Discover Card in debt settlement

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I have debt with discover for $16,000, they sent to the lawyers, the lawyers wanted all my personal information. I got myself a lawyer and they dont to settle for anything, they want us to pay an absurd amount per month and pay the debt in full... Anybody out there has any ideas to help us out

I too am having trouble with Discover. Lost my job of 22 years 2 years ago, the child support my husband was paying was extended because the child didn't graduate on time...Anyhow, our very excellent credit rating is destroyed. We owe about $80,000 total. We went through a debt settlement company and they called me yesterday to tell me that they had just spoken to a lawyer for Discover and had been told a judgement against us was pending. As we never received a summons or any type of letter advising of a court date, I am very confused. I called the attorney and he called me back Friday evening. He SEEMS very nice, but he's giving me until Monday morning to write a hardship letter, give copies of two months worth of bank settlements, and make a significant offer. He told me that Discover is very aggressive and won't settle for much less than we owe - $15,000. If we had the money we would have paid. We have $6,500 in escrow through the debt consolidation company, and will make an offer of about 10K. I'm concerned that if we don't do this, we will have wage garnishment which we cannot afford. So, if they do take the offer, and the settlement company gives them the $6,500 and we come up with the difference, I am thinking that the settlement company will say they saved us $8,500 and take their 35% of this. Looks like, one way or another, this one company is going to cost us most of what we owe them. Once this is over, we will never use another credit card.

The bottom line is after trying to settle w/ 4 CC , your last option is chapter 7. The option is clean cut and you don't owe the CC anymore. I have tried settling for months w/ Bofa, Chase, Discover and Amex. Bofa is the best, settled for 22%, The other 3 I've gotten no settlement agreements and just threats every few days. Either way my credit is shot, so I might as well make it a clean slate and hit bottom w/ my credit. Start fresh and start rebuilding, no more harrassing calls and trying to pay the minimum, which I can use to feed the family and pay essential bills.

Hello,...

I also settle all my other cards but Discover account, I am 3rd month late.. and still talk to them.. i think they once said $6000 to settle ( I owe $13K) but I don't have $6000.
still talking to them.. they are pretty nice to me so far.. pls advise if anyone settle with Discover and how much on a dollar ?

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This is really worrying me. I want to settle with Discover. Sounds like they're pretty scary. I wonder how often they sue?

They sue quite often....they can be quite agressive.

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Go to cardmemberassistance.com and login with your account number and social. see what offers they have. should also be a phone number on the site.

We have a settlement offer of 70% right now.

They called and offered me 70%. I thought they wouldn't settle so I 've trying to keep them paid up. They are currently current, but they still called with that offer? I'm a bit confused with them.

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Has anyone been able to settle with Discover Card without being sent to collections first? If so, how? I am on a payment program with 2 of my accounts and am considering taking money out of my 401K to pay off some debts. I would like to settle for less than what I owe. Is this possible?

60% is all I got, close to charge off. Did it through the supervisor or call it manager. And they only accepted one sum lump. Ask always for the settlement letter to be sent to you first, and do it quickly. Hope that helps. Remember the longer you leave the account it keeps on adding charges in interest. There site only offers 70%.

Hey Jen70,
I just "settled" for 60%. I requested to get the offer in writing, which I did. They wanted me to make a phone payment to payoff and close the account, which I did ... and guess what ... they fucked me. The assholes applied that as a payment instead of a settlement. Now I have to try to fight it, which I'm doubtful will work out for me.

I just hung up the phone with an account rep from Discover. Quick background - I'm almost 180 days behind on a $13k balance and I received the final 'we're going to charge it off and send your account to a lawyer/CA' scare letter last week.

After negotiating with the guy, I was only able to get them to agree to a 73% settlement offer (with $2400 paid to them over the next 3 months) but I was able to get them to agree to giving me .99% interest for the remainder of the balanace, no additional late fees/penalties, and payable over 5 years!

I'm not too happy with the settlement percentage but I'm really happy that I get 5 years to pay the rest of the settlement back at almost no interest.

I settled Discover at 50% at the end of the year. We paid lump sum after we got the agreement in writing.

This Discover team is aggressive. For the last two months they have been robo calling my cell, office numbers. I just issued a block and waited until they called from a different number to repete the process. Working with the hardball team on my $4900 bill. Today Discover will accept between 30-50% of the balance as settlement. Or the will offer a monthly payment plan at 0.99% for five years.

Please tell me how you settled this because they are not willing to budge even the slightest!

How far behind are you with Discover? Have you logged into your account online recently and been redirected to their assistance site? Once we were late this happened and on that page there was a button that said something like see your options. I kept checking it and checking it and rejected their offer to pay the entire balance. Finally one day I logged on and they offered a settlement at 80%. We then called the # given on that page for assistance. If we called the regular Discover # they kept saying we don't offer any settlements even though they had offered us a settlement online. We asked for the virtual team and although that's not who we eventually settled with it helped get us into negotiations. We finally worked with one woman who was helpful and kept calling her each week and offered her 40%. We finally settled at 50% in the last few days of the year.

Hope that helps you. We had been discover customers a long time. Our balance was close to $15k

now go figure this one... both my husbands discover account and mine are at zwicker, and we have been on a hardship payment plan thru them for about 9-10 months now.. i just tried logging into his account at discover to see if it did the redirect & it did not ! it shows the correct balance and says minimum payment due in march is $40, we pay more than that via zwicker ! closed out, then logged into mine, and it says my account is past due, and it gives me the option of going to the card assistance or continue to account. when i click assistance, it still takes me to the account home section...

Logged into my Discover account today and there was an offer to settle $7k for $5k (70%). Will wait until the offer comes down a bit.

has anyone ever heard of discover freeezing a bank accounts if the acct has been turned of to collection

When you say that you just settled and got it in writing, and they still f-ed you, did you get the exact settlement amount that was agreed to in your conversation, or did they just send you a vague settlement letter, with no details?

I thought if you "setlle" for a percentage you are issues a 1099 at the end of the year and owe tzxes on that "free" money that you did not have to pay. Is this not ture anymore? Most every settlement letter I've recieved has stated this.

So what happens when they sue you while you are saving funds for settlement and you do not have an attorney negotiating for you?

I have settled with Discover today and have now successfully settled eight of ten cards (aacounts) on my own. All I have left is Capital One and Fifth Third. Discover and Capital One are by far the most difficult to deal with and I too was told for months that Discover does not settle. This is a blatant lie and deceptive. My account was scheduled to be charged off at the end of June. I kept firm with my offer of $6500 on close to a $17,000 balance. Most of this was from a balance transfer. They were standing firm to their offer of $10,000 for the last two months. They once again tried to put me on a payment plan but I let them know that I was on several hardship programs which I could not maintain and that I had more debt coming due soon. The supervisor went for approval once again, and the countered with $6,700. It is 40 cents on the dollar and I took it. I had to set up a one time payment for later in the week and I will receive the offer letter via fax. Every letter is basically the same and if for any reason I do not receive it, I will put a stop payment on the check. For the record, I was able to settle BOA at 25 cents, Chase at 30, Wells Fargo and AMEX at 40 all own my own. An attorney would have charged $1,000 an account. It can be done, just takes times and patience. Answer their calls, be professional, and consistent in explaining your situation. And yes...you receive a 1099 but if you are insolvent (broke) a CPA can attest to such and you owe no taxes (I have $140k in student loan debt). Hope this helps.

I have a debt with Discover and the last payment I made was in Dec, thats almost 5 months ago. I just called them to negociate for a settlement and the best they did was offer me a payment plan at .99 interest rate. I also logged online to see their offers and when I click on program offers it tells me that I am not eligible for any payment offer at this moment. What do I do? How much longer do I have to wait?

yes... I am with freedom financial debt relieft and Discover will not settle with them...they have an attorney after me now and garnishing my wages 25% ... I might as well quit my job... what can I do...

Isn't there a law that if they don't persue you (file suit) within 7 years the debt is uncollectable or void? Check the daveramsey.com.:confused:

I received one on my Mom's Discover card in the fall. Then received the first attorney letter a couple of months ago. I called them a few days ago to check on a settlement, but now I have to send them a copy of the Power of Attorney. She's in much the same situation, plus my sister is the one that ran up the bill (with Mom's knowledge, unfortunately). Mom always paid her bills. I've seen some posts on here that say they have settled as low at 30%. That would be great. All I have to work with is a tiny 401k.

Discover (or anyone else, except the government) cannot freeze your bank accounts even if they sue you. IF and when they sue and win they can ask for an order from the judge to garnish your wages or take money from your accounts. They MUST have a court order to do either. If they are threatening you with this if it "goes to collection". Then it is just that a threat. Threats are illegal. Contact the Consumer Protection Agency in your state and file a complaint, plus tell them to stop "Harassing" you. Use that word.:mad:

Yes, they are still supposed to send out 1099's on anything over $600. And if you don't get one, you are supposed to file it with the IRS, anyway.

My husband and I each have a Discover card which we quit paying 2 months ago. He also has a Citi card and I have a card with BOA. I am trying to settle all four accounts with money my Dad has offered to gift us. Thus far Discover is the most aggressive with calls. At first they were very nice, now they have become more stern and ask for my budget. Should I give them my income and expense details? BOA has also asked for this. Citi keeps saying, sorry there is no settlement offer at this time, maybe next month. They are the easiest to deal with.

If you want a settlement, you will need to give them a financial statement.
Both Discover and Citibank can be very difficult to work with and do routinely sue,

Did Discover ask for all that info to consider you for a payment plan or for a settlement?

Discover continues to tell me that they do not settle. They are asking for the info for a payment program, which I cannot do. We lost income and do not have money to pay the credit cards any longer. Thankfully my Dad has offered to help pay a settlement.