: Portfolio Recovery

I asked and they were happy to tell me about their policy and that i could read and print it from their website for my records. They said it takes about 30 days after the debt is paid/settled for it to come off my reports.
Starting rebuild July 2019 EX 501, EQ 512, TU n/a CCT Fico 8 scores
Message 8 of 8
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