Anyone have experience with Discover loan (not CC) departmen
Date: Fri, 02/05/2010 - 08:40
I wonder if anyone has any experience with Discover personal loans in terms of negotiating interest rates or trying to get a settlement? Do you think it would be similar to any credit card?
Well, you can see yourself that you have been paying the credito
Well, you can see yourself that you have been paying the creditor religiously for two years and you were only able to reduce $3,000 out of $20,000. So,if the same scenario continues it will take more than 8-9 years to pay off your debts and by that time you will end up paying more then what you owe them.If you think that you will not be able to pay the minimums and will be missing the payments then its the Right time to take the things in your hand before it goes out of your reach.
Yes, Discover is a bit tough to negotiate with but then they follow the same way of collecting the debt as the credit card companies do.
Is, there any co-lateral or any lien attached to your personal loan ?
You have to show hardship before they will help you out with the
You have to show hardship before they will help you out with the interest. I had personnal loan with them for 15,000, been paying also for 2years, at 328.00 a month. Ater 72 months it would have been paid off. The thing that kills me is on that 15,000 loan after its paid off they would have made 8,600 in interest!! Thats just wrong; Iam sorry. I stopped paying and entered into a debt settlement firm to help. Its working so far. Discover offered to settle for 9,500. I dont have the funds as of yet , but iam happy with that first offer.