Discover settled!

I guess congrats, I am just getting started,January with be 1st month 30k to BOA,4k to Discover and 5k to capital one! never thought I would loose so much income, but the last year killed me and I got deeper and deeper. no equity in my homes either

40 % ain't too shabby. Discover can be rather difficult to settle with. Congrats buddy.

[QUOTE=Anonymous;506726]Just wanted to provide some more motivation for all of you out there.

I just agreed to a settlement last night with Discover at 40% of my original balance (which is apparently very strong). I was 195 days past due.

Discover held steady offering 60% of the inflated balance for the past 4 months, and I kept holding to my number. They finally caved yesterday after I was bounced around to 4 different reps.

I am very excited to say the least. I have now settled successfully at roughly 35% with Chase, AmEx, and Advanta, and 40% with Discover. 4 down, 1 to go (BofA).[/QUOTE]

Congrats, Just so I'm clear, it was 40% of the original uninflated debt?

Yes, 40% of the original uninflated debt.

wow! good for you!

so your stratigy was??/
stop paying them,

Make an offer,
stick to your story and offer?
Did you call them? how often? or did you hold off till they contacted you?

When I settled, I waited til about 90 days to ask if they could offer me a settlement, when they said maybe and they looked further it was only 60% so I waited til this month and I called and asked for Special payment exceptions area.. You must say the same thing over and over, when they get close to a % you can actually handle (make sure you can before you commit) then say look, I have X amount thats it.
if they get close take it. you wont get much below 30%, unless youa re real lucky.But you never know.If my B of A settlement gets approved, it will be 25%... which is great.Remember you will get a 1099c for what you didnt pay.

I didnt really "offer". I threw a range out there of what I could barrow from a relative.

I called weekly after day 120.You must ask for a settlement person , not the preson who answers for the most part.

Once you sto pmaking payments, what do you say to them? or do you wait ffor them t call you

thanks and congratulations\

how did you get 40% of the original, inflated balance? Discover is one of the last 3 cards that I need to settle with. Since you were over 180 days late, did it go to the "last resort" collections person. That is where my account is too. I'm curious b/c they did offer me 40% of the current balance and what to ask for...also, how did you/Discover calculate the original balance? Curious :) Thank you!

I am currently in the settlement stage, I am in the 4th month, I got verbal 40%, was shocked actually. NOt sure if they are trying to wrap up before the new year. The one thing the rep told me was that they don't go lower than 40% un less there are "special cirumstances" I did not ask what those circumstances were, but would like to call them back and perhaps point out I have in excess of 70+ k with other creditors, and that it would be wise for them to go even lower perhaps?

Quote:

1. you should talk atleast 1 time a month but i would recommend 1 time a week
2. all of it if it helps a good hardship story goes along way
3. absolutely mention its either this or im gonna have to file
4. they usually dont start to negotiate till you are around month 2 late sometimes longer

discover it took me almost a year and they were brutally mean had i known better they would have ended up owing me money. but i did get a good settlement out of them in the end. sorry have no experience with amex though

HSBC was my first settlement. They called ME and made an offer. Settled for 50% but my balance was only about $4,000.

Love My Things,
Thanks for taking the time to answer my questions.

Aubrey,
HSBC is my largest cc balance close to 18k. Did they call often and how late were you before they called you with a settlement offer?

Thanks!

CCBK: I was about 45 days. I never called them; they called me and made an offer, spread out over 4 months. Depending on how late you are, you might want to call them and see what they offer.