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Help! Discover won't talke to me


doubletrouble
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Hello all,

I am new to credit card debt so I need all the help I can get. Please please please, thank you!!!

Here's the deal.

I have several credit cards, in the past several months, all have become behind in payment. I am trying to talk to each one for a lowered monthly payment and reduced interest rate. Recently, I started talking to Discover. (My last payment to Discover was September of 2005 with a balance of $16,000.00). A month ago, Discover would be willing to reduce my interest rate to 1.99% and lower my monthly payment to $300. I did not have the money at the time so I didn't take up on that offer. Now, I wanted to take up that offer but another Discover rep won't let me into that offer because they claim that they need proof of income from me. They require me to have a full time job and stuff. I told them that I do work more than 40 hours per week but it's all part-time jobs. They then wanted me to start paying them something, anything, for at least 3 months to show them a pattern of consistent payment before they would be willing to let me into some kind of hardship plan. I don't know if this is just a trick that they are duping me into in order to delay/reset the chargeoff date by making me make a payment on this account so to drage this longer and they can charge me more usury interest. Or is what they say have some truth to it? I am broke but am willing to try to pay them back. But at 27+ percent interest with a balance of over 16k I just don't see that happening if I made a payment of $200-$300 a month for the rest of my life. But now they withdrew the $300/month with a rate of 1.99% which I think would allow me to pay them off in about 5-7 years. Now I don't know what to do. Should I start paying them or should I wait for it to chargeoff? Thank you so much for any help and advice that you can give a person in trouble.

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Discover is one of the creditors that will sue you first and ask questions later. Once you're charged off you can expect to get arbitration papers from Discover. I don't mean to bear bad news but I've seen what Discover will do.

Do what you can to pay it - you're still ahead in the game. If you can get past this without going to chargeoff the better you'll be. Discover also blacklists so once you burn them that's it.

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doubletrouble,

i'll let the experts give you more detailed advice because i've not dealt with this type of situation. but, i wil say be careful what you provide as proof of income (as the information could be used to garnish your wages later). two, it is common when entering this type of agreement for them to want to see a pattern (i.e. a couple of payments) to show good faith. it would be helpful if you could get the "after x payments we will do x" in writing.

good luck!

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Guest sifxpert

Most hardship programs require a minimum delinquency of 120 days. You are almost there. They do litigate very shortly after charge off...180 days. Discover is pretty good about different programs. Ask to speak to a supervisor. Just call and give the ma hard time.

Remember though, these hardship programs are only a short term fix.

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I, personally, have had incredible success dealing with Discover Card. I was setup on a repayment plan I failed to meet due to being laid off for 4 months - I just got a job last week and called them tonight to straighten things out.

And we did. No angry agents, helpful (newbie) agent and supervisor who was observing (listening in) got me back on track.

After 9/11 and layoffs in my industry I've had an incredibly hard time keeping currrent on the minimum payments.

I would get these "greeting" cards from Discover asking if there were any problems they could assist with by adjusting my minimum payments. They've been cool, I wish you the same success with them.

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