Portfolio Recovery Services is a debt collection agency headquartered in Norfolk, Virginia. It specializes in buying defaulted accounts receivable from banks, credit unions, department stores, and telecommunications companies for pennies on the dollar, which often leads to consumers being hounded by several different collection agencies.
If you’re getting calls from Portfolio Recovery Services, there’s a chance you have a debt with one of their clients. This is among the leading reasons why Portfolio Recovery Services is calling you.
You owe a debt
Portfolio Recovery Services represents the creditor in charge of collecting your debts, whether they were charged off or not. If you owe money to their client, Portfolio Recovery Services may contact you because you haven’t paid back the full amount for whatever reason.
Your payment has been late or missed
Another possible reason Portfolio Recovery Services are calling you is that your payments were either late previously or missed altogether. It was likely unprofitable for Portfolio Recovery Services to even take you to court and sue you, but Portfolio Recovery Services will do that in order to get your money.
The statute of limitations is about to expire
The statute of limitations on collecting this debt legally lasts so long as Portfolio Recovery Services can get you to admit responsibility for the debt. If they call you, it might be because they’re trying to restart the clock on an old debt. According to portfolio recovery associates reviews, this tends to happen quite frequently.
You have assets or income the company can seize
If Portfolio Recovery Services is calling you, it might be because there are assets it can levy to collect on this debt for their client. It usually starts with the easiest step first- taking away your assets and/or income – before moving on to more drastic measures like litigation and court orders.
They’re just making sure you know about this debt
Portfolio Recovery Services has a job to do: collect all debts owed by you or your estate. The representative calling you is the company’s way of fulfilling the obligation to ensure you know about the debt.
Spendthrift habits
If you’ve ever had a credit card, there’s a good chance Portfolio Recovery Services has your contact information and can send you to notice of an outstanding balance. Credit cards are great when used properly and responsibly, but they can quickly spiral out of control if not monitored closely.
Why should you care?
Debt collectors try to intimidate people into paying old debts. If you’re spending profligately, running up balances, and not paying the bills, there’s a chance you know you’re in trouble but don’t know when it happened. The company can exploit this.
Medical bills
Did you know that one of the fastest-growing segments of indebtedness is medical? All around the country, emergency rooms are overwhelmed with people who cannot pay their medical bills. While some doctors will work out affordable payment plans with patients, others will turn to collections agencies to try to get what is owed.
Why should you care?
Just because the firm received authorization from your doctor or hospital to contact you doesn’t mean they can start collecting immediately. The law dictates how much time a collection agency has before they must make contact with you. This means it’s important to get all your ducks in a row and act quickly when contacted about debts incurred while under your insurance plan.
If you are receiving calls from Portfolio Recovery Associates, don’t panic. They may be the company your financial institution has hired to collect debts, and they want to help you keep your credit rating healthy by reaching an agreement for repayment on old debt. Yes, it’s aggravating, but ignoring the calls will only make the situation worse.
