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Help with discover card

Date: Fri, 01/08/2010 - 08:09

Submitted by anonymous
on Fri, 01/08/2010 - 08:09

Posts: 202330 Credits: [Donate]

Total Replies: 12


I hate dealing with Discover card. They call all the time and they're very aggresive.

I have two accounts with Discover. One I think will be at 180 days next week. They told me that once I miss that payment it will go to their charge off department. Does anyone know if that's an internal charge off department? Should I be worried about this? They keep offering me a hardship program with a 5% rate, but no settlement. The online site offers me a settlement of 70% which is still too high for me to accept.

I was going to wait until next week to call their "virtual department" to see about trying to settle. But, now I'm scared that I'm headed toward charge off. I want to settle for 30-40%. Any advice?


Charge off means that the lender would report the account as bad debt. It would be reported as the same in your credit report as well.

You may hear from a collection agency once the account gets charged off. Sometimes it is easier to deal with collection agencies than original creditor. Best of luck!


lrhall41

Submitted by SC on Sat, 01/09/2010 - 00:41

( Posts: 3937 | Credits: )


Quote:

Originally Posted by Anonymous
Well, I just called Discover. I got nothing. The lady on the phone said that they weren't willing to negotiate. She said that discover isn't offering any settlements except for the ones on the website which for me are at 70 & 80%.


They were the most frequent of callers for me. I just got 40% on Discover. You need to ask for the programs and settlement dept:

800-347-3554

Hope it works for u!


lrhall41

Submitted by on Mon, 01/11/2010 - 13:54

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I think I'm giving up on debt settlement. I was over 180 days with Discover for $7500. They wouldn't settle at all. The best I got was 70% online. So, I took their hardship program. But, they didn't win. I'll make the $80 payments until I can file for bankruptcy this summer. I'll end up paying them less money and probably won't hurt my credit score as much.


lrhall41

Submitted by on Thu, 01/14/2010 - 05:10

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they reduced my 5400 balance in half at 0 percent interest so i could start making payments on the account. Someone told me that this was considered "hiding Debt" by the credit card companies but it has worked out well for me


lrhall41

Submitted by on Tue, 01/26/2010 - 11:57

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Familiar with Discover. They use a 3d party subsidiary debt collector for their collections.
Discover Financial LLC, but they are NOT Discover Bank - still a debt collector. Don't put up with abuse - they are one of the worst. You can file a complaint online with the Federal Trade Commission in your Region - you can google it. You can also file a complaint with the Ohio Attorney General - their corporate office is there.

Don't give up on debt settlement. We've used our 20+ yeas of banking and legal experience to help our customers get settlements of 6% - 50% of the total debt. Sometimes you have to call at night or different hours of the day until you can find someone willing to negotiate.
Hope this helps.

Sara Goodman
DebtExecutioner


lrhall41

Submitted by Sara Goodman on Thu, 06/10/2010 - 09:45

( Posts: 8 | Credits: )


Discover does offer a settlement with one lump sum payment. Discover Financial will not go below 50% of the debt. To the poster who mentioned 6% settlement with discover is wrong. Matter of fact, I have yet to see any creditor who will negotiate at 6% of the debt. Lowest I've seen is 15% with B of A.


lrhall41

Submitted by Ben World on Fri, 06/11/2010 - 07:06

( Posts: 23 | Credits: )