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here's why you shouldn't pay portfolio recovery a dime until you watch this entire video first my name is michael wassick i'm one of the lawyers at ricardo and wants like here in florida together with my partner jason ricardo i help people just like you overcome foreclosure and debt collection with dignity and today i'm going to tell you why portfolio recovery is something you shouldn't pay a dime to unless you first watch this video all the way through and educate yourself and know your rights so portfolio recovery is a debt collector and a junk debt buyer and that means that they buy old stale charged off credit card debt from credit card companies they spend pennies on the dollar and they want to turn that into dimes quarters and even dollars by collecting it from people just like you and the way they do that is they buy these mass pools of loans and they get an excel spreadsheet with a list of names and a list of numbers and then they start sending letters making phone calls to the people on that list and you might find yourself as the target of one of those debt collection efforts you might be getting letters you might be getting phone calls and you might be afraid of what's going to happen next if the attempts to collect the debt with a letter or a phone call are unsuccessful sometimes portfolio will take people to court they'll file small claims lawsuits here in florida and they'll try to make the court enter a judgment against you and then after they enter a judgment they'll try to garnish your wages or seize other assets that you might have that might be exposed it's why it's very very important if you get served with a lawsuit from portfolio you cannot ignore it you need to treat it responsibly you need to attack it head on if you don't you may find yourself getting your wages garnished and that's one of the number one complaints we hear about junk debt buyers like portfolio and other companies is when the wage garnishment starts coming and you notice that a big chunk of your paycheck is missing because you've already got a judgment against you head off at the pass take care of it early before it becomes too late now you may be asking yourself can i just settle this can i get it removed from my credit report can i avoid garnishment if i just talk to them and the answer is settling with them is almost always going to be the way you resolve it but you have to settle in the right way when you are in that first phase that debt collection phase where they're sending you letters and making phone calls and all it is is communications there's no court action there's no wage garnishment you're still in the early phase of that debt collection they're going...