fatherof3 Posted April 21, 2008 Report Share Posted April 21, 2008 Has anyone had any luck with settling with Discover?What amount? 30% 40% etc... Link to comment Share on other sites More sharing options...
m2aclark Posted April 22, 2008 Report Share Posted April 22, 2008 Discover is high most of the time, 60-70%.If you have a good hardship and put it in writing to them, and it is prior to charge off, they will occasionally dump out a 30% offer right at charge off. Watch your mail closely, they don't call and the window of opportunity is very small. Link to comment Share on other sites More sharing options...
nervousinohio Posted April 23, 2008 Report Share Posted April 23, 2008 I am about to settle with them for 50%. I couldnt get lower than this. Link to comment Share on other sites More sharing options...
fatherof3 Posted April 23, 2008 Author Report Share Posted April 23, 2008 Thanks. Wonder why they don't work with a little bit more with account holders? Link to comment Share on other sites More sharing options...
lostindebtinVT Posted May 4, 2008 Report Share Posted May 4, 2008 Do you think sending a letter to David Nelms, CEO of Discover Financial is a good move? Link to comment Share on other sites More sharing options...
smurfette in nyc Posted May 5, 2008 Report Share Posted May 5, 2008 Do you think sending a letter to David Nelms, CEO of Discover Financial is a good move?It can't to hurt to try, but chances are you wont get a response from him, sorry. Link to comment Share on other sites More sharing options...
bobe Posted May 5, 2008 Report Share Posted May 5, 2008 Lostindebt,I don't know what you would do but I sure would not send a letter if I was you. That is the top cat. No way! Are you thinking about sending a letter to the CEO? Link to comment Share on other sites More sharing options...
lostindebtinVT Posted May 5, 2008 Report Share Posted May 5, 2008 It may be my last option; no one is listening and they have even lied to me and there have been several collection violations. Link to comment Share on other sites More sharing options...
smurfette in nyc Posted May 6, 2008 Report Share Posted May 6, 2008 It may be my last option; no one is listening and they have even lied to me and there have been several collection violations.When you say that "there have been collection violations" are you referring to FDCPA violations? Those are committed by CA's and JDB's, not the OC. Anyway, why not call a NACA attorney to discuss the possible violations? If you're correct, and have a case, they may take it on contigency. You may end up winning some money, and/or getting good leverage for your next step. Link to comment Share on other sites More sharing options...
cindyda1 Posted May 21, 2008 Report Share Posted May 21, 2008 I just got off the phone with discover...I have a balance of $6,663.11 with them....5 months behind..going into 6...they offered me several different options...the lump sum option being $3,664.71 which is 55%. This was after the lady hounded me about why i allowed myself to get to this point and why didn't i get a second job and all those...why this, that questions...there were several other options thrown out to me as well...a 12 month plan at $120 month..with interest rate dropping 25% of what it currently is.....then a 6 month plan with low pmt. cuts interest rate in half..a 3 month plan...etc..etc...if i do any of the plans except the settlement..it supposedly will restore my credit rating after a few months...according to the rep i spoke with..i am still contemplating which option I can handle...this is sams club discover..don't know if there is a difference.... Link to comment Share on other sites More sharing options...
lostindebtinVT Posted May 23, 2008 Report Share Posted May 23, 2008 I would take the lump sum settlement - at least the pain is over. You already have late payment history but to settle it will hurt a little but it does recover over time and you get a fresh start with no BK on your record. I know many people who have settled debt and within a year their scores are back to 660-680 which is a start and there is no BK on your record to explain. I don't plan on buying anything until 18 months and then hope to by a used car for cash - so I'm trying to clean it up the best I can. Link to comment Share on other sites More sharing options...
cindyda1 Posted May 23, 2008 Report Share Posted May 23, 2008 Update on my experience with discover..Re-contacted Discover today...after speaking with 3 people..I managed to get them down from their previous settlement offer of $3664.71 to $3,200 even...broken up into 2 pmts. of $1,600 each. I think that is the best I am gonna do...that's right at 50%...also, they won't do better than a "Settled paid for less" on the credit reporting. Don't like it, but guess I will take it, I think it's better than charge off or chpt. 7. Link to comment Share on other sites More sharing options...
shrinkingvioletssad Posted May 24, 2008 Report Share Posted May 24, 2008 I wonder what the full implications of this amount they settled with you AFTER you take into consideration the 1099c you will get. I am curious, as I have Discover cards too. I am glad that you worked out such a nice deal. Link to comment Share on other sites More sharing options...
lostindebtinVT Posted May 24, 2008 Report Share Posted May 24, 2008 I have a thread on the subject; it all depends on your financial position; your debts versus your income. I've done a lot of research and also talked to the IRS several times. I am insolvent, but only for the first $41,000 - after that I must pay tax at about 30% of my savings. When it is time to file taxes, I will also use an accountant to lessen my chance of an IRS audit. When you figure your financial position, you have to use the date on the 1099C - my fear is that they will date them at the end of the year and my financial position will have improved and I won't be able to claim insolvency. I called one of my creditors and they assured me they would date my 1099C for the date they took my final payment.So what if I have to pay taxes on the 1099C - I still will be out of credit card debt and still will have saved a large amount of money by settling my debt. Also and most importantly, I avoided a bankruptcy which would have stayed on my credit for 10 years and would have cost me my career. Link to comment Share on other sites More sharing options...
shrinkingvioletssad Posted May 25, 2008 Report Share Posted May 25, 2008 Yes! I am with you on this one. Yes you will finally be out of credit card debt. So what if you have to pay some taxes. My goodness, it should be way less money to do it that way. I am not far behind you on my quicksand strewn pathway. I hope you keep us posted as to what happens. Good for you! Link to comment Share on other sites More sharing options...
Recommended Posts