You might be skeptical when being contacted by someone who says they’re from an organization called Portfolio Recovery Associates. It’s likely this is a name you’ve never heard before, and probably hope you’ll never hear again once you’ve dealt with them.
While it’s smart to be cautious about anyone who calls and says you owe them money. At least when dealing with Portfolio Recovery Associates, you’re dealing with a real agency. Portfolio Recovery Associates, also know as PRA, is a debt collection agency based in Virginia. If you owe money to someone and the bill has gone into collections, it’s possible Portfolio Recovery Associates now owns your debt.
If you’re not familiar with how debt collection works, you’ll be wise to educate yourself before engaging too much with Portfolio Recovery Associates. Information you give debt collectors can potentially be used against you later; so you really want to be on your game before spending any time on the phone with a debt collector.
In essence, Portfolio Recovery Associates—or any other debt collection agency, for that matter—purchases unpaid debts at a discount, typically just a few pennies on the dollar. They then turn around and attempt to collect the debt owed by using more aggressive tactics than those employed by the original lender, who just wanted to wipe their hands of the situation.
Be warned: Debt collectors will pursue you. If they believe they can get money from you, they will pull any levers within their reach to do so. This includes filing lawsuits, which can lead to wage garnishment. You really need to be informed, and act quickly and accurately when dealing with dent collectors. Here’s how to respond to a call from Portfolio Recovery Associates.
The first thing you should know is you shouldn’t take a call from Portfolio Recovery Associates if you’re not prepared for it. Ask them to call back at another time, and maybe give them a time that’s better. Not being ready for a debt collection call can lead to making costly mistakes. These are some things you need to keep in mind when talking to Portfolio Recovery Associates:
There’s nothing fun about dealing with debt in collections. However, it’s something you need to address as soon as it comes to your attention. Knowing how to handle a call from Portfolio Recovery Associates can help you get through the ordeal in better shape.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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