Hi, I have a debt settlement offer from Portfolio

Hi, I have a debt settlement offer from Portfolio Recovery Associates on an time barred debt that also does not show up anymore on my credit report. I am considering making the one time payment option and after it is paid, they say it will be considered "Settled in Full" Are there typically any concerns on doing this? Also, what would show up, if anything on my credit report if I paid the amount? Thank you

3 Answers

Once you fill out and sign the letter, the SOL clock will start again (assuming the SOL is already over). Thereafter, you'll be legally accountable for the debt. The form seems to be legal. Clear all your doubts before signing the letter. 

Hi, thanks for your reply. Yes, I understand that the SOL is over and they can't take legal action against me. My question is mostly about what a 'proper agreement' is. They sent me what looks like their typical debt collection form in the mail.  In it they list, single payment, 3 month payment, and 12 month payment plan. Then they state that the account would be considered "settled in full" after final payment is posted. I would consider the single payment option to have it paid at one time, so I wouldn't have to worry about the SOL starting again, unless there is some 'catch' that I am not aware of. In other words, I'm trying to get this taken care of without getting stung by some little glitch hidden there somewhere. Should I just call them to discuss this to make sure the terms are clear, and record the conversation also? 

If it does not appear on your credit report, there are high chances that the SOL is over and the collection agency won't be able to take any legal actions against you. Now it will be completely your discretion, whether or not you want to go in for the settlement. But once you mke a payment, the SOL will restart and if you don't have a proper agreement with them, then they may even take legal actions against you.

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