Discover - Continue hardship payments?
Date: Mon, 04/19/2010 - 15:00
(I posted before, but it was *REALLY* long. Here are the highlights.)
- I have a 17k balance with Discover.
- I was put on their hardship program several months ago (5.9% for 12 mo), paid for 2 months but haven't paid anything for the past 3 months. (Going from my original dates, I would be about 240 days past due by now.) It hasn't charged off yet, but has to be close.
- With help of family, I could probably make the payments or even settle if the deal was *really* good.
- Would continuing to make the hardship payments IMPROVE my chances of settling or getting a good long-term payoff - or would it hurt my chances?
I'm concerned that if continue paying that they will just tell me in December that my new interest rate is 25% and then I'm really screwed.
Thanks!
- I have a 17k balance with Discover.
- I was put on their hardship program several months ago (5.9% for 12 mo), paid for 2 months but haven't paid anything for the past 3 months. (Going from my original dates, I would be about 240 days past due by now.) It hasn't charged off yet, but has to be close.
- With help of family, I could probably make the payments or even settle if the deal was *really* good.
- Would continuing to make the hardship payments IMPROVE my chances of settling or getting a good long-term payoff - or would it hurt my chances?
I'm concerned that if continue paying that they will just tell me in December that my new interest rate is 25% and then I'm really screwed.
Thanks!
Continuing to make the hardship payments would improve your chan
Continuing to make the hardship payments would improve your chances of getting a settlement. If you stop making payments the loan would go into default and if you failed to reach a settlement within a certain period you would be facing a lawsuit.
