8663225258 (2024)

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8663225258 (2024)

FAQs

Why am I getting calls from Portfolio Recovery? ›

If you have been contacted by us it's because your original creditor sold us your account, and we now own your debt. When banks, credit card companies, and other creditors are unable to collect on an account, they may sell those debts to companies like Portfolio Recovery Associates, LLC.

Who does portfolio recovery collect for? ›

Portfolio recovery companies acquire large volumes of unpaid accounts, typically at a discounted price, from original creditors such as banks, credit card issuers, or utility providers. The discounted price reflects the inherent difficulty in collecting the debt, as some debtors may be unable to repay.

Should I answer portfolio recovery? ›

You Must Always Respond When You Receive Court Papers

Regardless of whether you believe the debt is yours, companies like Portfolio Recovery Associates are using the legal process to get a default judgment against you. If you ignore court papers, PRA will obtain a valid default judgment that it can begin to enforce.

Why is Cavalry Portfolio Services calling me? ›

FAQs. Who does Cavalry Portfolio Services collect for? A: Cavalry Portfolio Services is a debt collection agency that typically collects for various creditors, including credit card companies, healthcare providers, and other businesses that extend credit or services.

Can I ignore portfolio recovery calls? ›

Portfolio Recovery begins the collection process with letters and numerous phone calls and if those means don't work they will sue you. If you have received a summons and complaint from Portfolio Recovery please do not ignore it, it means that you have been sued.

Why does a debt collector call me but I have no debt? ›

It is not uncommon today for people to be pursued by debt collectors for money they don't owe. This occurs for several reasons: the original creditor may have made an accounting error, you may be a victim of identity theft, or the creditor may have found the wrong person with a similar name.

Can Portfolio Recovery garnish my bank account? ›

Can Portfolio Recovery Associates garnish my bank account or wages?: If a judgment has been entered against you, a judgment creditor may execute on the judgment through garnishment of your bank account or wages. However, you may be entitled to claim an exemption to the garnishment or otherwise defend against it.

What happens if you never answer debt collectors? ›

Ignoring or avoiding the debt collector may cause the debt collector to use other methods to try to collect the debt, including a lawsuit against you. If you are unable to come to an agreement with a debt collector, you may want to contact an attorney who can provide you with legal advice about your situation.

Are Portfolio Recovery Associates being sued? ›

On March 23, 2023, the Bureau filed a complaint and proposed stipulated final judgment and order to resolve the Bureau's claims against Portfolio Recovery Associates, LLC, one of the largest debt collectors in the United States. The court entered the order on April 13, 2023.

How do I block Portfolio Recovery from calling me? ›

Here's how to get Portfolio Recovery to stop calling:
  1. Written Request: Send a formal letter to PRA requesting them to stop contacting you. ...
  2. Dispute the Debt: If you believe the debt is not yours, you can send a dispute letter within 30 days of their first contact.

How to get rid of Portfolio Recovery? ›

The Power of Pay-for-Delete with Portfolio Recovery

In this case, you can try what's called a pay for delete. This is a strategy in which you negotiate with your creditor to have them remove the account from your credit report upon payment. It's important to get any agreement in writing.

Can you settle with Portfolio Recovery? ›

One option for dealing with Portfolio Recovery Associates' attempts to collect a debt is to negotiate a settlement. A settlement is a process by which you pay less than the total amount of debt owed, either over several payments or in a lump sum.

Why would Portfolio Recovery call me? ›

If you've been contacted by us, it's because your original creditor sold us your account, and we now own your debt. Learn more about how debt collection works in general and at Portfolio Recovery Associates, LLC.

How do you deal with Cavalry Portfolio Services? ›

To settle a debt with Cavalry SPV, you should respond to your pending lawsuit with an Answer, determine how much you can pay off in a lump-sum, send a settlement offer, and get the settlement agreement in writing.

How much will cavalry settle for? ›

How much will Cavalry settle for? Since Cavalry purchases debts from original creditors for pennies on the dollar, they are usually willing to settle a debt for less than the original amount on the account. In fact, most collection agencies and companies operate like this.

How can I stop portfolio recovery from calling? ›

You might be wondering, “Why doesn't Portfolio Recovery leave a message?” or feel overwhelmed by their persistent attempts to reach you. Here's how to get Portfolio Recovery to stop calling: Written Request: Send a formal letter to PRA requesting them to stop contacting you.

Does Portfolio Recovery leave voicemails? ›

Portfolio Recovery, like many other debt collection agencies, might opt not to leave voicemails when attempting to reach debtors. This decision can stem from various factors, including compliance considerations and debtor communication preferences.

Is Portfolio Recovery Associates a junk debt buyer? ›

Portfolio takes a risk every time it buys these delinquent accounts because it is literally buying “junk”. A delinquent account has almost zero value, as you can see from the sale price.

What happens if you don't return a debt collectors call? ›

If you receive a notice from a debt collector, it's important to respond as soon as possible—even if you do not owe the debt—because otherwise the collector may continue trying to collect the debt, report negative information to credit reporting companies, and even sue you.

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