Portfolio Recovery Associates==Collection Agency Portfolio Recovery Associates sued me after I disputed the validity of the debt; never sent me proof I did business with them. Norfolk Virginia

""Since then, I have found out that it is illegal for a company to buy up a debt that is about to come off of your credit report. The debt that they bought was just days away from coming off my report. Also, when a person disputes the validity of a debt, and the company that claims that they are owed money to and do not furnish proof, it is also illegal for them to sue. That is what Portfolio did to me. Illegally sued me and thier attorneys in ND committed fraud by misrepensentation. I can't have a bank account anywhere in this state, since they have a judgement on me and can get my funds at anytime without warning. "

What law states they cannot buy a debt "that is about to come off your credit report?"

What law states that they cannot sue you because they failed to "validate" the debt?  Under the FDCPA, you might be able to countersue for their failure to comply with your written validation request.

What did YOUR ATTORNEY advise you?  You state that you consulted with an attorney so how did it come to pass that YOUR ATTORNEY allowed for them to get a judgment against you.  Seems to me, that if this were as illegal as you claim, your attorney would have had no problem defending you against the suit.  Or, even now, having the judgment vacated.

According to the MN State Attorney General's website, under Credit Handbook, page 33, it is written: If you disagree with the collection agency, you must send the agency a letter within 30 days. If you send a letter, the agency must stop trying to collect the debt until it sends proof that you owe the debt. And you are right Robert, I can sue them for illegal practices. About the attorney; I only consulted with him a couple times, I never hired him. Is he a shister attorney? Yes! I was only making $8.60 an hour at the time, and tried to get help from the free attorneys up in Mankato. I made too much money. I was never notified for court on the judgement. I don't know if I was suppose to be or not. I went to the Martin County Court House Administrator's Office to get answers and no one knew what to do. They have a serve yourself system online. I looked up how to get a judgement vacated and there was nothing. So now what? I am in school now, I have no money to go after these people, that is why I wrote what I did on this website. As for the comment on buying a debt when it is about to come off of the credit report or the statue of limitations has run out on the debt, I believe I found that info on the Dept. Of Commerce site. I remember reading it. I can look and try to find it again. Right now, I am going to do homework. Thanks for your help. SL

It is not illegal for anyone to buy a debt that is about to roll off your credit, if YOUR attorney told you anything like that, then you might want to check the status of his BAR.

What people do not understand is that if anything illegal has been done by this company then they would be reprimanded legally.

There is no argument here that Portfolio is a sleazy bottom feeder debt collector. It sounds like to me that you need to get another attorney...the one who told you not worry. Making a payment arrangement was another big mistake. 

I have found out that it is illegal for a company to buy up a debt that is about to come off of your credit report

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This is not correct. There is no limit to how long they can try to collect, but once the statute of limitation is up for your state, then they can no longer successfully sue you in court.

Do you realize how nice it is to see someone who understands the Statute of limitations.

alot of states have a renewing statute though, so if payment is made after the statute of limitations expires, then it renews it.

i dont know where you're getting your info from buts its very wrong. thoroughly read the fdcpa for your states guidelines if you think i'm wrong. its not illegal in any state to but debt that is out of statutes. they can sue you as long as its within the statute of limitations as well. in your case they got you before you could use that as an excuse not to pay it. no debt collections company would waste their time suing you if they are violating a law, for one they have to get an attorney to take the necessary steps to attain a judgement. no attorney would risk their reputation over a frivolous lawsuits that they know is illegal! for one they can be disbarred in that respective state. judgements dont go anywhere and not even bankruptcy can remove them. cut your loses and settle it so you can move on with your life! now that a judgement has been issued several fees have probably also been added since they had to go as far as to sue you to get this taken care of.