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loll

I posted this in another thread, but perhaps it deserves its' own topic.

I called Discover Card to tell them that I know they have been offering people settlements as low as 40% and that I was willing to pay them $1000 today if they would consider my account paid in full after that. (I owe $2400 total.)

They said that my account is not eligible for a settlement, and the operator said, "Why do you want a settlement? Why don't you just want to pay it off?" I politely explained that when you are having financial difficulty, paying it off for 40% of what you owe could be a God-send. If I could easily pay off the $2400 I totally would, but I cannot afford that at the moment - but I CAN afford $1000 (barely).

He refused my offer, again saying that my account is "not eligible" and he could not explain to me why some people get settlement offers while others don't.

Any advice about how to get them to agree to this settlement? I know that credit card companies are essentially designed to keep people IN debt and therefore it's gotta be hard convincing them to let you out... but what should I say or do to make them agree to this?

Thank you!!!

Posted: Wed Jun 13, 2007 8:24 pm Subject:

Keep pushing them with your offer. I will suggest drafting a proposal letter and sending to their mailing address through certified mail. It will always show that you were willing to take care of your debts and proposing a realistic settlement. They may take some time in accepting your terms but you are always ready with the money. Make sure that you don't spend it on other necessary items, when they agree to work with you later.

loll · Posted: Thu Jun 14, 2007 1:02 am Subject:

THanks, that's good advice. =)

Posted: Thu Jun 14, 2007 2:01 am Subject:

Hey loll,
A couple of weeks ago i was speaking to an atty and he told me that he was working with a woman to settle her debts and that Discover was one of the hardest to settle.... He informed me that in our state, Louisiana, they sent her a cashier's check in what she could afford to pay and put in the memo, if cashed Paid in Full but also, he said on the back he put if endorsed paid in full. Now i was talking to someone in chat about this and they said different states have different laws about this.... so try checking out ur state laws!
Anyway, he said Discover did indeed cash her check after refusing SEVERAL times before and havent' heard from them since, it's been marked PIF!
Good Luck,
ANg

loll · Posted: Thu Jun 14, 2007 6:15 am Subject:

Wow, that's an awesome idea! I wonder if I could do that? This might sound really dumb, but what's a cashier's check? Is it like a money order?

Posted: Fri Jun 15, 2007 1:17 pm Subject:

loll - it's sort of like that but better as your bank guarantee's the funds. They take the money from your account and issue the check.

loll · Posted: Sat Jun 16, 2007 6:16 am Subject:

I called Discover the other day and the operator I spoke to was INCREDIBLY rude to me (which I have come to expect from them) but here's the kicker... He told me I don't qualify for a settlement on my account because I have been making (tiny) payments. I said, "So I would have to STOP paying on this account in order for you guys to want to work with me?" He said that only people who are seriously behind on payments qualify for settlement offers. He then said, "The fact that you've had several months this past year where your payments were late makes me really unwilling to work with you on this."

So... in essence, they DON'T want to work with me because my payments were late, and because I am making payments, period. They DO want to work with the customers who have basically said "F*&% you, Discover Card, I am not paying you anymore." How does that make sense? Seriously?

Guest · Posted: Fri Jun 22, 2007 10:20 am Subject:

loll,
I've had an account with Discover and I hate them! I told them that I'd gotten an attorney to settle my debt and guess what they did? They got a lawyer from the company of Zwicker and Assoc. to take care of collecting the money from me. They called me, the lady was nice to me put me on a hardship program and they take out $25 a month on my $3,300 debt I owe. I'm gonna stay on this as long as I can. I hate even seeing a commerical with a credit card on it. My nerves are just about gone. I was with Hess Kennedy and they stink as well. I told them @ Discover what Hess Kennedy told me to and this is why I'm now having to pay this lawyer company $25 a month. I'll get there someday. Just don't let them get to you. The credit card company's are stinkers and will talk to you like a dog. Don't let them do that to you. Hold your head up high and breath a little. Let us know how it comes out.

Posted: Fri Jun 22, 2007 11:40 am Subject:

No credit card company is going to settle if you are making your payments on time or even if you have late pays and then make them payment plus the fees. In order to get a company to settle you will need to fall deliquent at least 4 months. This will mess up your credit and is not advisable if you have the money to pay them. The later you are on the payment the more likely they will settle. There is a breaking point that varies from company to company in which they will sue you if they think you have the means to pay and if you owe them enough money. Chances are you will not get sued if your credit card balance is 500 bucks but those chances go up the higher the balance is. My gut felling is 5,000 is the cut off.

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