singular

Want to settle but being threatened with Charge Off

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I would continue to do everything in writing - the written paper trail can be a huge factor in the future; good thing you are recording the phone calls as well.

If you do settle, I would get it in writing and for PFD. If you cannot get the PFD, I would continue working on this account via written communication.

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I just wanted to post that I settled my discover last week

a 17k balance .... about 6 months late .... not yet charged off...

It went to a 3rd party CA .... on behalf of Discover

It was only at CA for about 3 weeks......

I was about to DV them and send Arb election letter

But I finally neg. a settlement with them !

25 % settlement !

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willingtocope

I did get a settlement letter from CA

It was faxed to me

It says they will accept the 25 % instead of the full balance as a settlement of the account.

Should I be concerned ?

It is not on Discover letterhead

What could they do ?

thanks

actually.... they have not got the money yet... It is set to go down late this week. Should I stop it ?

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Stopping payment may be a good idea. You'll have to decide for yourself. The CA will scream and threaten to take you to court for "writing bad checks"...but, actually, its against the FDCPA to "postdate" payments...

808.(2) The acceptance by a debt collector from any person of a check or other payment instrument postdated by more than five days unless such person is notified in writing of the debt collector's intent to deposit such check or instrument not more than ten nor less than three business days prior to such deposit.

Legally, the CA cannot agree to anything that binds the OC to the agreement. We've had lots of posts here, where the CA reached a "settlement" and the OC just applied it to the balance and then continued to collect the rest.

You may want to call Discover and see what they know about the settlement. You'll have talk to a manager....

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Presently, I have 2 discover-hired-lawyers that are trying to talk to me. They have started negotiating some.. dropping 10%. But it is still more than i can afford. They are also willing to let me pay over 3 months. One of the lawyers i talked to was a jerk. "Call me by tomorrow or you'll have to pay the full amount". I taped his phone-call fortunately.

I still don't understand arbitration. I know I have sent Discover arb letters for my 3 accounts. And I have sent letters to the lawyers mentioning I had elected arbitration... but nobody seems to care. They still want the money. Do I have any options?

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