Portfolio Recovery Associates
About Portfolio Recovery Associates LLC
According to its website, “Portfolio Recovery Associates, LLC (PRA, LLC) was founded in 1996 and is one of the nation’s largest debt collectors. PRA, LLC is a subsidiary of PRA Group, Inc.—a publicly traded (Nasdaq: PRAA) company employing more than 5,000 people across the Americas and Europe.”
Portfolio Recovery Associates regularly files credit card lawsuits on credit card debts they have purchased. They will then attempt to obtain a judgment and pursue post-judgment collection efforts.
Is Portfolio Recovery Associates a Scam?
Portfolio Recovery Associates is not a Scam. It is a legitimate debt buying and collection company, so it is important to take collection action by them seriously. However, even though it is not a scam company, it is important to ensure that there is evidence and documentation to support the balance PRA claims is owed, to ensure that PRA owns the account in question, and to ensure PRA has followed state and federal law when attempting to collect a debt.
What Should I Do If Portfolio Recovery Associates Sues Me?
- It is important to ensure that an answer to the lawsuit is timely filed after you are served with the lawsuit. DO NOT IGNORE A LAWSUIT!
- Ensure Portfolio Recovery Associates has proof of the claimed debt amount and ensure the amount is accurate (confirm all payments and offsets have been applied)
- Ensure Portfolio Recovery Associates has sufficient evidence to prove ownership of the debt
- Ensure suit was filed within the statute of limitations
- Assert all other possible affirmative defenses
- Review all collection activity by Portfolio Recovery Associates to ensure there are no potential counterclaims for violation of the Fair Debt Collection Practices Act or Texas Debt Collection Act
- Determine whether to fight the case or pursue a settlement resolution
You may want to seek the advice of a knowledgeable consumer defense attorney to ensure your rights are protected and ensure you do not end up with an adverse outcome that could have been avoided or minimized. Contact us for a free consultation!