Author Topic: Interesting note from Portfolio Recovery  (Read 698 times)

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rubberduck

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Interesting note from Portfolio Recovery
« on: May 06, 2012 07:34:38 AM »
After several years of receiving twice-yearly offers of settlement (and a scattered distribution of phone calls, never answered) from Portfolio Recovery, the latest offer states:

Quote
Because of the age of your debt, we will not sue you for it. If you do not pay the debt, we may report it to the credit reporting agencies as unpaid.

Has anyone seen this? Obviously I'm happy about the first sentence, though the debt is a month away from SOLC anyway. What I'm concerned about is this new report restarting the 7-year time limit on reporting derogatories. Is "unpaid" even a legitimate status?

kevinmanheim

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Re: Interesting note from Portfolio Recovery
« Reply #1 on: May 06, 2012 12:00:11 PM »
They can only report it to the CRAs for approximately 7 years and 6 months from the date you defaulted.


innocentme

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Re: Interesting note from Portfolio Recovery
« Reply #2 on: May 06, 2012 06:21:37 PM »
After several years of receiving twice-yearly offers of settlement (and a scattered distribution of phone calls, never answered) from Portfolio Recovery, the latest offer states:

Has anyone seen this? Obviously I'm happy about the first sentence, though the debt is a month away from SOLC anyway. What I'm concerned about is this new report restarting the 7-year time limit on reporting derogatories. Is "unpaid" even a legitimate status?

All they are saying is that they will not sue you anymore, as it is now SOL. 

They have always been reporting it as unpaid, and will continue to do so until they can't anymore.  They would change it to say "Paid" if you paid them. 
I am not an attorney.  I just love to know my rights, and to defend them at all costs.  Even if that means going on the offensive.  I'm always nice, until I'm not.

trueq

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Re: Interesting note from Portfolio Recovery
« Reply #3 on: May 06, 2012 11:29:53 PM »
This is the new boilerplate "safe harbor" language talked about with the Consumer Protection Bureau when debt collectors are trying to collect debt past SOL.

This was talked about at an FTC conference on debt collection practices.

This was one of the ideas, requiring debt collectors to indicate you cannot be legally sued for out of statue debt, which appears to be coming to fruition as public policy.

This is sound public policy in the 48, or so states that do not have a statue of Repose.

In Wisconsin, this language would be an FDCPA violation because we have a statue of Repose, which goes further.   A normal limitation statue eliminates the right to sue once its past.    A Statue of Repose eliminates the debt, or makes it $0...so nothing would be owed by a passing of a Statue of Repose.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

 

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