Portfolio Recovery Associates (PRAs) is an up and coming debt collection agency that buys old credit card debt from banks who want to write it off their books because of an audit. They are an openly listed company.
This company acquires credit cards debt from individuals and companies. This is how they make money. The old debt is purchased and then they sell it to an arm of the law firm. The debt is mostly old, this is why they can purchase it for pennies on its original value.
When a law firm gets involved in such an agreement, they are legally obligated to make the credit card company whole. That’s what they do. They negotiate with the bank over the debt.
Some debt is good percentage that has a reasonable chance of being sold at a profit. But the more of the bad debt you have the harder it will be to sell. They will get some of your old debt but the amount they will get will be far less than what they would get if they sold all your debt.
The main purpose of a portfolio recovery lawsuit is to force a bank to write off all your debts. If they do not do this they can go to jail. Even if the bank cannot sue them, they can go under and not be able to take any new loans.
A portfolio recovery lawsuit is like a personal injury lawsuit where the injured party sues the other party to recover damages to their injuries. They just filed a lawsuit and are now asking you to help recover their debt.
If you are a debtor and you have been injured through no fault of yours, you should consider hiring an attorney to handle your case. An attorney can make sure you get full representation. They have access to resources and legal advice and are familiar with the laws.
You will also receive a settlement as part of the recovery of the settlement. this is called an award and this can take from six to ten percent of the total amount the bank owes you. depending on how much it was in debt you accounts at the time. The attorney can also obtain a judgment against the bank, which gives them the right to collect the debt.
Your attorney can get the most amount of money possible when negotiating with the bank. He can find out how much is owed by the company and how much he can get. If the bank does not write off the full amount they owe he will work on a settlement for you. This settlement can range anywhere from two to twenty percent of the original balance and that amount can be negotiated down as well.
Many attorneys now recommend working with a financial adviser. These advisers are often used by people who want to eliminate debt and become debt free. they can work on a plan together to get the best possible outcome for you.
Working with a lawyer is the only way to get the best possible settlement. If you don’t hire one or if your lawyer doesn’t give you the best settlement, he may not give you enough money to pay for your case. It’s important to make sure your lawyer has experience negotiating with the bank. A good lawyer will have years of experience in this field and have won awards before.
If your attorney isn’t experienced negotiating settlements he won’t have the knowledge you need to get the best outcome for you. So find someone with plenty of experience.
If the settlement offer your attorney won’t be able to get you very high. A good lawyer will also be able to get the highest possible settlement that the bank is willing to work with.
