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Discover Card

Date: Tue, 10/13/2009 - 09:34

Submitted by OZZIE69
on Tue, 10/13/2009 - 09:34

Posts: 555 Credits: [Donate]

Total Replies: 38


From what I have read Discover Card is tough to settle with. Has anyone settled with them lately? If no, what is your status, ie. sue??


I do! I followed the advice of another wise poster who recommended going thru their website www.cardmemberassistance.com and typing in my account information. I have been watching for a couple of months, and as of this week I do have a settlement offer on one of my 2 cards, but only for 70%. I'm going to use the telephone number from this website, as recommended - to speak to their Virtual Team to try to negotiate from here.

Still no settlement offers on my husband's card, and they still call every day, ever hour, on the hour on both my home and cell numbers. Sometimes more.


lrhall41

Submitted by SugarSugar on Thu, 11/12/2009 - 13:36

( Posts: 101 | Credits: )


I don't know about settling with them. Several years ago when I had just gotten out of college, lots of credit card debt, and not nearly enough income to make all my minimums every month -- Discover was my only credit card willing to work with me. They set me up on a fixed pmt plan for two years and lowered the interest during that time. They didn't report me negatively to the bureaus at all.

Since Discover was the only card that worked with me, they're the only credit card I paid in full (and I was glad to pay them everything I owed). The others were charged off, sent to CA's, and I eventually settled on those for 50-75% of the balance.


lrhall41

Submitted by DebtCruncher on Thu, 11/12/2009 - 15:59

( Posts: 2293 | Credits: )


Yes they are horrible to deal with. I was sued by them just last month for way more than I owed. Told me I could settle for 70% in one payment I don't have it. Set up a payment plan that I still can't afford and with 5% interest on top of that. Lawyer was a total a@@ and wouldn't work with me at all.. I should have let them go ahead and have a hearing ( settled before going to court) I am working with a debt settlement company and they are going to help me with them when the time comes to settle. This all happened in less than a year that I defaulted so be careful with them.


lrhall41

Submitted by on Sun, 11/15/2009 - 06:50

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Quote:

Originally Posted by love_my_things
that all depends on you can you afford thier payment plan? or do you prefer to go the settlement route? do you know the pros and cons of both?

Well I'm already taking the hit on my credit score and I'd prefer to just get rid of the debt but I do want to avoid court. I could afford the payment plan.


lrhall41

Submitted by on Mon, 11/16/2009 - 08:04

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Aubrey,

I have not done that but they did give me number to hardship dept.. I may consider doing that before 12/13. Then I can work on other cards. From what I have read, not many have settled with Discover.

I wonder what "really" happens on 12/13 when charged off and assigned to Lawyers????


lrhall41

Submitted by OZZIE69 on Thu, 11/19/2009 - 07:52

( Posts: 555 | Credits: )


I owe Disc over 9000, made a balance xfer on feb of this year and for the past few phone calls they said they would not settle, but now their first offer was a 60% settlement or pay 1% interest for 5 years. The rep on the phone said it would all need to paid in one payment. Then I just logged into the cardmemberassistance site and it said I could do 3 payments.


lrhall41

Submitted by on Tue, 11/24/2009 - 12:16

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We just took the hardship program on Discover for our 2 accounts, hoping this will give us some time to settle our other accounts. They called us relentlessly on our home phone and 2 cell phones - several times an hour beginning at 8:00 a.m. each day. I know they are the most aggressive and most likely to sue, and however annoying they are - they were at least the nicest and most professional to speak with.


lrhall41

Submitted by SugarSugar on Tue, 11/24/2009 - 12:58

( Posts: 101 | Credits: )


Aubrey, please don't be jealous! I owe them $17k - and they are the only ones I will accept a hardship program from. I had to shut them up and get them to stop calling me! Since it was affordable, and I didn't have to speak to them and have them mentally break me down, I jumped at it.

Depending on what happens with BOA, I may still end up filing for Chapter 7 BK. I do qualify, but I'd rather not get the government involved in my life. If all goes well and I'm able to settle (reasonably) - I will probably stop the automatic withdrawals, and attempt to settle with them again in a few months.

You will do great, and I can see the light at the end of your tunnel. You will have a happy, and peaceful 2010!


lrhall41

Submitted by SugarSugar on Wed, 11/25/2009 - 14:32

( Posts: 101 | Credits: )


Sugar Sugar, you're right about shutting them up! LOL they called my house incessantly 3-4 times a day, even on Sundays! It was a robo call but still annoying. They started at 8 a.m. and I have a disabled husband home..... I finally talked to someone and told them if they didn't take my home phone off the system, I wasn't talking to anyone. They started calling my cell phone (hubby was happy) and after about a month I spoke to someone and made the "deal".

No more calls from Discover!:p


lrhall41

Submitted by aubrey on Thu, 12/03/2009 - 06:24

( Posts: 1203 | Credits: )


Have not seen any posts regarding Discover lately so wanted to see if anyone has recent experience with them?

Discover seems to be very difficult to deal with. Currently 110 days and only hardship program offered, but rep kept mentioning that I won't want it to go to 120 days. Credit report is shot anyways, what is magical about 120 days? Does that mean chargeoff?


lrhall41

Submitted by whatayear on Fri, 02/12/2010 - 07:19

( Posts: 23 | Credits: )


I just wanted to thank everyone for the information you are giving. I have a question for mac123. You stated that you where give one year with 5.99%. What happens after that one year? Is the debt paid off? Or does the apr jump back up again?




Have a Discover card 16k balance
about 65 days late

They too offered 5.99% for 1 year ----- payment goes from 320 to 158
not too bad .... if your looking to buy time
but I would like to settle
No offers to settle yet


lrhall41

Submitted by on Wed, 02/17/2010 - 14:57

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I am able to help you settle your debt for 55% of what you owe. Contact me now at for a free consultation. There is no risk involved and you have everything to gain. I take great pride in helping you get back on track to financial freedom.


lrhall41

Submitted by on Wed, 02/17/2010 - 19:20

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Why would anyone have you settle for them when people on this board have been able to get lower % settlements than what you provide? I myself got 30% with Bank of America, and others have had lower offers.

Just wondering.....


lrhall41

Submitted by aubrey on Thu, 02/18/2010 - 09:15

( Posts: 1203 | Credits: )


To Unregistered guest.
Its my understanding that the 1 year hardship program at 5.99% is only for one year. It does not payoff the balance, just temp lowers the % rate for 12 months. At the end of 12 months your balance would be about the same because you are really just paying the interest not the principal balance. As far as the rate - I assume it would go back up after 12 months unless you could neg with them if you paid perfect.


lrhall41

Submitted by mac123 on Thu, 02/18/2010 - 09:29

( Posts: 71 | Credits: )


I finally took one of Discovers 6 daily calls today. 4k balance at 88 days past due. Account opened in early 2009 so it's a new account and part of the balance was a bal. trasfr. An account mgr offered a hardship program, but I wouldn't be eligable till 90 days... 2 days away. $50/mo @ 0.99%. Not sure how many months. Acct. mgr said they do not settle.


lrhall41

Submitted by bmungo7 on Thu, 02/18/2010 - 15:16

( Posts: 37 | Credits: )


We currently have a relationship with Discover to pay back 6.99% in a qualified dmp plan, and we have seen settlements from Discover as low as 10% so you can try it on your own folks or get an attorney to work for you. Believe me, these creditors can say some crazy stuff and you are left wondering if its true or not. (Usually it isn't, collectors get paid big commissions and tend to be rude.)

Keep up the hard work folks, there is a light at the end of the tunnel. Its unsecured debt, so its much harder for then to collect in a lawsuit, not to mention expensive. Trust me, they want to work with you because they ask for higher returns!


lrhall41

Submitted by debtmanagementguys on Mon, 02/22/2010 - 19:38

( Posts: 28 | Credits: )


I am almost 60 days late. They were calling home and work relentlessly. I had previously told them we have no money to pay right now and hoping that business will start doing better soon. A couple of days ago was offered to lower my rate to 5.99 and pay $60 mo for 4 mos and he said maybe then we could discuss a settlement. I didn't even ask or repeat anything about a settlement when he mentioned it. I agreed to the arrangement. Couldn't handle the calls and need to stagger them until later anyway.


lrhall41

Submitted by desiretobedebtfree on Thu, 02/25/2010 - 17:35

( Posts: 47 | Credits: )


Quote:

Originally Posted by desiretobedebtfree
I am almost 60 days late. They were calling home and work relentlessly. I had previously told them we have no money to pay right now and hoping that business will start doing better soon. A couple of days ago was offered to lower my rate to 5.99 and pay $60 mo for 4 mos and he said maybe then we could discuss a settlement. I didn't even ask or repeat anything about a settlement when he mentioned it. I agreed to the arrangement. Couldn't handle the calls and need to stagger them until later anyway.

hello Desired,
i dont think the plan they gave will benefit you in the next 4 months, if anything youll be in the same situation, it will however buy you time while you settle some others, remember what i said, even if you get sued on the full balance or settle at high percent its is still better than paying these minimum payments tripling the debt you owe.
Discover is either going to be a very bad settlement or if youre lucky it wont go to Zwicker & Assoc. and it will go to a collection agency and then try for 20% but it is rare for Discover debts to slip by the cracks of Zwicker & Assoc.


lrhall41

Submitted by on Thu, 02/25/2010 - 20:02

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Buying time while I can settle with others is exactly what I need to do anyway. I have no desire to deal with Zwicker after reading about them in this forum. If I can just settle with most of my bigger Suntrust accounts this year I'll be able to survive in my poverty.

Later in the year I would consider a larger settlement or even a long term repayment plan with Discover. We've only had this card for about 1.5 yrs and I did run it up to get our shop open. I feel morally obligated to pay them back as much as I can. However they will have to be realistic in this current economy. They had given us a pretty good rate until I was late on a payment and then of course shot up the rate.

All three of my Suntrust accts. haven't been used for years and they have made a ton of money off of interest already. They wouldn't help or work with me to work out a fixed repayment plan that I could manage when things started going farther south. If they hadn't been so greedy I could & would have done everything possible to repay them. I don't even feel bad anymore for them and want to do whatever necessary to forever sever the relationship with them.


lrhall41

Submitted by desiretobedebtfree on Fri, 02/26/2010 - 04:37

( Posts: 47 | Credits: )