Discover Card in debt settlement

Discover card has adapted new policies of sending their accounts for collection as soon as a client asks about debt settlement. You should be able to settle your account with On Core, simply negotiate a settlemetn directly with them.

Discover usually sends their unpaid accounts to Zwicker and Associates who have a couple of lawyers names on their letterhead, my experience with zwicker is they never settle for anything less than 70 cents on the dollar, if you can settle for less with On Core consider yourself a winner.

Best case scenario is to deal directly with On Core, or try working a paymen plan with them to pay the entire amount back, negotiate for them to lower the interest rate down as much as possible this should help you pay your debt back.

Thank you for your help! On Core said they would have my debt for 6 months. They were really nice. I will try to negotiate with them! Thanks!

Hi Mcdadesan, Please post what the percentage if you get a settlement with On Core

Thanks

I am not sure how much cash advance you had. But, sometimes when you take cash advance or do a Balance transfer of a huge amount and then within a few (dont know how much is few) months stop paying then it cna be considered a fraud!

On Core is likely Encore Receiveables.

I hired an attorney to settle my debts about 14 months ago. I got 39 cents on the dollar for my Discover account. Maybe you should consider hiring an attorney. The do-it-yourself method hardly works from what I'm hearing. Zwicker and Associates are lawyers.. you'd better get your own.

I owe Discover card as well. My account is two years past due and is with Wright, Scott & Associates. Anyone ever hear of this firm?

Hello. I have 2 Discover accounts. When I started my debt settlement process back in September 2008, I fully expected to settle with Discover along with many other creditors. After reading A LOT about creditors on this site I learned that Discover is a very aggressive company that does not hesitate to take legal action. That being said, I decided to accept a hardship program for one year. It reduced my normal minimum payments in half and lowered the interest rate to about 5%. Basically I just needed a payment that I could work with and still save for my other settlements, in order to buy some time. That is the key...juggling the savings and settlement payments. Taking a good hardship payment plan can sometimes give you the breathing room you need in order to be able to save for settling other accounts.

Anyway in the meantime my American Express account was sent to Zwicker and Associates. They actually have attorneys in almost every state. They are not afraid to sue, that I know. I was able to settle with them for 55%. I was pretty much okay with that, especially since the legal rep from Zwicker told me that she would only have my account for 10 days...and then it would be off to the litigation department. My guess is that you should be able to get a 50% settlement or better with On Core. If you have the money, I would try to settle asap. I would not assume that they will really have your debt for the full 6 months they are telling you. If you need to buy some time in order to come up with the money, then that is another story.....keep in contact with them as much as possible. Even if it means every week! If you stay in contact with them they will assume you really want to take care of this debt and will try to hang on to it in hopes of settling. Tell them you are trying to borrow money from friends, family, waiting for income tax refund....whatever you can think of that sounds realistic.

You absolutely can do this yourself. Don't listen to those who tell you credit card companies give better offers to debt settlement companies vs. individuals. Actually I have found the opposite to be true. Last week I settled my own BofA account of almost $40K for $6500.....completely on my own. AmEx was on my own, and I will be hopefully closing a settlement deal with Chase in the next week, again ON MY OWN. I decided after mistakenly spending a few thousand dollars with a debt settlement company that no one is going to work as hard as me for my accounts. I can see the light at the end of the tunnel, and I will be out of this debt mess by the end of the year!

Good luck to you!

Oops that was my post above....I forgot to type in my name! :)

I owed on a Discover card and when I stopped making payments, it went immediately to Zwicker. From that point, Discover would not even take my phone calls. I did not settle with Zwicker. I just wanted to get it paid off and out of my life. The only good thing about it going to collections is that I know longer was paying late fees or interest. Discover does not keep bad debt on their books for long and sends them to collections.

Good luck and keep us posted as to how you are doing.