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Discover - 50%

Date: Tue, 06/08/2010 - 15:19

Submitted by anonymous
on Tue, 06/08/2010 - 15:19

Posts: 202330 Credits: [Donate]

Total Replies: 6


Anyone received 50% settlement from discover ?

I gotta say discover has to be pain in the butt creditor. All long I was told I would never receive less than 65% and payment is due first before any settlement letter is out.

Than suddenly after crap load of days being past due I get on the phone with manager who offered 50% and settlement letters first. Talk about associates vs managers. Discover employees can't tell form left to right.

Got to say B of A has been the smoothest creditor to deal with.


Ok ... Here is the deal with Discover

I had a 17k balance with them.... about 165 days late.... getting no where.......
they are indeed very tough !

Anyway, in every conversation I did mention that I had talked to 2 attornies... and they said I should just file a Chapt 7.... (which is true, by the way)

Anyway finally .... after months of getting now where.... the lowest they had offered me at this point was about 60 %....
They finally turned my account over to a CA.... Capital Management services...
But it was not charged off yet....

So I strong armed Cap management.... gave them my sob story.... (which is unfortuantely true) and I finally got a 25 % settlement with them !!! Within the 30 day window ... so I did not DV them.... but was going too.....

Now it was not easy.... I had to work them pretty hard !! and convince them that that was all they were going to get.... or I would just file a Chapt 7...

It was in one payment ..... no payment plans.... they started at 50 % then 40 %...

I finally got them to 25 %.... I started at 20 %......
I was pretty excited to get Discover settled !!

mac


lrhall41

Submitted by mac123 on Sun, 07/04/2010 - 23:41

( Posts: 71 | Credits: )