There are many debt collectors out there. Why? Because a lot of people are in debt. If you are one of those people, perhaps the last thing you want to do is talk to a debt collector about your culpability. That’s just human nature. But know that collectors such as Portfolio Recovery won’t give up, so you may as well face the music now, rather than later, when things could be markedly worse.
Here’s why you should not ignore a call from Portfolio Recovery Services.
What is Portfolio Recovery Services?
It is yet another debt collection agency, and as such, it collects debts from the likes of credit card companies, auto financing companies, and cell phone providers. After they get your account, they’ll contact you to see if they can reach a settlement or create a repayment plan.
This company prides itself in being ¨people¨ people, meaning that they know how to talk to their consumers, express empathy, and do their best to assist them in paying off their debts.
Portfolio Recovery Services is quick to express their acknowledgment of your financial woes, but always keep in mind that, supportive or no, they still aim to collect from you. Having said that, they do promote something called the PRA Promise, which basically means that they are committed to these five things:
- Compassion
- Compliance
- Privacy
- Respect
- Transparency
Meanwhile, their core principles involve:
- Treating their consumers fairly and with respect
- Working with their consumers to ensure that they can afford their payments comfortably
- Supporting and practicing consumer-friendly policies
These principles and core values are things that allow the company to serve the people in a beneficial way, while also seeking to extract cash from you. Kindness and collections are not mutually exclusive, but again, these people are dead set on getting the payments due it.
What Can I Do?
First, you want to confirm that the debt is indeed yours and that it’s within the statute of limitations. Depending on your state and type of debt, even if the debt is legit, collectors only have a certain amount of time to go after it. Take no responsibility for any debt until it is verified in writing to be yours.
Once the debt has been confirmed, you can proceed with speaking to a representative to come up with a repayment plan that not only will ensure the debt gets paid, but that jibes with your income and lifestyle. In some cases, you might need to seek relief of debt with a company like Freedom Debt Relief. You can learn more about that option when you click here.
The Company Can Be Helpful
Because Portfolio Recovery Services is focused on helping their consumers repay their debts relatively comfortably, all the payments you make in your payment plan will go directly to your debt. Just make sure your spending is under control, because if it isn’t, you’ll find yourself on a constant cycle of debt and repayment, then back to debt.
Portfolio Recovery Services is very open to working with its consumers, and since they are a company that purchases your debt from other creditors, this allows them more room to provide their consumers with more repayment plan options.
You Do Have Options
The firm can keep you up to date on your payments and what you owe through its online portal. And the agency allows you to make payments online. However, you might want to give debt settlement a try if you feel like your debts are unmanageable, and you hope to avoid bankruptcy.
For that, we’ve found that Freedom Debt Relief is your best shot. The agency has the reputation, accreditation, and breadth of experience to set you on a path of financial solvency. We’ve looked at all the leading debt relief agencies out there, and FDR comes out on top.