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Portfolio Recovery Questions


Blueskat
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Hello everyone new here and lots of good info!

   I tried to settle over the phone today with PRA. I have $4000 between 5 accounts they bought. Apparently they have a cease and desist on 2 of them and want me to lift it but I'm not sure what the cease and desist are from.  I did send a DV to the original creditors and the sold the account.

 I talked  with woman and offered her 1400 which of course they scoffed at so I offered 50% of what I owe and I do owe the accounts. Several times throughout the conversation she wanted my bank info and I told her not until we have a written agreement in hand. I think the probably would have settled at 50% but would not until I gave my bank number. She kindly told me she will mark my account and hope that another customer service rep can help me do better...They continuously declined to give me written acknowledgement until they had bank info!

Question is should I send a settlement offer letter requesting paperwork with those terms or wait until it escalates further? I want this behind me and I have $2000 to give but they seem unwilling. If I do send a letter should I address a collection manager? Seems like to me it's easier dealing with a law firm for settlements

 

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35 minutes ago, Blueskat said:

Question is should I send a settlement offer letter requesting paperwork with those terms or wait until it escalates further?

If you want to settle this and want it in writing you are going to have to initiate this in writing yourself.  PRA will hold out hoping that you are desperate for credit and give up leverage thereby getting more money out of you.  

I attached a settlement agreement that I have used that has worked well and covers all the bases.  I have a settlement letter too.  Modify them for your fact pattern and send it certified mail return receipt to PRA.  My guess is if you offer 40% they bite and take it.  If they return the signed settlement agreement send a money order for the agreed amount CMRR and keep ALL of the stuff so that if they try to sell off the remainder or sue you have a defense to further collections.

Debt settlement letter example.docx

settlement agreement sample.docx

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