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Any advise for a newbie?


honee
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First I'd like to say hello to all and thanks for having me.

I have been trying to settle with Portfolio Recovery since 9/04 on a collection that I had since 2001. PR would'nt budge on the $900 amount.

All of a sudden I received a call this morning and they are willing to settle for $500. Before I found this forum I probably would have settled but now I think I should reconsider. I asked for a pay for delete but the rep said they don't remove their tradeline. He said I have till 5/12/05 to take the settlement or the deal is off the table.He also wants a check by phone. Should I take the settlement or do I have any other options?

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Welcome to the board!

1st, send a request for debt validation to PR. Even if you know the debt is yours, you still have a right to know exactly how much they think you owe and the exact amount of interest and fees PR is charging. It will help you to make an informed decision, not a knee-jerk reaction that PR wants.

2nd, STOP TALKING TO THESE PEOPLE ON THE PHONE. Include a limited cease & desist that limits their communication by mail only. Do everything in writing, certified return receipt. If you must talk on the phone, record the conversations as allowed by state law.

3rd, check your state's statute of limitation laws. The debt may be time-barred depending on where you live.

4th, if they offered $500 to settle, that offer NEVER leaves the table. Even if you decide to settle, NEVER give your checking account info. There have been reports in the past of collectors taking more out of an account than what was originally agreed upon.

5th, do not pay a red cent unless they agree to a pay for delete IN WRITING.

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Honee I hope you don't mind if the tag along in your thread.

I'm in a similar situation as honee. I just received a letter form a collector which already says they are willing to settle the account for 50% of what is owed. I just found this site, so I have not gotten a CR or sent a DV. However, I have reached the SOL for my state (3yrs). Do I still send a DV, or settle with the requirement of deleting the trade line. Or tell them to get lost??

Thanks!

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