Debt Validation Notice ?
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|Wed, 12-08-2010 - 9:44pm|
Ok, so I've received correspondence from Portfolio Recovery Associates not so much in the form of a letter, but basically 3 payment options for a very old debt that isn't even showing up on my credit report. I've been researching this and have discovered that they have to tell me that I have 30 days to dispute the validity of the debt. Is this correct as far as anyone knows? There is no verbiage whatsoever about what my rights are concerning this debt and no other letter came with it. It's telling me that "your first payment is due no later than 12/30/2010" and "This letter is from a debt collector and is an attempt to collect a debt. Any information obtained will be used for that purpose." Yet, nothing about my 30 days to dispute OR the assumption of it being a valid debt if I don't respond within 30 days. Does this sound legit to anyone? I know, I know...PRA are vicious and notorious. I'd rather not contact them at all, trust me. I'm just wondering if that can somehow make this worse? I really don't like the wording of this option plan they sent me and don't know if it qualifies as a debt validation notice or not. I really need advice people. How would you handle it? Leave it go or ask for validation of debt?
My issue is this. While I don't know exactly how old the debt is, I recently browsed my credit reports with all 3 bureaus and nothing shows up as a negative. There is nothing referring to this debt or any debt in this amount on my CR. After having researched what I could on Portfolio Recovery Associates, it seems they have a bad reputation for pulling crap like this. I know the SOL for my state (PA) is 4 years and without a doubt I haven't paid them or anyone towards this account within that time. While, moralistically, I would like to pay this off, I don't know if I can trust them. I now know that nothing of this is showing up on my credit report which means that it's at least 7 years old, correct? Also, if I do pay off what they're offering, won't it STILL reappear on my report as a paid off collections? I know it sounds awful to say, but at that point what sense does it make to pay it? I want to do the right thing, but it seems they set it up to get their money AND screw you over as well. What type of letter(s), if any, should I send them? Cease and desist? Validation of debt? Anything else? Just looking for suggestions on how to go about handling this. I just received it in the mail today and haven't heard from or received anything from them prior. Help?