Nana2709 Posted November 19, 2019 Report Share Posted November 19, 2019 Original debt $5900.00 They paid Commencement fee of $1500.00 on top of that. Settlement amount of $1800.00 in 5 payments of 360.00 I am about to sign.. any thoughts guys? Link to comment Share on other sites More sharing options...
Goody_Ouchless Posted November 19, 2019 Report Share Posted November 19, 2019 Wow - that could be best deal we've ever seen from Discover. 1 Link to comment Share on other sites More sharing options...
BackFromTheDebt Posted November 20, 2019 Report Share Posted November 20, 2019 Excellent deal. Take it. BEFORE you sign, read it carefully and make sure this settles all claims. They normally put that language in there, but just make sure. They might have a stipulation that you never apply for nor use a Discover Card ever again. That is normal. 1 Link to comment Share on other sites More sharing options...
BV80 Posted November 20, 2019 Report Share Posted November 20, 2019 I would agree to that settlement. Once it’s paid, it’s over and done with, and you can concentrate on other issues. Good luck! Link to comment Share on other sites More sharing options...
Nana2709 Posted November 20, 2019 Author Report Share Posted November 20, 2019 On 11/19/2019 at 3:03 PM, Goody_Ouchless said: Wow - that could be best deal we've ever seen from Discover. I am shocked. They were very nice to Deal done. Thanks guys Link to comment Share on other sites More sharing options...
Nana2709 Posted November 20, 2019 Author Report Share Posted November 20, 2019 55 minutes ago, BackFromTheDebt said: Excellent deal. Take it. BEFORE you sign, read it carefully and make sure this settles all claims. They normally put that language in there, but just make sure. They might have a stipulation that you never apply for nor use a Discover Card ever again. That is normal. You're a very nice and humble person. I appreciate you tons 1 Link to comment Share on other sites More sharing options...
Nana2709 Posted November 20, 2019 Author Report Share Posted November 20, 2019 50 minutes ago, BV80 said: I would agree to that settlement. Once it’s paid, it’s over and done with, and you can concentrate on other issues. Good luck! Agreed thank you Link to comment Share on other sites More sharing options...
fisthardcheese Posted November 20, 2019 Report Share Posted November 20, 2019 Anyone looking to use arbitration with Discover, this is the kind of deal you should be looking to get once you start arbitration. Link to comment Share on other sites More sharing options...
WhoCares1000 Posted November 20, 2019 Report Share Posted November 20, 2019 I am shocked that they offered you this type of deal but if the papers say this settles all claims, take the deal and run. In fact, I would find a way to come up with the $1800 ASAP rather than do the 5 payments so that I would be sure that this was done and over with. Link to comment Share on other sites More sharing options...
fisthardcheese Posted November 20, 2019 Report Share Posted November 20, 2019 7 minutes ago, WhoCares1000 said: I am shocked that they offered you this type of deal but if the papers say this settles all claims, take the deal and run. In fact, I would find a way to come up with the $1800 ASAP rather than do the 5 payments so that I would be sure that this was done and over with. I guess I am the only one thinking 30% should be the goal in arbitration with an OC and not so shocked about it. 1 Link to comment Share on other sites More sharing options...
BackFromTheDebt Posted November 20, 2019 Report Share Posted November 20, 2019 2 hours ago, fisthardcheese said: I guess I am the only one thinking 30% should be the goal in arbitration with an OC and not so shocked about it. There were some extenuating circumstances, Extenuating circumstances play a huge role. Every OC is different, and there can be huge differences from case to case. Back about a decade or so ago, I was able to get a 25% settlement just before charge-off with FNBO. That was normal in those days. Sometimes the state laws can make a difference as well. Back in those days, BOA (now BAML) kept very bad records, and settlements of 10-15% were quite common. My state had very strict records requirements, so I was able to use that to keep BOA from ever suing, and also to beat Cap 1. Still, this is one of the best settlements we have seen from Discover. Other good settlements have generally been between the time Discover was billed for the hearing, and when they paid the bill. I don't recall seeing this good a settlement this early. 1 Link to comment Share on other sites More sharing options...
pulpfiction0 Posted November 21, 2019 Report Share Posted November 21, 2019 On 11/20/2019 at 6:43 AM, fisthardcheese said: I guess I am the only one thinking 30% should be the goal in arbitration with an OC and not so shocked about it. YUP. Contrary to what several regulars on here spew (especially one with a particularly maternal name), 30% or so settlements with the likes of Amex and Discover are most definitely possible. I pulled off a 50% settlement paid over the span of 2+ years, but could have had 30% if I were able to pay it off over 3 months. 1 Link to comment Share on other sites More sharing options...
pulpfiction0 Posted November 21, 2019 Report Share Posted November 21, 2019 On 11/19/2019 at 5:47 PM, Nana2709 said: Original debt $5900.00 They paid Commencement fee of $1500.00 on top of that. Settlement amount of $1800.00 in 5 payments of 360.00 I am about to sign.. any thoughts guys? Yours is a rather unusual case. You mentioned in your other thread they filed in JAMS in lieu of state court. My experience is they force you to file a MTC , and then insist that you commence the arb. I wonder if this law firm (Zwicker?) was recently sued under the FDCPA for filing in state court after election of arb in a DV. 1 Link to comment Share on other sites More sharing options...
BV80 Posted November 22, 2019 Report Share Posted November 22, 2019 1 hour ago, pulpfiction0 said: I wonder if this law firm (Zwicker?) was recently sued under the FDCPA for filing in state court after election of arb in a DV. Probably not, because it would not be considered a violation of the FDCPA. Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 2 hours ago, pulpfiction0 said: YUP. Contrary to what several regulars on here spew (especially one with a particularly maternal name), 30% or so settlements with the likes of Amex and Discover are most definitely possible. I pulled off a 50% settlement paid over the span of 2+ years, but could have had 30% if I were able to pay it off over 3 months. I was pretty digusted with some feedback I got from site while going through this process. One person telling me to Walk away and bury my head and the other trying to scare me into debtor exam and making me feeing panicked. It was disburting to get that type of suggestions or feedback. Scary that one is a staff. The other just seemed like a bully. Regardless I played my chess move and played it well. I'm doing monthly payments as I don't want a 1099 in 2019 Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 2 hours ago, pulpfiction0 said: Yours is a rather unusual case. You mentioned in your other thread they filed in JAMS in lieu of state court. My experience is they force you to file a MTC , and then insist that you commence the arb. I wonder if this law firm (Zwicker?) was recently sued under the FDCPA for filing in state court after election of arb in a DV. Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 I requested arbination via cfpb online request. Maybe that's why they did it. Link to comment Share on other sites More sharing options...
BV80 Posted November 22, 2019 Report Share Posted November 22, 2019 10 minutes ago, Nana2709 said: I requested arbination via cfpb online request. Maybe that's why they did it. To be honest, that wouldn’t make a difference. One reason is because it’s not the proper way to elect arbitration. Link to comment Share on other sites More sharing options...
Harry Seaward Posted November 22, 2019 Report Share Posted November 22, 2019 21 minutes ago, Nana2709 said: One person telling me to Walk away That would be me, but settling was never mentioned in any of your numerous threads that I participated in. My responses to your posts were formulated accordingly. Congrats on your settlement. Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 2 hours ago, BV80 said: To be honest, that wouldn’t make a difference. One reason is because it’s not the proper way to elect arbitration. Interesting. What do you mean can you clarify. I requested they arbiate and they moved forward. What's the proper way I mean Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 1 hour ago, Harry Seaward said: That would be me, but settling was never mentioned in any of your numerous threads that I participated in. My responses to your posts were formulated accordingly. Congrats on your settlement. Thank you. From the moment I've posted you have not be very kind to me. Very aggressive and tried to put me down in every turn. Turned everything I said and twisted it. However it's cool I have no hard feelings and willing to assist anyone if possible Link to comment Share on other sites More sharing options...
BV80 Posted November 22, 2019 Report Share Posted November 22, 2019 9 hours ago, Nana2709 said: Interesting. What do you mean can you clarify. I requested they arbiate and they moved forward. What's the proper way I mean They probably agreed to arbitrate because they don’t have a problem with arbitration. But if they had wanted to object, they could have raised the fact that you didn’t follow the procedure for election as it’s outlined in the cardmember agreement. That’s where it tells you how to elect and proceed with the process. Link to comment Share on other sites More sharing options...
Nana2709 Posted November 22, 2019 Author Report Share Posted November 22, 2019 41 minutes ago, BV80 said: They probably agreed to arbitrate because they don’t have a problem with arbitration. But if they had wanted to object, they could have raised the fact that you didn’t follow the procedure for election as it’s outlined in the cardmember agreement. That’s where it tells you how to elect and proceed with the process. Mine just said all I needed to do was notify company in writing which I did through the cfbp then registered certifed letter. Link to comment Share on other sites More sharing options...
BV80 Posted November 22, 2019 Report Share Posted November 22, 2019 19 minutes ago, Nana2709 said: Mine just said all I needed to do was notify company in writing which I did through the cfbp then registered certifed letter. A registered letter to Discover? Link to comment Share on other sites More sharing options...
Harry Seaward Posted November 22, 2019 Report Share Posted November 22, 2019 10 hours ago, Nana2709 said: From the moment I've posted you have not be very kind to me. This board isn't about giving out warm fuzzies. It was crystal clear from the onset that your only interest was to cause Discover as much grief as possible despite the fact they did nothing wrong. I find it ironic that you said you felt bullied on this board, but this whole thing started with you trying to bully Discover. 1 Link to comment Share on other sites More sharing options...
Recommended Posts