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  1. #1
    Join Date
    Sep 2008
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    6

    Default Settling Credit Card Debt

    My question involves collection proceedings in the State of: VA
    I have approximately 35K in cc debt. I have managed to settle with BOA for 1/2 of what I actually owe. I am now working on settling my Discover account which I owe around $4K. Has anyone ever worked with settling with them? They are tending to be very hard nosed and indicating they will not settle. Any help or suggestions would be much appreciated.
    Thanks

  2. #2

    Default Re: Settling Credit Card Debt

    I owed Discover easily 4 times that amount when I ended up in the hospital for a lengthy stay without insurance (stupid me...lesson learned there). Discover worked a deal with me where they suspended the account (didn't close it, I just couldn't use it) and applied no interest for 12 months as long as I made the agreed upon minimum payment. At the end of the 12 months, they reinstated the account in good standing, it always showed on my credit report as "paid as agreed" with no indication of suspended status, and I even got a lower interest rate when the account came back - only with about half of my original credit limit. After only two years, the account was paid off and I was back to my original credit limit. So long as you indicate that you are willing and able to continue to make payments, they will probably try to work with you - but Discover is NOT known for simply "settling" accounts for less than the amount owed.

  3. #3
    Join Date
    Sep 2008
    Posts
    6

    Default Re: Settling Credit Card Debt

    Thanks, Aardvarc for the response. They have worked with me on a hardship plan, lowering my payment and interest rate. I just want to be done with it. I've learned my lesson with using plastic. I didn't know I was going to suffer a loss of income and not be able to make timely payments. Never again......

  4. #4

    Default Re: Settling Credit Card Debt

    Chase (JP Morgan) is another one that has gotten favorable nods from folks way behind in payments. From what I hear, the customer service folks have a lot of leeway in setting up plans (for up to 5 years), so if you get a rep that is playing hardball with you, just hang up and call back and get someone else who might make you a better offer with either better interest, or longer time on a payment plan, or both. Some of them can be down right nasty, so don't bother yelling/screaming at them, just hang up and try again.

  5. #5

    Default Re: Settling Credit Card Debt

    Quote Quoting rstevens
    View Post
    Is any of it from citibank? If you have an account from them which is at least two years old and has at least $1750 on it, that is illegitimate and unenforceable debt: they were found in federal court to have violated disclosure laws in setting up those accounts. They cannot take any legal action if you don't pay it.
    I owe Citibank $8k which I am paying back through a debt management company. Are you saying that I do not have to pay the entire amount back? I do not want to be a dead beat but if there are disclosure law violations that I can use to my advantage I certainly will.

  6. #6
    Join Date
    Sep 2008
    Posts
    2

    Default Re: Settling Credit Card Debt

    Quote Quoting julieanne
    View Post
    my question involves collection proceedings in the state of: Va
    i have approximately 35k in cc debt. I have managed to settle with boa for 1/2 of what i actually owe. I am now working on settling my discover account which i owe around $4k. Has anyone ever worked with settling with them? They are tending to be very hard nosed and indicating they will not settle. Any help or suggestions would be much appreciated.
    Thanks
    i owe discover around 8k just got a call from a coolections agency they wanted to settle for 1575.00 i wish i had the money to pay.

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