Tips and Tricks

Who is Portfolio Recovery LLC?

Who is Portfolio Recovery LLC?

Portfolio Recovery Associates, LLC (PRA, LLC) was founded in 1996 and is one of the nation’s largest debt collectors. Our core principles include: Fair and respectful treatment of our customers. Affordable plans and comfortable payment options.

Is Portfolio Recovery licensed in Florida?

Portfolio Recovery Associates is listed as a registered Consumer Collection Agency under Florida law. They are a foreign limited liability company with their principal place of business in Norfolk, VA. If you have received any communication from Portfolio Recovery Associates, contact a Miami debt defense law firm.

Who are Portfolio Recovery Associates?

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies who have been unable to collect the debt themselves.

Is Portfolio Recovery Associates a junk debt buyer?

Portfolio Recovery Associates, LLC, is owned by PRA Group, Inc., and is one of the largest buyers of charged-off debt. Often referred to as “junk debt buyers,” Portfolio Recovery Associates, and other companies like it, purchase outstanding debts from other creditors for pennies on the dollar.

How much does Portfolio Recovery Associates pay for debt?

Portfolio Recovery Associates offers settlement options on debt. Repayment options on settlements range from 40 to 60 cents on the dollar for what you owe.

Can I ignore Portfolio Recovery?

If you are sued by one of the major debt buyers like Portfolio Recovery Associates, Midland Funding, or CACH, LLC, the worst thing you can do is sit on your hands and ignore it. If you fail to even respond to the law suit, Portfolio Recovery will get a default judgment against you.

Can Portfolio Recovery garnish my wages?

As a debt collector, Portfolio Recovery Associates is not legally allowed to threaten to sue you, or threaten to garnish your wages. Though they are not allowed to threaten lawsuit or wage garnishment, if you do not pay a valid debt owed to them, Portfolio Recovery Associates may legally sue you in a court.

Will Portfolio Recovery Associates sue?

Finally, Portfolio Recovery Associates has a reputation for filing lawsuits against debtors even when the debt is legally no longer recoverable, such as when the statute of limitations has already run on a particular debt.

Can Portfolio Recovery Associates sue?

Can a credit card company take my car?

Credit card debt, unlike mortgage debt, is unsecured debt. This means your credit card company can’t come immediately take your stuff — including your home or car — when you don’t pay. Once an unsecured creditor obtains a judgment, they can then attach your non-exempt property in satisfaction of past-due debts.

Is Portfolio Recovery Associates suing you?

Portfolio Recovery Associates LLC is a buyer of charged off debt. Portfolio may be showing up on your credit report or they may have served you with a lawsuit. Portfolio Recovery Associates LLC files thousands of collection lawsuits each year against consumers. PRA will hire a local collection attorney to file the lawsuit.

Is Portfolio Recovery Associates collecting a debt?

Portfolio Recovery Associates (PRA) is one of the largest debt collectors, and has been in business for 23 years. It is also a debt buyer. This means that it purchases portfolios of charged-off accounts from creditors and attempts to collect payment from the consumers who owe the debt. Debt buyers generally purchase delinquent accounts for pennies on the dollar of the debt value, and the purchase gives them the right to collect against valid debts in the portfolio.

What is the phone number for Portfolio Recovery?

It even has a separate address for its “Disputes Department” at 140 Corporate Boulevard, Norfolk , Virginia 23502. The main telephone numbers for Portfolio Recovery Associates are 757-519-9300 and 800-772-1413. These are just two of many Portfolio Recovery Associates contact numbers.

Does Portfolio Recovery Sue?

Portfolio Recovery Associates often files lawsuits on debts that are too old to collect in an attempt to “scare” individuals into paying these debts even though there is no legal obligation on the part of the consumer to repay the debt due to its age. The company has agreed to pay $475,000 in penalties.