GM Card

Slightly off topic...but...The GM Card you are referring to used to generate points, dollar for dollar spent or transferred from the card that were good towards a GM car. I walked into a GEO dealer, gave them my points and drove away a new Metro for FREE. No Kidding!! Just thought someone would enjoy that.

Hi,

Thanks for sharing your progress on your debt settlement process.

I wanted to ask you if you could share the details of settling your Discover card. Many here have shared that Discover is one of the more difficult to work with. Thanks in advance.

Don

Quote:

Thanks again for sharing your experience.

That's interesting that it had to go so far to get to the point of a settlement offer...AND that the offer initially came unsolicited. We are just in the beginning stages of this process, so every little tidbit helps us to know what to possibly expect.

We just got an unsolicited settlement offer from Citibank of 65%, and we are only 60 days late. It directed us to work with a department that we haven't had any contact with yet. We called yesterday and found the CSR to be very nice to deal with, and told them that we appreciated the offer, but due to our current situation, we just can't do it.

I am wondering if Discover had a similar department for you to contact in discussing your settlement with them and how you found the experience. And if you don't mind, what was that telephone number if it was different, and in fact, if you were dealing with Discover at that time, or were you dealing with a third party?

Thanks again for your help.

Don

the Settlement Department is at (800) 347-3554, and I was dealing with Discover direct. Initially i got 40% with 3 days to go in December, but they stated they could not get a letter out to me in time, but would guarentee that they could set up my payment over the phone and i would get the letter. I passed and called a week later. This time I asked to speak with a supervisor, and he gave me the same 40% offer, but would not go lower, because "I had made recent purchases prior to stopping payments altogether". I was around 160 days late when the settlement was accepted.

I am around 140 days late with Citi, and right now have 45% sitting waiting for me. I am going to give it another couple of weeks before I reach out again, but this number needs to drop for me to be satisfied.

I called GMCard/HSBC just this afternoon to ask to discuss a settlement of my credit card that I just missed one payment on. I thought being proactive would help me talk to them...but they wouldn't even discuss it with me. Told me to go to a debt relief agency - which I don't want to do for just one credit card. My husband and I each have a Chase account which called and made a 60% offer over 60 years (which I see you've done way better, but I felt soooo relieved to know that I didn't have to file bankruptcy) after we missed only one payment. What would you suggest about GMCard? Our balance is 10,000 and we are just late today and are 180 over limit right now. I really appreciate your help!!!

CORRECTION: 60 months...not 60 years! LOL

Quote: