Collection Agencies - Contacted Portfolio Management... - Canada

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RE: Contacted Portfolio Management...

Postby ranzzzz » Mon Mar 31, 2008 05:39:26 PM

Oh man...please don't tell me you are from Ontario. You are darn unlucky if you really are.

Well, you can contiune to work with them like what Jamie said if you really want to settle. But by doing so you reage the acount and it will stay on your report for another 6 years unless you negoiate it to be removed. It is very important that not only you try to negoiate for lower amount, but also try to negoiate for the tradeline to be removed from your report.

The other thing you could do is to keep waiting until Dec 2009 when this account will be dropped from your report.
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RE: Contacted Portfolio Management...

Postby cadude » Mon Mar 31, 2008 05:23:32 PM

It's been 5 years, it's not SOL (yet). I don't know anything about Portfolio Management, so I'll ask: do (did) they purchase the debt?

If NOT, and they are still third party then it's possible that Wells Wargo (who controls Future Shops old credit accounts) has set guidelines for the settlements. Your settlement will NOT be an exact number, so you KNOW that they CAN go lower than $2500 (even if it's a few dollars, they always round up).

Now, $2500 compared to $3500 is roughly 71% -- this tells me (from previous CIBC guidelines) that the settlement window is only 70% (as I said, they always around up). You offered 43% and the agency might not be ALLOWED as per Wells Fargo to settle the account.

As I see it, the account is 5 years old, and I'm amazed that Wells Fargo would still be the primary creditor. Usually Wells Fargo sells their debts to purchase companies like agencies them selves or companies like Arrow Financial.

I don't buy the supervisor setting the table for the amount. Collectors always use their supervisors as the bad guy to get what they want -- it's (edited for language).

But.. I can't see this agency turning away from your money. Continue to work with them.
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RE: Contacted Portfolio Management...

Postby basti78 » Mon Mar 31, 2008 01:55:49 PM

hey ranzzzz, thanks a million for your reply. I finally got my credit report from equifax this afternoon and paid $15 something... and dam% - it was bad. anyway, I thought I'd show you what it looks like. here it is... what do you think? am kind of in the situation where I dont know where to start right now... Im basically well stable now than I used to be. Thanks again! /basti

----------------------------------------------------------------------------------------------------
WFFRS FUTURE SHOP

Phone Number: (416)382-5300 High Credit/Credit Limit: $1,827.00
Account Number: XXX...7561 Payment Amount: $70.00
Association to Account: Ind accnt BalanceAmount: $1,827.00
Type of Account: Revolving Past Due: Not Available

Date Opened: 2001-12

Date of Last Activity: 2003-12

Months Reviewed: Date Reported: 2005-08

Status: Bad debt, collection account or unable to locate

Payment History:No payment 30 days late
No payment 60 days late
No payment 90 days late

Prior Paying History:At least 120 days past due ( 2004-05 )

At least 120 days past due ( 2004-04 )

Three or more payments past due ( 2004-03 )

Comments: Acct assigned to third party for collection
----------------------------------------------------------------------------------------------------
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RE: Contacted Portfolio Management...

Postby ranzzzz » Mon Mar 31, 2008 12:51:28 PM

Ok there is what I hate the most when all these collection agencies try to rip you off. Since they are being nasty there I would recommend the following.

You said the debt is about 5-6 years old. When was the last time you made a payment? If it was also 5-6 years ago I would recommend the followings; 1) check your credit report and see if that tradeline is on there. If not, don't bother to settle it. 2) If it does show up on your credit report, check the date of last activity (the date you defaulted on the debt), if it is incorrect, dispute it. If it is correct, is it almost 6 years from the date of last activity? If so, it will be dropped from your report soon so don't bother to settle or it will reage it and adversely affect your credit score.

If you really want to settle, tell them the debt is Stats Barred and they cannot do anything at all to make you pay. Tell them you are willing to offer no more than 20% (or whatever you feel like) or they would not hear from you anymore.
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Contacted Portfolio Management...

Postby basti78 » Mon Mar 31, 2008 12:26:30 PM

hi any help would be appreciated,

I owed futureshop some $1800.00 a while ago (to be exact 5 or 6 years ago) and I contacted them to settle this accnt. Not to my surprised, Futureshop wont deal with me at all instead they gave me the number of PM. They told me this accnt has been passed to a collection agency. So, I contacted Portfolio Management and said I owed them $3500.00 (includes all the interest). I offered them 1500.00 to settle the accnt but they wont closed it and quote "it was not even 75%". I spoke to 3 person already and said the same thing. They said they have a noted from their supervisor to not go less 2500.00.

is there any way that I can settle this up with them or just not pay them at all. Thank you very much!
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