5-Star Stocks Poised to Pop: Portfolio Recovery Associates

• Report this Comment On February 19, 2009, at 5:35 PM, LMAB wrote:

  I don't think PRAA is a great investment.Let's face it;we loosing jobs,can't pay mortgage and last think you will pay is deliquent credit card to PRAA ,that bought your acct.for pennies on the dollar.If your acct.gets to PRAA most likely is past SOL.therfore they can't collect,if they suing some corp.for unpaid bills they are propobly out of bussines and somebody said they might go into collecting unpaid taxes?(who is better then IRS?).

  I think their books are just as good as FNM,Enron etc. Somebody from SEC should take a closer look.

  If you can't pay your creditor,then you defenitly not going to pay PRAA.they will sue,garnish your bank acct.but that's all.FICA is ruined.

  There is no way collections this days are profitable.When people have money,they pay their bills not PRAA.You can't squize an egg out of rooster.

• Report this Comment On March 05, 2009, at 2:52 PM, IRSCrimesWatch wrote:

  Investors should do well to keep their money away from this outfit!

  PRAA just sent out huge amount of fraudulently prepared 1099-C's. 1099-c's are used notify IRS of legitimate debts that were forgiven. This causes the "forgiven" to owe more in taxes due to this windfall, and gives the "forgivee" a big tax deduction. The loan being forgiven must be legitimate, not out of statute of limitaions, and actually owned by the forgivee - logical, right? Unfortunatly for PRAA, they don't own the orginal debt or the full amt of the debt that they bought on the junk market, most of their stuff is way beyond the 7 years IRS allows, and they can only legitimatley deduct what they paid for the debt, IF it is verified. Guess who fails the test all the way around. Run, do not walk, away from this company before the whole scheme comes tumbling down!

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