Ready To Dispute This - Maybe?

Discussion in 'Credit Talk' started by kev0153, Jul 20, 2016.

  1. kev0153

    kev0153 Member

    I have these two entries in my transunion credit report. They are getting ready to drop off in 11/2018. Should I wait or disupte with the CRA? Pretty sure these are resold debit from an old credit card. There is missing information like payment history, high balance, terms. If I do dispute, do I just say I dispute this or should I list detials like the missing information. Or should I send a letter of verification to the CA? Both entries have the same exact information.

    Portfolio Recovery
    Placed for Collection 03/29/13
    Load Type Debt Buyer
    Date Updaed 6-8-16
    Pay Status: In Collection
    Account Type Open Account
    OC: FIA Card Servies and MBNA

    That's all the info that's in the entries. Any advice would be apprecited.

  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to Creditnet Kev!

    What communication have you had, if any, from Portfolio Recovery over the years? And what size of debt are we talking about here?
  3. kev0153

    kev0153 Member

    They perhaps called on this a number of years ago but since then nothing. One has a balance of 4,000 the other is sizeable at 16,000.
  4. jam237

    jam237 Well-Known Member

    Do you know the Statutes of Limitations for your state?

    Do you have an idea when the accounts first fell behind?

    Having those two pieces of information, especially for a more sizeable account, let's you figure out what the likelihood of them taking action; and what types of action that they could take, if they would choose.
  5. kev0153

    kev0153 Member

    We live in Wisconsin and that SOL is 6 years. They fell behind in 2012 I believe so we are coming up on the expatriation date. I'm thinking about letting these ride out.

    One question I had through me research is if I send a letter of credit validation? I'm not promising to make a payment or acknowledge the debt. Does that restart the clock. Some say yes, others say no.
  6. jam237

    jam237 Well-Known Member

    2012+6 would be 2018.

    A demand for validation shouldn't reset the clock. But the risk, especially with high 4 digit numbers, is waking up the sleeping dragon.
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Yea, with a credit card debt that high it might be wise to just ride it out a little longer at this point.
  8. kev0153

    kev0153 Member

    I think I woke the sleeping bear on this one somehow. I got called from Portfolio recovery asking about these outstanding debts. I asked for a letter of validation for both. They sent me two old statements that show my name and social security number the amount I owe. I think I'm screwed on this one. Research shows that this is probably enough to validate that the debt is mine. C

    I'm just wondering what my next move is.
  9. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    If the debt is yours and you're satisfied with validation, it sounds to me like you're in a position where you want to begin thinking about negotiating payment with them. Are you in a financial position at the moment to make that happen?
  10. kev0153

    kev0153 Member

    Most likely I will be next month. How successful have people been negotiating down to smaller amounts. This has been laying dormant for years. You'd think if they were going to take more series action on me they would have already. I've not been hiding but I wonder if updating incorrect contact info on my Experian report is what triggered it?
  11. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    People successfully negotiate settlements on old credit card debts all the time.

    Portfolio Recovery Associates is one of the largest debt buyers in the country, and they most likely paid pennies on the dollar to pick up your debt, so they should be willing to settle for something less than the full amount while still making a sizable profit.

    Maybe start out by offering 30 cents on the dollar in writing, and demand that the negative tradelines be removed in return for a lump sum payment as well? Then see how they respond. I'd recommend keeping your communication to writing, as most debt collectors are well-trained negotiators. They will try to steamroll you on the phone.
  12. jam237

    jam237 Well-Known Member

    Keep in mind, that a reduction of more than 599.99 is considered income when you do your taxes next year - more than likely. So you'll want to calculate potential tax liability into deciding a settlement amount that you can afford, because in less than a year, there will be a second 'payment' due to Uncle Sam.
  13. credlyfe00

    credlyfe00 New Member

    You said you're coming up on the Expiration for the SOL right? That might be why they have contacted you because they know time is running out. You could wait it out and if they sue you file a motion to compel arbitration. If you don't know about it research it. You still have options. Good Luck!

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