Visa - Personal BofA...what's the next step

[crackerjack1020]

I'm at a loss for how to proceed.

 

I have an old Visa with B of A.  B of A did a charge off on 5/31/11 .  B of A sold the account to Portfolio Recovery on 7/1/13.  

 

Now Portfolio Recovery is calling me.

 

The balance is 16K. They offered a settlement of about 6K the last time they called.

 

I thought that I read that it is best to deal with the Bank (BofA) if I was in a position to do a lump sum payment for a settlement.  When I called B of A they referred me to Portfolio and said they could not work with me on it since they sold it to Portfolio.

 

My question is:

Is there any advantage at this point to clearing it with a lump sum payment (I am shooting for approx 3K).  If I do this I think I would have to get something in writting from portfolio regarding how they will report this payoff to the credit companies.

 

Thanks,

Crackerjack

[racecar]

Why would you pay someone you don't owe money to?

When you pay portfolio 3K or 6K they will sell the rest of the debt to someone else and the whole thing starts over again and you will reset the statute of limitations. Learn how to fight the junk debt buyers. Don't pay people you don't owe.

http://www.leginfo.ca.gov/.html/ccp_table_of_contents.html THE CODE OF CIVIL PROCEDURE OF CALIFORNIA

http://california-discovery-law.com/ discovery

http://www.creditinfocenter.com/community/topic/320243-going-to-trial-in-california/

http://www.creditinfocenter.com/community/topic/317277-how-i-beat-midland-in-california/

When they serve you post up the complaint we have great CA posters.

[nobk4me]

_{Never pay a junk debt buyer.  And forget about trying to deal with the OC.  They are now out of the picture.}

 

_{I would send Portfolio a DV letter (debt validation letter), disputing the debt.  And say in the letter all phone calls are inconvenient.}

 

_{Here's my motto:  I don't pay JDBs, they pay me when they violate the FDCPA.}

[admin]

http://www.creditinfocenter.com/debt/settle_debts.shtml

 

If you get it in writing, you could possibly settle for 3K and you can have the agreement say "paid in full".