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Old debt 2005/Portfolio Recovery

Date: Wed, 01/23/2013 - 13:32
Submitted by JMKay on Wed, 01/23/2013 - 13:32
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Need advice, I don't want to make another mistake....

State: Louisiana

I had a Capital One card in 2005, the limit was like $300. Paid a few times and then stopped, stupid kid.

Anyhow, last week, Portfolio Recovery called me wanting to settle.
The balance is now $1066.76. The last time I paid on this (to Capital One) was 9/2005. Portfolio Recovery bought the account 4/2009

They said they will do a settlement of around $450.00

Should I settle with them? If so, should I settle for $450.00 or less?
I really need some advice, I'm not sure what to do here.

Any help, thanks for reading :)


What is the necessary process to get Portfolio and other companies that keep re-aging OP"s on my CR. It's been 10-12 years. I'm trying to get all this old debt off my report. I would appreciate any help I can get. Thanks


Submitted by on Sat, 01/26/2013 - 08:51

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The SOL period on the debt is over. So, you're not legally responsible for the debt anymore. However, if you want to settle the debt, then you can do so. The settlement offer is good.


Submitted by on Wed, 01/23/2013 - 20:38

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portfolio recovery is a bottomfeeder.i wouldn't pay them a dime.however if they re-aged the debt on the OP'S CR then i would sue them as that is illegal,but since debts stay on your CR for 7.5 yrs and the last payment was sept 2005 this should be ready to fall off your CR.don't do a thing with this unless again they illegaly re-aged the debt.then sue them a good one.


Submitted by paulmergel on Fri, 01/25/2013 - 06:16

paulmergel

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