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Portfolio recovery reporting under installment loan!!

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Portfolio recovery reporting under installment loan!!

So, I happened to go over my Fiance's credit report again after reading a denial letter we got in the mail.... he has 3 unpaid collections, 2 are set to fall off by may 2020 and another one In Feb 2021. However, i noticed that portfolio recovery associates is now reporting as an OPEN Installment loan!

Here's the kicker.... this change just happens to come AFTER we got a letter from them stating that by "Massachusetts law, we're required to notify you this debt may be too for you to be taken to court..... TAKE NOTE: you can renew the debt and the statute of limitations for the filing of a law suit if you do ANY of the following" one of the reasons given was signing a piece of paper in which you admit that you owe a debt.

Should I dispute and say that "I have no knowledge of this account but it is clearly NOT an installment loan??

I don't want it to bite us in the butt.... but it's really fishy that they started reporting it that way when it's so incredibly close to falling off for good.
Message 1 of 8
7 REPLIES 7
Super Contributor

Re: Portfolio recovery reporting under installment loan!!

If you can make payment arraingements with Portfolio. Once paid they will delete it off his credit reports. Yes things will ramp up as the fall off date gets closer. Falling off doesnt stop CA's from trying to collect. They just cant go the court route with law suits and such. If you can afford it. Pay it and it will go poof. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 8
Contributor

Re: Portfolio recovery reporting under installment loan!!

For the two collections that are set to fall off May 2020, they are most likely past the statute of limitations for suing (in majority of country). No matter what you do do not admit to owning the debt or agree to any payment plans unless it is a one time settlement/PIF. For the feb 2021 collection it may not be past SOL until Feb 2020 (depending on where you live). With this one I strongly encourage you to play dead until March of 2020. If you start contacting them they will get more aggressive with you, but by ignoring them all they can do is sue you which is fine. If you are sued you can just settle with them without getting a judgement no different than you would by calling tomorrow and settling. Law suits aren't scary as long as you show up to court, they'll still take pennies on the dollars in most cases. Most people get screwed by being sued simply because they don't show up. I was sued in 2015 for a $2,500 debt. I'm fairly judgement proof but these guys were hungry. I counter sued just for grins and showed up to court. After the judge called roll (there are dozens of past due clients and attorneys in the room) the lawyer for the plaintif of my case asked if he could talk to me in hall way. I said sure. He said "i see you are counter suing". I said I'll drop the counter suit and give you $400 to settle the debt. He pretended to call his client and accepted 20 seconds later. You only get a judgement if court rules against you so don't fear law suits.

A collection is not an installment loan. I think they are poking the bear with this one just to get you to reach out and see if you will fight. If this is the Feb 2021 debt just don't respond until March and then fight with them knowing they can't do anything to you. If this is May  2020 debts then just let it fall off report, not worth your time.

If you aren't trying to get a mortgage or something else big in the next 6 months you really need to just ignore these guys and only respond to a law suit. If you disputed and I was the debt collector I would immediately sue you knowing you are anxious to fix it for some reason unless you are judgement proof. 


FICO 8 Scores
10/16/19 (Start of rebuild):
1/16/20:
FICO 9 Scores
1/16/20:
Inquiries
EX: 2 TU: 2 EQ: 1

Goal Cards: NFCU More Rewards Amex, Amex Hilton Honors, Cap1 Savor One, Citi Double Cash

Signature last updated 1/18/20
Message 3 of 8
Super Contributor

Re: Portfolio recovery reporting under installment loan!!


@850Dreamer wrote:

For the two collections that are set to fall off May 2020, they are most likely past the statute of limitations for suing (in majority of country). No matter what you do do not admit to owning the debt or agree to any payment plans unless it is a one time settlement/PIF. For the feb 2021 collection it may not be past SOL until Feb 2020 (depending on where you live). With this one I strongly encourage you to play dead until March of 2020. If you start contacting them they will get more aggressive with you, but by ignoring them all they can do is sue you which is fine. If you are sued you can just settle with them without getting a judgement no different than you would by calling tomorrow and settling. Law suits aren't scary as long as you show up to court, they'll still take pennies on the dollars in most cases. Most people get screwed by being sued simply because they don't show up. I was sued in 2015 for a $2,500 debt. I'm fairly judgement proof but these guys were hungry. I counter sued just for grins and showed up to court. After the judge called roll (there are dozens of past due clients and attorneys in the room) the lawyer for the plaintif of my case asked if he could talk to me in hall way. I said sure. He said "i see you are counter suing". I said I'll drop the counter suit and give you $400 to settle the debt. He pretended to call his client and accepted 20 seconds later. You only get a judgement if court rules against you so don't fear law suits.

A collection is not an installment loan. I think they are poking the bear with this one just to get you to reach out and see if you will fight. If this is the Feb 2021 debt just don't respond until March and then fight with them knowing they can't do anything to you. If this is May  2020 debts then just let it fall off report, not worth your time.

If you aren't trying to get a mortgage or something else big in the next 6 months you really need to just ignore these guys and only respond to a law suit. If you disputed and I was the debt collector I would immediately sue you knowing you are anxious to fix it for some reason unless you are judgement proof. 


I wouldnt want to play chicken and go to court and then have a public record entry for the judgement or any hearing. Not the greatest advise. What works for one person doesnt apply to everyone.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 8
Super Contributor

Re: Portfolio recovery reporting under installment loan!!

@Bellasmom15What state do you reside in? Or do you know your states SOL?





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 8
Contributor

Re: Portfolio recovery reporting under installment loan!!


@FireMedic1 wrote:


I wouldnt want to play chicken and go to court and then have a public record entry for the judgement or any hearing. Not the greatest advise. What works for one person doesnt apply to everyone.


I completely agree with this last statement. My point really was just that nothing can prevent a creditor from suing other than paying the debt either through 100% one time payment, one time settlement for less, or agreeing to payments over time via installment plan. If that isn't in the cards for one reason or another it is important to know a law suit by itself doesn't equal "judgement on credit report" until the courts hands down a judgement. Many things happen before that. Some people who have never been sued think the act of being sued by itself tanks your credit when in fact it has no effect and I just wanted to make sure the OP understands that reality. 

 

When debt is close to SOL like I believe the OP's is I personally believe poking the bear with disputes is one of the worst things that someone can do unless they are ready to pay. I agree with you completely you never should play chicken with a judgement. If you are sued and actually owe the debt you should settle before it reaches the judge. 

To be 100% safe OP should just call debt collectors and negotiate debt payments for deletions. Unfortunately, that's only an option if OP has access to capital...


FICO 8 Scores
10/16/19 (Start of rebuild):
1/16/20:
FICO 9 Scores
1/16/20:
Inquiries
EX: 2 TU: 2 EQ: 1

Goal Cards: NFCU More Rewards Amex, Amex Hilton Honors, Cap1 Savor One, Citi Double Cash

Signature last updated 1/18/20
Message 6 of 8
Super Contributor

Re: Portfolio recovery reporting under installment loan!!


@850Dreamer wrote:

@FireMedic1 wrote:


I wouldnt want to play chicken and go to court and then have a public record entry for the judgement or any hearing. Not the greatest advise. What works for one person doesnt apply to everyone.


I completely agree with this last statement. My point really was just that nothing can prevent a creditor from suing other than paying the debt either through 100% one time payment, one time settlement for less, or agreeing to payments over time via installment plan. If that isn't in the cards for one reason or another it is important to know a law suit by itself doesn't equal "judgement on credit report" until the courts hands down a judgement. Many things happen before that. Some people who have never been sued think the act of being sued by itself tanks your credit when in fact it has no effect and I just wanted to make sure the OP understands that reality. 

 

When debt is close to SOL like I believe the OP's is I personally believe poking the bear with disputes is one of the worst things that someone can do unless they are ready to pay. I agree with you completely you never should play chicken with a judgement. If you are sued and actually owe the debt you should settle before it reaches the judge. 

To be 100% safe OP should just call debt collectors and negotiate debt payments for deletions. Unfortunately, that's only an option if OP has access to capital...


Just remember it isnt only CRA's and court records. That ^$%^$^% Lesxis/Nexis that creditors look at also. They have more info on you than the CIA.Smiley Wink





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 8
Valued Member

Re: Portfolio recovery reporting under installment loan!!

Thank you for all the replies! We're trying to get out of a really deplorable car situation and are trying to obtain financing that's not predatory in nature, like our current loan is. We went to a dealership today and the finance guy said he was going to personally call their lender tomorrow to see what he could do for us.

I had written "unknown account that is clearly a collection and NOT an installment loan" but never actually did anything with it and posted here for advice. I was really afraid of poking the bear, so I think I may just let it be if we're able to obtain the financing we need.

We haven't had much money to really take care of old collections accounts in years past, so we just let them age off and ignored unknown numbers. Anything that's won't be aged off by the time we get our tax return, I fully intend on settling for deletions.
Message 8 of 8
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