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Second Notice: Account selected for legal review


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Good day folks,

I've been reading this board all morning to determine what my best course of action should be regarding this collection agency.

The agency is Portfolio Recovery a$$.

I'm not being sued (yet) however I just received a letter stating this is my second notice and that my account is currently up for review for legal action.

With the advice of this board I checked my credit report and sure enough, they're on there but I don't recall receiving a first notice nor anything stating that my debt was sold to this collection agency (reported about 13 months ago).

Right now they're trying to settle the debt that I owe for about $500 more dollars than the limit of the card.

The last time that I made a payment on this card was Oct. of 09.

I noticed that the majority of the people that created threads regarding PRA were in the process of being sued, which I'm not.

Should I settle with this company or send a DV to them?

Also does anyone know how many letters they send before they decide to go forward with litigation?

Any insight or advice will be greatly appreciated.

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Read posts by Linda7. This could be a perfect case for arbitration. If you can get a copy of the cardmember agreement that was in effect at the time of default, see if it includes JAMS in the arbitration section.

A JDB steps into the shoes of the creditor. Therefore, the JDB has to abide by the cardmember agreement. JAMS is an arbitration forum that is friendlier to consumers than other forums. If the agreement mentions JAMS, that's good.

Arbitration can expensive for a Plaintiff. Considering the debt appears to be a low amount, if they don't feel you're worth the time and money, they may close their files and leave you alone.

Even though you haven't been sued, there's a way to elect arbitration before a suit is filed. Linda7 has that information.

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Did you DV?

Nope, just received the 2nd notice (don't recall a first) this morning when I checked my mail.

I wasn't sure if this would be like poking the beast or not.

Who was the original creditor of the alleged debt?

And when was the alleged account opened?

The alleged original creator was Chase bank (they what I'm assuming is the old cc number in the header).

The alleged account would have been opened in 2007.

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I have a 2005 Chase with JAMS, but it was given to someone who opened an account in 2007, so they must have kept that agreement for a few years or at least the 2005 was sent to some during that time in 2007.

If I were you, I'd send a DV letter to Portfolio "now".

Dear whoever,

This letter is in regard to your letter dated ___________ and received on __________________ (copy enclosed).

I dispute this alleged account.

I elect private contractual arbitration via JAMS to resolve any dispute.

All phone calls are inconvenient, so all communications need to be by mail.

Regards,

Your name typed

This letter will set them up for a violation if they sue you after receiving this letter.

You may not hear from them again or at least if they sue, you have that violation. If they tried to sue me after I elected arbitration, I would initiate with JAMS. The consumer's cost is capped at $250, but a lot of people initiate and don't send in any money at first or maybe $50 and ask JAMS to apply to their fees. :)++

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