Discover Credit Card Settlement: Possible?
Posted on October 26, 2009 at 8:01 pm
I am in the process of arranging payment plans with my creditors and I want to know if Discover credit card settlement is possible.... I owe a $23,000 debt on that card and I want to know if I can pay off a portion of that instead, I mean I want to get this over with and also have funds available for the debts that I wanna pay off. Is this possible?
Posted on October 26, 2009 at 9:11 pm
I have been looking at a few of consumer blogs on the matter, and from what I deduce, Discover credit card settlement is quite the daunting challenge indeed. According to one such consumer, Discover refuses to negotiate settlements at all.
Also, I was honestly surprised after finding out about some of the practices that their credit debt collectors do.
Can anyone share their experiences on this?
Posted on October 26, 2009 at 10:05 pm
It's a sad reality indeed. Discover credit card settlement and negotiation is simply nonexistent. While some banks such as HSBC and BoA have caught on the trend, this particular creditor hasn't seemed to catch on.
I've done some research myself. One such testimony I've read on the net says that the Discover credit card debt collectors actually ask to speak with the consumer's parents due to the client's inability to pay.
That in itself is a violation of federal law, as debt collectors are not permitted to speak with third parties on a consumer's debt, unless that third party is a co-signer on the account.
Posted on October 26, 2009 at 11:51 pm
The FDCPA, as far as I know only covers third-party debt collections. That means Discover's in-house debt collectors are not exactly under its jurisdiction.
Posted on October 27, 2009 at 3:15 am
As of this year Discover credit card settlement has actually been made possible. Maybe the blogs you read were dated last year. From what I know Discover has actually allowed their customers to set up arrangements with their clients. I still have do verify this information though.
Posted on October 27, 2009 at 3:47 am
Yup, Discover credit card debt settlement is possible. Check it out here:
http://blogs.consumerreports.org/money/2009/08/one-bank-of-america-discover-card-chase-citi-credit-card-debt-settlement-restructuring-credit-score-reducing-paym.html
Posted on October 28, 2009 at 4:45 am
But given the concept of a credit card bailout, do you think that Discover credit card settlement--or any settlement with any bank, for that matter--is such a good idea?