trying to pay debt

which company is this? is it the original creditor or a collector? i never pay arrangements that are not in writing. ever. because i know they can always go back on the arrangement.

Portfolio recovery. I know they have a bad rep, but were pretty nice until I wouldn't give my banking info. then her attitude changed. But at the end of the conversation she stated I would be getting the info in the mail. I told her I would mail money orders each month. Its only been a week, but still nothing in the mail. If they call, I am just going to tell them that I'm waiting for it in writing. They can't sue me, the SOL is up by almost a year. So I am putting the ball back in their court!

did you ever request debt validation? if the SOL has expired, i would not worry about it too much.. did they report you on your credit report?

yes, they did. I have a government job and my employer wants it taken care of, so I have no choice but to try and do something, which I did the arrangements over the phone, wrote them down and expected something from them in writing. I could start sending the money orders, make copies of each one of course, but I want something in writing. At this point, I could just send whatever I want instead of what we agreed to over the phone, since they wont send me anything. AT least I am trying. I don't know at this point. its just really irritating how these CAs can do this to people.

i understand, i am sorry your employer got involved, i think that's an outrage in itself :( but i have a government job and do understand what some of that is like..
perhaps someone here can help you further? i would personally still wait until it is in writing, i do not know why they are giving you a hard time.. someone correct me but isn't paying this debt down restarting the SOL?

dang, i hope not. I just want to cover my butt though.

from my understanding whenever you pay on a debt, it resets the SOL.. i am hoping someone else will come along though to clarify this..

That depends on the state, in most states, the SOL does begin running from the date you last made a payment on the account, even if it was just a few dollars (which is why many collection agencies want a "good faith deposit", which is probably what Portfolio Recovery wants).

So, basically, if it is past the SOL in your state, the SOL for the credit report is still 7 1/2 years from date of default. There is nothing to stop them from trying to collect on it until the cows come home, the SOL applies to lawsuits and credit reporting. So technically, they could just sell it off to another junk debt buyer who will call you, and another, and another....

So, important information: which state are you in? When did it default (most of the time, an account goes into default when it is 30 days late)?

DO NOT send in a payment without anything in writing. To cover yourself, you may wish to send a letter requesting clarification of the discussed settlement offer (reference the time & date of the call, and the agent you spoke with). Note on the letter that you are not admitting to the debt. Mail it via Certified Mail, Return Receipt Requested. Make copies of everything and keep your employer up to date that you are doing the responsible thing. Many of these bottomfeeder junk debt buyers will make a settlement deal and then when the debtor pays it, they come out swinging for the rest of it. No paper, no proof! No proof, nothing for your defense. :(

You can also get a pre-paid debit card with only the settlement amount and give them that info.

thanks, chrys, for clearing this up.. i was confused as to how this worked

I am in Virginia. thanks for the help. I will be sending them a letter like you suggested. Just trying to cover my butt, thats all, just in case this goes in some other direction. I just don't trust these people. It seems the CAs have all these tricks and the debter has nothing. I feel documentation is the best defense...

Does anyone have any info for the SOL laws in VA? I just want to make sure you get complete information.

"http://law.findlaw.com/state-laws/civil-statute-of-limitations/virginia/" 5 years.

Documentation *is* the best defense. Not only that, it's pretty much the *only* defense.

When did it default?

This particular CAs has all the "tricks" because they are crooked and greedy bottomfeeder whose only task is to scare someone into writing them a check. Especially this one. You can check for yourself by searching in Google for "portfolio recovery complaint".

Basically, they are called bottomfeeders because they buy uncollectable accounts (called "bad debt") at pennies on the dollar and so make a profit if they are able to intimidate people into paying something. Intimidation and fear is all they have.

OP..........(good advice) if the SOL expired on this debt, don't make an effort to pay it back. You will just 're-age' the debt and that's not something you want to do. BECAUSE the SOL has passed ( if it did), that means the OC/CA can't come back and do anything to you. They may SAY they can, but, they can't.

it defaulted in 2005. Yeah, like I said in my earlier post, she was all nice until I told her I didn't have a bank account and I would be sending money orders, but then she got upset. I refuse to give ANYONE my account info. Actually, I told her I didn't even have anykind of bank account. I don't think she was ever going to send anything in writing, she was just saying she would. They were going to get my "down payment" and then sell it like you said, I get it now.

sd_chargers gave good advice. i never really tell anyone not to pay but if it will reage it, it will cause trouble down the road..
a little ticked - they may not resell it as soon as they get a payment. if it does reset the SOL they might start collecting like crazy on it.. and if they do sell it, the new collector may disregard the payment you did make.

Yep......CA's will tell you just about anything. What's the SOL in your state? If it's 4 years, then the SOL has probably already passed ( or soon will). Don't make any kind of arrangements if the SOL passed. CA's/OC's CAN take Money Orders,..they just don't like to. THIS way ( asking to debit your bank account), they have your information. Just be firm and stand up to them. Sounds like you're doing a pretty good job at that.

sd_chargers, i think someone here said it was five years because s/he lives in VA? I just assumed it was expired, but I guess not?
I know you said your employer is encouraging you to settle this, can they legally interfer like that? i just do not want you to reset the SOL (if it is expired). Again, I always pay what I rightfully owe and try to suggest others do as well but this may be more problems than it is worth

one more thing... when i send a letter like CHRYS suggested, should I note what the settlement was they quoted or not?

if you are happy with the settlement offer they gave you, i would definitely include it.

the SOL is 3 years, at least that is what I have been told. If I want to keep my government job, then yes they can interfere, that is why i am going through all this to make them happy and keep my job, but this is really ridiculous! I cant believe it has to be like this..... so hard to do the right thing but get bitten in the butt later!

the SOL is 3 years, at least that is what I have been told. If I want to keep my government job, then yes they can interfere, that is why i am going through all this to make them happy and keep my job, but this is really ridiculous! I cant believe it has to be like this..... so hard to do the right thing but get bitten in the butt later!

i did not mean to question you or offend you about your job. like i said, i have a government job, too and they can get pretty intrusive but would not push on anything involving credit. i thought someone in this thread said the SOL in your state was five years? I apologize if i was incorrect.

bea2ls. you did not offend me or need to apologize for anything. the help i received in here has been wonderful. I am just going to document everything like I said earlier..I feel this is the best thing to do. thanks again for everything!

Well remember that she also said that her employer is asking her to take care of it because it is listed on her credit report, so it seems her job may be in jeopardy over this.

That being the case I would immediately send them a DV letter. Look over your credit report and find any little reporting error as well. If this company can't validate the account, then you should demand they remove it from your credit report since they can't prove you owe them any money. If they won't, take them to court because your job is in jeopardy over an unproven debt that shouldn't even be on your credit report.

If they can validate it (big if) then offer them a pay for delete, or a payment arrangement in writing that you will pay so much each month until it is paid off. Yes, you will bring it back into SOL but that shouldn't matter as long as you pay it off. Just whatever you do, do NOT give one cent over until you have an agreement in writing otherwise it will magically disappear.

Explain to your boss that the account in question is in dispute and that you are in the process of taking care of it.

You will have to be aggressive about it, such as suing them if they do not comply. A judge will side with you if they are putting your job in trouble by reporting a debt they have no proof exists.

That's my main concern that any payments made to
these collection agencies who offer settlements of the
debt, will not have it removed from my credit report.

Only the portion you pay them will be cited, and appear
as a PAID COLLECTIONS ACCT on your report rather than
an ACCT DELETION and the original debt will still be listed.

Is there any way to pay the original creditor of defaulted
and/or charged-off acct, and have the debt deleted?

Not if it has been sold. If the account is still owned by the original creditor, then there is a possibility, but you would still have to go the pay for delete rout. If they don't go for the pay for delete rout you won't have much choice but to settle it or make payments on it, but at least it will be listed as either paid or paying as agreed which should satisfy your boss.

Yep........if you 're-start' the SOL, the SOL starts over,..and then you then 'they' CAN ( and probably will) try to sue for the money.

That is why you have a agreement in writing before you pay anything. They would look beyond stupid if you have a written agreement with them and they turned around and sued you. They would have to abide by the agreement.

This is why they will happily set up a payment arrangement over the phone..because they know full well that if it is not in writing, it never happened. If they give you an arrangement in writing, they have to abide by it.

All Good Advice Here! :P

well, here we are two weeks since my phone conversation and still nothing in writing. what a surprise. They have been calling me too, but I dont answer. I am keeping my employer informed of all my actions. I'll be damned if I am losing my job over these people. I know its mine, just want to take care of it, thats all for goodness sakes! This really should be against the law, I mean for real it should.

and another thing, let them try to sue me, I have witnesses to my conversation too and when I send them a letter stating the date, time and the person I spoke with (that is if she gave me her real name) and ask for the arrangements in writing, then I feel like I should be good.

Did you send the letter certified mail? Did they sign for it? You asked for debt validation in the letter? If so, then go to the credit reporting agencies where the debt is listed and dispute them. When they come back verified, you now have the CA dead on continued collection activity for updating your credit reports with disputed information. When they send you no validation, you need to send another letter, giving them 15 days to remove the account from your credit reports. If they do not comply, then you take them to court. You can win a bit of cash, but the main point is to get them off your report since they can't prove the debt is yours and it is putting your job in jeopardy.

It seems to me that the SOL won't hit until 2010 so it looks like they may be motivated to sue. Send them a letter immediately, cc: your State Attorney General's Office, the FTC, and your employer (Certified Mail - Return Receipt Requested - for the creditor letter). State that you are wanting to take care of this debt per your agreement on the telephone with *** at *** on ***, 2009. *Name* promised to send me a settlement contract in writing, and I have been waiting for ** days/weeks for that letter and I have yet to receive anything. Tell them you will send out the payment as agreed as soon as you receive the letter. Tell them that there is no need for them to call you as you will only tell them the same thing - to paraphrase Unclewulf: "No settlement letter? No payment. No way! No kidding!!" You may wish to answer the phone once when they call. Start the conversation "have you mailed the letter?" If they say "yes", then ask "on what date, I have not received it as yet. When I receive it, then we'll talk. Thank you and have a nice day!" -Click.- If the answer is no, then say "do not attempt to contact me until and unless you have mailed the letter that you promised." Better yet - record the conversation, and let the first words out of your mouth be "this conversation is being recorded". And then, commence with the "did you send the letter as per **Name**'s promise on **date**?"

This does 3 things. 1) it informs your job that you are making every reasonable effort to take care of the debt. 2) It puts them on notice that they need to send you the letter that they promised to send, because if they do not it would be an FDCPA violation (lying to you on the phone - you can add that, too - reference: "A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt." - 15 USC 1692e). And 3) It lets you know if they are trying to deceive you as they will not talk if they are. If they are on the up & up, they should have no problem, after all, they record their own phone calls.

Just be very careful to cover all your bases so if they do sue, you won't get a judgment against you as that will stain your credit report for a long time. You need documented proof that you have made an effort to take care of the debt and they have not cooperated.

And when you make those payments, get a pre-paid debit card. They will be more likely to take a credit card payment over the phone and you are protected from them taking more funds than agreed upon because you can put only the settlement payment amount on the card.

Also, as soon as it is 30 days late it is already on your credit report. You do NOT want a judgment on your record but at the same time you don't want to be cheated either.

And, it is most likely not her real name. Collectors use aliases in order to protect their identities in the outside world. It's too bad many of them don't have the common human decency to respect others' identities also.

ok. I wrote the letter. But, I didn't put what the payment arrangements that were made exactly are. I have it written down, but not sure if I should or not. Should I?

that is up to you, if you were happy with the arrangements i would put them down.