logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Discover Card Settlements

Date: Wed, 03/10/2010 - 13:31

Submitted by bmungo7
on Wed, 03/10/2010 - 13:31

Posts: 37 Credits: [Donate]

Total Replies: 9


Has anyone had any success receiving offers or settling with Discover Card???

I read one post where a guy called up Discover Card around the 4 – 5 month pass due point, asked for their settlement department and got a 65% settlement offer from them. Another month went by and they wouldn’t budge on the 65%. I’ve also read a couple other posts where 65% settlements were offered.

I’ve been talking to collections and the hardship department. They continue to state they don’t settle. I wonder if they’re just told to say that? I’d take 65% from them right now.

Does anyone have any info. on settling with Discover?


Initially they might stick to the statement that they don't settle but may eventually give in.

I presume you are still current on your account. Most creditor won't talk settlement till you are current. See, if you can hold them off for some more time. You may eventually get a better offer.


lrhall41

Submitted by SC on Wed, 03/10/2010 - 22:14

( Posts: 3937 | Credits: )


Quote:

Originally Posted by whatayear
@Ball_Mich - so Discover wouldn't settle with you until 3 months after charge-off? They are driving me crazy with calls - I am at 150 days.


Well, they WOULD have settled with me, but not for an amount that I could afford. If I recall correctly, I think they were pretty stuck at 60%. And I couldn't work them down until three months after charge-off.

I was pretty surprised by that, because in reading the forum, you see all kinds of people settling PRIOR to charge-off and getting better results than 60%. But having gone through this now, I'd say all my creditors except for BofA let me charge-off first, and then made me wait it out for months after charge-off before they'd settle at 20-40%.

For example, my last debt to settle is Citi. They charged me off in August 2009. It wasn't until this week that they offered to settle for less than 50%.


lrhall41

Submitted by ball_mich on Fri, 03/26/2010 - 10:08

( Posts: 360 | Credits: )


@Chris Samuels 3/10/10 post.

Interesting that the first post in the link that you provided had a Guest poster with a $5k debt, which was turned in a $7 debt with fees and interest. Settle with Discover for $3200 for a pre-interest/fee savings of $1800. BUT WILL RECEIVE A 1099 FOR THE AMOUNT FORGIVEN OF $3800!!!! Assuming poster is in the 25% tax bracket, the poster will owe $950 in tazes. So net savings is actually only around $800.


lrhall41

Submitted by on Wed, 03/31/2010 - 19:14

( Posts: | Credits: )


my situation, i owed just over 5,000 debt went to a little over 6, they were the worst when it came to harrassing calls an such. took a year to settle but i believe it was some were between a 1,000 an 1500.00 settlement. i got a 1099 at the end of the year had i known better when i filed i would have filed form 983 with my taxes which would have made me insolvent an not had to pay the irs the 600.00 that i paid. so ifyou recieve any 1099 have your accountant or tax preparer fill this form out an most likely you wont have to pay the irs.


lrhall41

Submitted by love_my_things on Thu, 04/01/2010 - 06:49

( Posts: 1434 | Credits: )