• Report: #622598

Complaint Review: Portfolio Recovery Associates - Collection Agency

  • Submitted: Mon, July 12, 2010
  • Updated: Sun, March 06, 2011

  • Reported By: HR — Smithfield Utah United States of America
Portfolio Recovery Associates - Collection Agency
120 Corporate Boulevard Norfolk, Virginia United States of America

Portfolio Recovery Associates - Collection Agency Stinking bunch of Rip-Offs Norfolk, Virginia

*Consumer Comment: To Robert or anyone who can give me advice.

*Author of original report: Portfolio Recovery

*Consumer Comment: Info for you

*Consumer Suggestion: Written agreement?

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

My husband had an accident in 2008 and we had to resort to a debt consolidation company.  We settled with Citifinancial in October 2009 and today I received a letter from Portfolio Recovery Associates demanding me pay the amount that was written off in the settlement last year.  I can't believe that they can get away with this.  I kept looking at the letter thinking that I had paid this account off.  Wasn't until I did research on the Internet to find out that this company tries to collect on bankruptcies write offs and things like that.  They should be shut down and put out of business.


This report was posted on Ripoff Report on 07/12/2010 02:23 PM and is a permanent record located here: http://www.ripoffreport.com/r/Portfolio-Recovery-Associates-Collection-Agency/Norfolk-Virginia-23502/Portfolio-Recovery-Associates-Collection-Agency-Stinking-bunch-of-Rip-Offs-Norfolk-Vir-622598. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Portfolio Recovery Associates - Collection Agency

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

To Robert or anyone who can give me advice.

AUTHOR: mustanglvr2006 - (United States of America)

I know you may never see this since its been so long since you replied here, but it's worth a try.

I settled with a collection agency on a debt of $568 for $240 I requested a letter from them before I made any payments stating that once I pay the $240 this debt will be considered paid in full and the trade line on my credit report will be changed accordingly (which it was) it was changed from a collection to "Paid in full or Settled for amount less than owed" this was in May 2010 and in Dec 2010 I hired Lexington Law Firm to help me dispute two listings on my reports, one was a charge off and the other was that collection which I never believed was an accurate listing on my reports, I only paid them because I wanted to resolve it.

Lexington sent dispute/verification letters to the collection agency as well as the 3 bureaus and within 8 days the settled collection was removed from my credit reports. So my first question is, being that it was under 600 I should not expect to be sent a 1099 from them correct?

Now secondly, I'm am in the process of settling a debt that was mine with Portfolio Recovery I settled a 1700 debt for 1000, I made sure to receive a letter before I made any payments, this is what it says in the letter " If you complete this payment plan and our company is reporting our companies trade line for this account to the three major credit reporting agencies, our company will report this account as settled" the funny thing is once I made my first payment they removed it from my credit reports, I just hope they don't put it back on once I'm done with my payments.

So my second question is........this debt was 1700 when should I receive the 1099 from them? After I complete my payments? If I don't receive one, should I contact them and have them send me one?

Thank you in advance for any input you or anyone can give me.
Respond to this report!
What's this?

#2 Author of original report

Portfolio Recovery

AUTHOR: HR - (United States of America)

We do have a typed written settlement letter that we collected from the company.  So I don't have any worries there.  If they weren't willing to settle for that amount, why did they settle?  It is a total rip-off.

Respond to this report!
What's this?

#3 Consumer Comment

Info for you

AUTHOR: Stacey - (U.S.A.)

go to www.budhibbs.com and check out these scumbags - they are known for the 1099c scam


good luck and fight back

Respond to this report!
What's this?

#4 Consumer Suggestion

Written agreement?

AUTHOR: Robert - (USA)

Do you have a WRITTEN AGREEMENT from the creditor that the balance of what you owed was forgiven????  If the "settlement" was not in writing and signed by an authorized agent of the creditor, then you had no settlement agreement.  Your credit was established in writing, therefore any settlement MUST be in writing.  A written contract/agreement cannot be amended/altered verbally.

Also, FYI "WRITTEN OFF" DOES NOT EQUAL FORGIVEN.  A debt that is written off by a business is still a valid, collectible, and actionable debt. 

Also,  if the amount that was forgiven was in excess of $600, the creditor is required by law to file a 1099 with the IRS for the imputed income-the portion of your debt that was forgiven is considered taxable income for you.  A copy of the 1099 would have been mailed to you.  If you never received a 1099 from the creditor, this would further substantiate that you did not have a valid "settlement agreement" with the creditor.

You should check the statute of limitations in your state for this debt-if it's beyond the SOL (time barred) you cannot be lawfully compelled to pay it.  Also, you should deal with the CREDITOR ONLY- not any debt collection outfit.

Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X