portfolio recovery

Most collection agencies usually settle debts somewhere between 40 to 60% of the outstanding amount. There are also instances where the debts have been settled below 30%. It depends on how your negotiate with your creditors.
There are two existing threads on Portfolio management in this forum itself. you may go through it by visiting the following links.
http://www.debtconsolidationcare.com/collection-agencies/portfolio-recovery-associates.html
http://www.debtconsolidationcare.com/collection-agencies/check-report.html

We need to pay $50.00 to settle.

$50.00 to settle on how much? Mine is 800.00. Did you get a full and final settlement letter from them?

Be careful about settlements! If you settle and the forgiven portion of the debt is $600+, you will have a 1099 slapped on you and you will have to pay taxes on it!

Your best bet would be to save your money and offer a pay for delete so you can get is off your credit report. (I assume you have already sent a debt validation demand to the company to make sure they are collecting legally and you actually do owe what they say you do.)

Portfolio keeps sending me bills for an old debt from 1999-2000.

Can they give me a 1099C??( because I will not pay them...SOL)

Well because of the 1099c, using SOL as a defense or reason not to pay them should be the absolute last rout to go if the debt is over 600 bucks.

Old debts are best simply DVed. Usually they have gotten the debt as part of a portfolio and have not one shred of documentation validating the debt. Better yet, many times these companies ignore the DV and even keep collecting or doing other illegal stuff, which would allow you to take them to court and not only have them paying you thousands of dollars, but having the account permanently closed as well. That takes a bit of work though, but is well worth it IMO.

I had two credit cards,and defaulted four years ago. The state SOL is four years. My credit cards are now SOL, but a debt buyer company bought the debts.

Now that the SOL ended, will the debt buyer send me a 1099c for 2009's tax return?

Old debts before must have the 1099c issued within 12 months past the SOL.

Hey guest: Where did you find that info because I have been researching 1099c and I have yet to come across that bit of info. From what all I have read, the only time frame to send a 1099c is when the account is claimed as a tax write off then the 1099c must be filed in the same year it was claimed.

I would love a link so I can add that to my research because so far, from what I have seen, even if an account is past SOL it still has value as it can be sold and resold for years and years after the SOL ran out...heck, even debts from 20 years ago can still pop up and be a legitimate debt (provided the JDB can produce documentation) and then if the SOL defense is used in court the JDB can STILL sell it (though I think they have to disclose to the buyer that the debt has been sued on and lost- but not sure about that)....only when they file it as a tax write off does the 1099c come into play.

At least that is what I have read so far. :D