Question about debt settlement

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  • #81881 Reply

      … I have 2 old debts that are in collections since 2019 and want to write a letter to the collections agency (Portfolio Recovery) requesting a settlement.

      1. Has anyone here initiated the request and were you successful?

      2. If so, what did you include and/or not include in your letter?

      3. What is a reasonable percentage to offer if the full amount isn’t possible for me to pay?

      4. Should I request removal from my credit report in this letter?

      5. Should I list both accounts in the one letter or write & send a separate letter for each account?

      5. Any other tips/advice you can offer?


      #81882 Reply

        Make sure you have at least $1,000 for back and forth offer. If you can pay them off you should because it really is debt you owe.

        We had 3 many moons ago and they settled for 30-50%. Maybe start at offering to pay 25% , you might get lucky.

        I also would not negotiate over mail but make a call to portfolio recovery.

        As soon as you receive a letter stating the amount you settled for stating payment in full, only then send a money order that they have to sign to show they received the payment.

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