DIY Settling with Discover
Date: Wed, 02/11/2009 - 12:47
Submitted by scarecrowwinces
on
Wed, 02/11/2009 - 12:47
Total Replies: 1
I have several accounts that I am trying to settle on my own. One is with Discover and it is technically only 20 days past due. I have talked with Discover several times but was not seeking a settlement just yet since I am still getting funds together to pay off several accounts.
The interesting thing is that after talking to a rep yesterday I logged into the account and there was a link I could click on top of the page which took me to 3 options:
1 - 12 month hardship program with 5.99% interest(account temporarily closed)
2 - 12 month hardship program with 9.99% interest(account stays open)
3 - Settlement offered of 70% of principal balance, payments to be made over 3 months.
If accepted, all 3 options require you to give checking account info and set up payment dates for all required payments.
I haven't seen anyone post this about Discover yet. It seems to be a new feature?
I am surprised that at 20 days past due they would offer me settlement at 70% of principal owed.
Unfortunately, I need to get my settlements closer to 50%.
Has anyone else seen this with Discover?
The interesting thing is that after talking to a rep yesterday I logged into the account and there was a link I could click on top of the page which took me to 3 options:
1 - 12 month hardship program with 5.99% interest(account temporarily closed)
2 - 12 month hardship program with 9.99% interest(account stays open)
3 - Settlement offered of 70% of principal balance, payments to be made over 3 months.
If accepted, all 3 options require you to give checking account info and set up payment dates for all required payments.
I haven't seen anyone post this about Discover yet. It seems to be a new feature?
I am surprised that at 20 days past due they would offer me settlement at 70% of principal owed.
Unfortunately, I need to get my settlements closer to 50%.
Has anyone else seen this with Discover?
I have the same on my discover account. I owe them $11,500 and t
I have the same on my discover account. I owe them $11,500 and they offered the same terms but the 3 monthly payment would be $2,946. No can do.
Anyway, I think I'm gonna check my other accounts and see if they have anything like that on the web site. btw I'm approaching 60 day late status.
