Author Topic: PRA purchases charged off Capital One acct, advice please...  (Read 1220 times)

0 Members and 1 Guest are viewing this topic.

Roozdad

  • Valued Member
  • Posts: 15
Portfolio Recovery Associates purchased an old charged off Capital One account. Last payment was sometime last year. Capital One sent a letter to this effect. PRA called me on Friday morning asking how I wanted to resolve the debt. I asked the rep to send something in writing. She got evasive and stated that Capital One already sent me a letter informing me of the sale to PRA. I then replied that I did receive that letter but I have nothing in writing from PRA and I wanted something from them. Aren't they supposed to send a dunning letter? She replied that they already sent something and that I should have received it. Point is I didn't get anything from PRA please just send notification that PRA owns the account. She agreed and then hung up.

I am dealing with PRA on 2 or 3 small accounts (all less than $500) and PRA is only willing to settle with a 20% discount. So with these accounts I can put them in arbitration since they're accounts with arb clauses.

The capital one balance was around $3K. I can't pursue arb b/c it's cap one opened in 2011.

I'm wondering if I can settle with a better deal than just the 20% discount they've offered on my small accounts. Anyone out there with experience dealing with PRA owning Capital One?

Regards
Roozdad

Bruno the JDB Killer

  • BANNED
  • Posts: 14304
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #1 on: July 18, 2017 08:32:15 PM »
Aren't they supposed to send a dunning letter?


Nope. The FDCPA only kicks in if they decide to send one. W/O arbitration, you'll have to do this the old fashioned way and attack their standing to sue. Their paperwork is better these days, especially on newer accounts. Study your rules of evidence and see what your court requires as proof of ownership.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

Roozdad

  • Valued Member
  • Posts: 15
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #2 on: July 18, 2017 08:39:16 PM »
Wondering if a settlement is in order. Last month I was able to settle an account with a JDB for less than ten cents on the dollar.

CleaningUp

  • Valued Member
  • Posts: 10727
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #3 on: July 18, 2017 10:30:10 PM »
Settlements are always in order; the courts prefer them.

But you have to get the other side to agree.     1214   :vbkeule:

Bruno the JDB Killer

  • BANNED
  • Posts: 14304
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #4 on: July 19, 2017 01:02:20 PM »
Wondering if a settlement is in order. Last month I was able to settle an account with a JDB for less than ten cents on the dollar.


Keep in mind they only pay 3-4 cents on the dollar for this junk they buy. Anything above that is profit.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

BellEbutton

  • Valued Member
  • Posts: 3488
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #5 on: July 19, 2017 06:30:38 PM »
Beware of such claims. If you bought a Picasso at a garage sale for a dollar, would you only expect to sell it for $1.20?

These cases are all a slam-dunk for plaintiff in court, so why wouldn't they demand close to the 3K you owe? Once they get a judgment and levy bank accounts and garnish wages they'll get the whole thing, plus costs and interest.

+1

Most people would consider 20% to be a good settlement offer. 

Bruno the JDB Killer

  • BANNED
  • Posts: 14304
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #6 on: July 19, 2017 07:16:56 PM »
I mentioned this so OP would know how to negotiate. It is always better to know how much your opponent paid. Who here would offer a Junk Debt Buyer 90% of the debt sued for?
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

Bruno the JDB Killer

  • BANNED
  • Posts: 14304
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #7 on: July 20, 2017 12:28:15 PM »
Uh, be careful what you ask for, because you have no clue as to what I do or have done. I never discuss my own matters here, but rest assured, both of those entities have already regretted going two out of three falls with Bruno.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

Roozdad

  • Valued Member
  • Posts: 15
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #8 on: July 25, 2017 05:26:55 PM »
Should I do a DV? My understanding is that they have to send notification that they own the debt within five days of contacting me.

Bruno the JDB Killer

  • BANNED
  • Posts: 14304
Re: PRA purchases charged off Capital One acct, advice please...
« Reply #9 on: July 25, 2017 10:20:34 PM »
Only if they did not satisfy the requirement in the initial communication. Did  they?
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.