Portfolio Recovery is a large debt buyer in the United States. It often uses lawsuits to claim unpaid debt.
In this article, we will provide 3 important things to know about Portfolio Recovery to help resolve your debt.
1. You have Options
Many people get the knock on the door with a summons from Portfolio Recovery and think that there is nothing that they can do as the finances are already strapped and there is no leighway in the budget. Firstly, we help many folks decide the best option for them because you still have options even if you have been sued and even if a judgement has already been issued. Take the form below, so we can analyze your options.
2. Portfolio Recovery May Settle
Portfolio Recovery often does not actually want to go to court for a drawn out lawsuit, so we do see that Portfolio Recovery may settle even when a lawsuit has been filed against you. The question often is whether you should try to settle it yourself or whether you should hire a firm to do the settling.
This answer to this question is often that it depends. What I find most relevant in this equation is your ability to negotiate and your comfort with speaking with and negotiating with an attorney. It also depends on whether you are trying to negotiate or pay the full amount. If you are paying the full amount then it often would make no sense to hire someone because you'd pay the full amount and the fees.
3. Portfolio Recovery Has to Abide by the Law
Portfolio Recovery still has to abide by the law when it comes to pursuing unpaid debt. The best thing for you is to be informed about the statutes of limitations and wage garnishment laws per your state. Our form above provides information about your specific state that Portfolio Recovery must abide by.
As a consumer, you also have the right to receive a written verification of the debt. If the debt is not yours, you should not have to pay for the debt, so it can be helpful to first determine whether the debt is yours.