Author Topic: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC  (Read 11375 times)

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pine3300

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Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« on: December 20, 2014 08:34:34 AM »
I received a letter from PORTFOLIO RECOVERY ASSOCIATES LLC about

Account Transferred to Litigation Department.

For a credit card debt of around $3000.

I am not able to pay for any of the settlement offered.  And I have no job, no car and own no house.

Any advice on what to do?

Thanks!
« Last Edit: December 20, 2014 10:00:54 AM by pine3300 »

TomNTex

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Re: Received a letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #1 on: December 20, 2014 09:12:01 AM »
You will need to get on here and read a LOT. It sounds like your pretty much collection proof, so I wouldn't worry about that part. What state do you lie in and what is your SOL? Is any of your income from SS or any kind of disability? If so, they can not touch that. If you live in a community property state they could try and get your spouses income or assets. Do read and learn, do not be afraid of them, they can not put you in jail, and stay off the phone with them. If you must contact them do so by usps CMRRR.

Start a file and save all mail from them for years. This will probably be sold several times over the coming years. Midland can be beat.

TomNTex

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Re: Received a letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #2 on: December 20, 2014 09:13:53 AM »
One thing I don't like about this board, you can not delete or edit your post. I meant to say Portfolio, not Midland above.

pine3300

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Re: Received a letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #3 on: December 20, 2014 09:35:47 AM »
Thanks a lot.  I do have a bank account, but there is $0 in it.

Currently living in CA.  And I do not have any sure monthly payments, so no SS, no disability.  I do have some health conditions but I don't know if that can be counted as some form of disability for me to receive anything ;-).

Also, I actually already have a tax lien on my file that I am trying to get rid of.
« Last Edit: December 20, 2014 11:33:20 AM by pine3300 »

BarkingDog

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #4 on: December 20, 2014 11:04:54 AM »
If Portfolio Recovery Associates takes you to court and sues You fight it with  everything you got ! About 3 years ago Portfolio Recovery purchased a $ 4,000 dollar Wells Fargo account of mine. My Mother hired an Attorney and the Lawyer  offered them a $ 1,200 dollar settlement and they turned it down !. Portfolio Recovery probably paid $ 50.00 for the Wells Fargo account. I would be very pleased to buy something for 50.00 and 6 months later sell it for $ 1,200. Portfolio Recovery Associates are real " BOTTOM FEEDERS "

Flyingifr

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #5 on: December 20, 2014 11:53:54 AM »
Pine -

Your education starts here. From what you post you are Collection Proof. Now, go to the Flyingifr Method of Aggressive Credit Repair and start your education by reading the following threads:

Understanding the Collection Agency
Chain of Custody - the JDB's Achilles Heel
Making Yourself Judgment Proof
Now the Fun Starts - They Have an Attorney
Frustrating the Skip Tracer

Also, I have several threads with "talk offs" (what to say to a bill collector) when you are Judgment proof. Here's a link to one of them: http://www.debtorboards.com/index.php/topic,27515.msg246633.html#msg246633

I suggest you stay off the phone until you have read all the above and understand it. Anything you don't understand, just post the question - DB's veterans are great at responding pretty quickly.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

shellawella

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #6 on: December 20, 2014 12:23:21 PM »
If you received a collection letter from Portfolio and it is their first contact containing a 30day dispute window, the first thing is to send them a letter (certified mail return receipt) stating you dispute the debt and request verification/validation.

This should stop all collection activity from them until they send you validation. This will give you some time to read and learn.

Is the debt still owned by the original creditor (OC)?

Who is the OC?
My comments are NOT legal advice!
shellawella

Bruno the JDB Killer

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Re: Received a letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #7 on: December 20, 2014 01:18:59 PM »
One thing I don't like about this board, you can not delete or edit your post. I meant to say Portfolio, not Midland above.


You can edit within two hours. Click on "modify."
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

pine3300

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #8 on: December 21, 2014 12:06:29 AM »

Dear Flyingifr,

Thanks very much for your "encyclopedias" on debt/ collections/ legal matters!!
« Last Edit: December 21, 2014 01:24:25 AM by pine3300 »

pine3300

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #9 on: December 21, 2014 12:10:51 AM »

Dear Shellawella,

Thanks for your advice :-)
« Last Edit: December 21, 2014 01:24:34 AM by pine3300 »

pine3300

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Re: Letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #10 on: December 21, 2014 12:18:46 AM »

Dear BarkingDog,

Thanks very much for sharing your real life story, that is very interesting!! 



« Last Edit: December 21, 2014 01:17:34 AM by pine3300 »

TomNTex

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #11 on: December 21, 2014 12:21:01 AM »
Thanks Bruno, I had forgot that. I was looking for edit....LOL. Pine did you get the PM that I answered to of yours? Like I said in it, as did Flying, stay off the phone and start a paper trail. Also, start a file on each of your debts and keep track of what's going on and save those files for years, as they will com back later as zombie debt.

pine3300

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #12 on: December 21, 2014 12:39:08 AM »

If they are "bottom feeders", I don't know if that is good or bad, since if they got one of my debt can they get another debt from me with another OC?  I have other debt where the amount is higher.

And if that is the case they claim "We're giving debt collection a good name", lol.

« Last Edit: December 21, 2014 01:18:28 AM by pine3300 »

pine3300

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #13 on: December 21, 2014 01:10:31 AM »
I seem* to remembered that they ever sent a 30 day dispute letter, but since I got so many collection letters, some are even bigger, I don't know what to respond and I didn't respond.

Does it now means that the debt being verified?

But I ever argue with the original OC that I disagreed about certain things that effected the loan amount.  Maybe I should try to find out if I still keep recordings of the conversations?

After the original OC CLOSED out the credit card account, they still KEEP CHARGING INTEREST and FEES on it, at least for several months as far as I remember, is that reasonable?

The original OC would also like kept calling every 2, 3 days or something, I ever told them to only call me on say Friday, but I remember they did not completely follow that.  Every time they call I remember they always said they are recording the messages.  By law do they need to surrender their recordings or they can hide/ present whatever as is to their favor?
« Last Edit: December 21, 2014 02:18:20 AM by pine3300 »

pine3300

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Re: Received letter from PORTFOLIO RECOVERY ASSOCIATES LLC
« Reply #14 on: December 21, 2014 01:12:55 AM »
Also since I also got tax liens.  As I'm trying to think of possible worse case scenarios:

What would happen if someone got a judgement on top of tax liens?

« Last Edit: December 21, 2014 01:19:20 AM by pine3300 »