Stop Portfolio Recovery Harassment
Were you recently contacted by Portfolio Recovery Associates, LLC? At no cost to you, our attorneys may be able to assist you in putting a stop to debt collection harassment! Fill out the contact form on this page and tell us your story.
Who Is Portfolio Recovery and What Does Portfolio Recovery Do?
Suppose a bank, finance company or service provider has past-due bill. Such a bill may be easily forgotten by the consumer, or the customer simply may not have the money to pay. Unexpected medical bills, loss of a job, or other curve balls life throws us may make it difficult to pay our bills on time. If a debt is not paid, eventually it will be “charged off” by the original creditor. These original creditors sell portfolios containing past due and defaulted debt for a fraction of the face value of the debt to companies such as Portfolio Recovery. Portfolio Recovery Associates is a company separate from the original creditor who attempts to collect on the past-due accounts which have been “charged off” and purchased by them. Portfolio Recovery has been in this business since 1996. Companies such as Portfolio Recovery who do this as part of their primary course of business are called “collection agencies.” Collection agencies typically attempt to collect on such debts at first by calling you and mailing you letters. Portfolio Recovery also has been known to sue consumers who have a past due balance. So what happens after you receive that letter or phone call?
How to Stop Portfolio Recovery from Harassing You
Portfolio Recovery may ask you where you are working now and what sources of income you have. They may say that your answers to such questions will “help them find an easy way for you to pay your account off.” You are under no obligation to answer their questions, and you should not.
If Portfolio Recovery tacks on excessive fees and interest, reports incorrectly on your credit report, or calls you repeatedly, they may be violating the Fair Debt Collection Practices Act (FDCPA). Of course, Portfolio Recovery doesn’t want you to know that and has taken some steps to keep that information from you. When one enters the name of a collection agency on Google, typically ads for consumer protection attorneys will appear in the search results. Now enter “Portfolio Recovery” on Google. You will see absolutely no ads for consumer protection attorneys in the search results! This is because Portfolio Recovery went so far as to recently stop Google from allowing lawyers’ ads to appear when someone enters “Portfolio Recovery” on Google. Portfolio Recovery is also trying to stop Bing from allowing lawyers’ ads to appear when someone enters “Portfolio Recovery” on Bing. Despite their efforts to keep consumers away from consumer protection attorneys, Portfolio Recovery Associates has been sued about 2,200 times in the last six years according to the Public Access to Court Electronic Records (PACER). That averages out to more than one lawsuit every single day, including weekends and holidays, for the past six years! Complaining to Portfolio Recovery directly about unfair debt collection practices may be what Portfolio Recovery would prefer, but it is not your best option. Your best option is to consult with a consumer protection attorney.
If your employer prohibits calls, and Portfolio Recovery knows this, they cannot call you at work. Period. If they do so, they are again in violation of the Fair Debt Collection Practices Act (FDCPA).
There is a statute of limitations as to the time period allowed for a collection agency or original creditor to sue you for debt or to report it on your credit. That statute of limitations may reset – it may start over – if you make a payment, depending on the laws in your state. You should also know that even after you have paid a “charged off” debt in full, for this debt to be removed from your credit report may take up to seven years.
Portfolio Recovery has offices in Virginia, Tennessee, Alabama, Kansas, Texas, California, Illinois, Pennsylvania, Nevada, and even the United Kingdom. They are headquartered in Norfolk, Virginia.