discover settlement

30 percent is excellent for discover -- you should be very proud of yourself!

I read that you should not make first offers. 3 months seems early.

Disc really tried to push their 60/60 program with me until about 2 weeks before Charge Off, then I was the first to ask if they settled. We countered a couple of times and then they wouldn't go any lower and I took their offer which was actually 31 per cent of original balance.

Congrats!

Did Chase at 115 days for 35% of a $6400 bal. It was my first, may have gotten better if I waited but the pressure is gonna kill me.

I struck a deal with Amex, will post as soon as its a done deal, not with NCO though.

We settled Discover for 50% at the end of the year and I was thrilled. Congrats to you!!! Keep going. The feeling at the end is amazing!

We had Chase too and they were one of the easiest to settle with. I believe our final number was 22%. Keep talking to them and we had to ask them a few times to submit a settlement offer. Also we had a problem with their settlement letters twice so read them thoroughly and don't be afraid to call them back and tell them if it doesn't say what you agreed to.

The light us at the end of the tunnel. Keep heading in that direction.

thank you so much !!

I will definetly check out everything -- I appreciate all your help --

I just got another settlement letter offer in the mail from chase for 70 percent -- It said its not a lotto ticket rip here --

guess they were being funny --

anyway -- I really appreciate your posts -- will keep you up to date --

I settled a discover around 50% as well.

They dragged it into court, and after almost a year we struck a deal. Making payments over 6 months.

The nice thing was prior to the court suit we clobbered the law firm with an fdcpa suit, so with what they paid out factered in, it was really a 25% settlement...

I settled Discover at 50% too. Just wish I could get somewhere with our last Capital One!

Hello: all those lucky discover settlement holder, can you please tell me how many payment missing were you before settlement? I am 3 payment behind and they are telling me that discover do not settle. How do I deal with them?

Raiman

[COLOR=black]We were 3 or 4 payments behind when we settled. I got a settlement number off this site somewhere and called it. We only got 70% offered on Discover.com. Check on the website and if nothing try calling 623-643-2544. Good luck.[/COLOR]

I'm wondering how long Discover will keep talking to me before they write off? and then sue? Does Discover ever go to a reasonable collection agency?
My last payment was 4/8. I talk to them every two weeks, but so far have only been able to get 27% reduction. I am really, really tight and can only make it work at 50%! Of course, lower would be better, but 50% sounds like the best I can hope for. I'm all about waiting, but would prefer not to get sued.

discover charges off around 210 days -- so wait -- that is when it came close to 50 percent --
try this number 888 - 204 - 8968 --

good luck with everything --

thank you :)
let me know if you need any other help!! :)

Thanks for the advice, Chrissy!

The other thing I'm pretty stressed about right now is that Citi/THD forwarded my account to Zakheim. I've only spoken to them once, but they told me no way anything lower than 70%. What I'm reading here is that Zakheim will sue me. MarieMagge thought she had a contact that could help, but I guess that hasn't panned out. I really don't know what to do with Zakheim - if I had 70% I wouldn't be in this boat. Should I request verification in order to stall?

If you play your cards right Amex with NCO should settle for about 50% as well, Chase if still with original creditor should be settled around 30%-35%, Old Navy not quite sure about...Good luck!

what's the strategy on getting something lower than 40% with Discover? Mine is over due for more than a year now but they still wouldn't budge.

Jack,

I have to lift my jaw up off the floor. I can't believe your account is more than a year delinquent, and they are not budging. Who has been assigned to the account for collections? Are you negotiating with a law firm, collection agency or Discover?

Hi everybody!!

thanks for your posts about amex and old navy too :)==

I was told that if discover goes to court the lowest they go at court is 30 to 35 percent -- add in the court fees and might still end up at 40 -50 --


hope it helps somewhat -- that info was from july 2011

Can someone please clarify? I thought if your went to court and they get a judgement it would be for the entire amount plus legal fees, and they can garnish 25% of wages. Do judges reduce the balance? If so, on what basis?

yogagirl,

I think Chrissy means settlement while being sued, I hear you can settle at any time along the way, even after judgement.

yes, that's exactly what I meant -- usually even in court they will try to settle with you -- yes the legal fees and the full amount are there --- but they will try to finish it off there so they don't have to obtain a garnishment --

after a judgement is issued they can get a garnishment -- in new york, for my state it is 10 percent of wages -- all states are different --

and even after a judgement you can still settle -- just depends on the creditor -- they all have diff rules which is why its best to search the forum under their names --
:D

test

Hi Chrissy,

You're exactly right. A letter from any in-state attorney for debt collection should be treated very seriously. Great job on your progress.

Yes, that's true. Talking it out with the lender should always be the first thing to do.

I have another discover coming up one thing to remember -- if your card goes to an attorney's office in state -- they are probably getting ready to sue you -- so far 50 percent the best I've heard with discover before charge off

I was able to settle my account with Discover for 36 per cent of original balance just before charge off. Glad to get this done, now on to the others (and the taxes).

I read that you can send an offer to them. I sent a 20% offer at 90 days. Said the normal stuff. Did anyone do that? Is it better to wait for them to make an offer?