Sign in to follow this  
skybluemoon

Do I negotiate w/OC or do I start w/CRA and then go to OC

Recommended Posts

I have a Discover card that is charged off, May 2008 was last activity. I have pulled CRs and am trying to start cleaning. Do I start with the CRA and verify or should I go directly to Discover and negotiate a settlement and set terms of settlement?

Share this post


Link to post
Share on other sites
I have a Discover card that is charged off, May 2008 was last activity. I have pulled CRs and am trying to start cleaning. Do I start with the CRA and verify or should I go directly to Discover and negotiate a settlement and set terms of settlement?

Not likely it's past the Statute of Limitations, so it's likley the creditor still owns it and a CA has been hired just to collect from you. I would work on a deal with the Creditor. How much is on your discover? Look at "settling with your creditors" section of this site and find a strategy to settle the debt. Start at 30% and work your way up. Give Discover a real sob story and tell them you want to make it right. Tell them you are thinking of declaring bankrupcy but only say this if you actually have no intention of declaring bankruptcy!!! A different set of rules apply if are potentially considering bankruptcy. After a few back and forth exchanges with the creditors you will have reached and agreement to settle the debt. Maybe 50%. After this, the collector should stop reporting. Make sure you tell the O/C the following conditions are nessicary for you to give them ANY money:

1) If a settlement agreement is made, the collector must stop reporting.

2) The O/C must amend reporting so that you show no deliquencies during your payback and after your payback.

3) At the end of the settlement and both sides have lived up to thier conditions, the t/l will read "No status".

Remember to get everything in writing, especially before settling!

Share this post


Link to post
Share on other sites

I sent a sob story letter last May saying that I didn't refuse to pay just couldn't and the balance at that time was around $3,000. I figure that I'll do a good faith I didn't say I wouldn't pay, whiney sob story letter and see if I can work some sort of settlement out, not really willing do do more than $2,000 since I notified them and cried possible bankruptcy. Just didn't know if I should start at the credit bureau or go directly to Discover....I have several like this but with lesser balances and will work on getting them all resolved. Would you happen to know if Discover is like Capital One in that they don't like to make working with them easy?? I'm new at this and don't want to mess up my chances of making good.

Share this post


Link to post
Share on other sites
I sent a sob story letter last May saying that I didn't refuse to pay just couldn't and the balance at that time was around $3,000. I figure that I'll do a good faith I didn't say I wouldn't pay, whiney sob story letter and see if I can work some sort of settlement out, not really willing do do more than $2,000 since I notified them and cried possible bankruptcy. Just didn't know if I should start at the credit bureau or go directly to Discover....I have several like this but with lesser balances and will work on getting them all resolved. Would you happen to know if Discover is like Capital One in that they don't like to make working with them easy?? I'm new at this and don't want to mess up my chances of making good.

Interesting... You are negotiating with Discover right now. You can continue to do that and mail disputes to the CRA's. Doesn't really support your sob story however. Have you been passed off to a collector yet? I'd focus on a settlement with discover. Do not ever admit any of their information is correct. And if you speak with them over the phone use www.recordmycalls.com to record your conversations or go to the shack and pick up a recorder. (I have a strategy when calling them. Initially talk about settlement and move onto interviewing them about the debt. Ask them about all the information that is being reported by the CRA. Status date, DOLA, credit limit, delinquency, charge off... everything... if the CRA is reporting something the O/C doesn't have info on then file a dispute with the CRA. The CRA must verify. If the CRA cannot then the TL is deleted. Some companies are definitely better than others at storing info. Cap One is one of them. Not sure about Disco but I've heard stories. Not good ones. I would call to make an offer with Disco. Then interview about his debt. Any missing information and attack like a bulldog with disputes relentlessly.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this