Collections from Portfolio Recovery + Statue of limitations?

[Blac 0]

I pulled my credit report today and noticed that it is showing 3 collections accounts to Portfolio Recovery. One is for $1.5k, another for $900 and another for $800. They all have open dates in 2013. One of these I have no clue what it is, and the other 2 I believe were credit cards. I checked my previous statements and the last time I paid on 2 of the 3 that I know of, was July 2012. I did attempt to make a payment on one in september but it never went through. The statue of limitations in my state is 6 years. I haven't received anything in the mail from them for at least 2 years, I did recently start receiving calls from them, to which I have answered none.

 

What is my best course of action? Debt validation now? Or since its been on my CR for 3 years and probably done the most damage already, should I try and wait out the SOL?

[shellieh98 1,505]

I would let the sleeping dog lie, UNLESS the credit cards in question were from Citibank, or credit one.  Both of those have small claims clauses if they should decide to sue you.  You could dispute them if they were one of those cards, and elect private contractual arbitration with JAMS now as insurance that if they do sue you, the small claims provision will not apply.  Otherwise, lay low.  Don't make any big purchases that would require a loan, do nothing to call attention to yourself.  Hopefully they will think it's not worth suing you for if your credit looks shot, and shows nothing.

[Clydesmom 1,217]

I agree with @shellieh98 on this one.  LAY LOW.  PRA will sue over that little amount and your courts are VERY creditor friendly.  If they do sue I would demand proof that the account(s) in question are not part of their settlement with the CFPB that they agreed to stop collection on.  Yours likely falls in that time frame of that portfolio that they have NO documentation on.

[BV80 2,794]

@shellieh98

 

 You could dispute them if they were one of those cards, and elect private contractual arbitration with JAMS now as insurance that if they do sue you, the small claims provision will not apply.

 

 

That depends upon one's court rules or state laws.  Some states do not allow attorney representation in small claims court, so the creditor or JDB would not be able to file in that court (unless they want to be represented by a non-attorney employee).

[shellieh98 1,505]

@BV80 Correct, but this poster is in Oregon. If a case gets filied there, they would have to go through mandatory state arb, and small claims exclusion would apply unless they did the state stuff and then filed for a trial de novo.  Alot more work doing it that way.   If it were CAli, or another state with no lawyers in small claims, I would not do anything but lay low.