Anybody have any experience with these people? I had two accounts with Discover. One of them I was able to settle with Discover right before it charged off for about 35% of the balance due. The other account charged off and I've been getting harassed by their attorneys for a while now. They claim that they won't even communicate an offer of settlement to the client for anything less than 75%. I saw somebody else say a couple weeks ago that Discover's lawyers offered him a 60% settlement on the eve of litigation. I recently sent them a pay for deletion letter and an offer of settlement for 36%. I haven't heard back from them yet, but I'm wondering if anyone else has had any success. They claim that they're going for a judgment against me on January 28 but I have yet to be served with anything and they don't even have my current address.
The original attorneys were... Zwicker & Associates out of Birmingham, Alabama. It then got referred to local counsel to file suit, and they who are the ones who have been bugging me for the last few months but I'm sure Zwicker is still calling the shots.
Settlement Most creditors will settle for 30% on charged-off debt, especially if it has been some period of time since the charge-off. They may not take on 1st or 2nd or 3rd try, but ultimately will. If this goes to the Judge, you can even bargain on the courthouse steps or in the hallway. Is this in collections / with a JDB or is the account still with Discover itself? Also, check your state's garnishment laws, many states (PA, TX) for example do not allow any garnishment of wages.
It's still with Discover, at least that's what they are saying. I offered them 27% a couple months ago. The lady I was dealing with said she would submit the offer and see if they'd accept it. I never heard back from her, so I called 3 weeks later. The new lady I spoke with said the other lady hadn't worked there in month, that my offer was never submitted and that it wouldn't be submitted either. That's the last I heard from them.
If they have local counsel, just talk to the local lawyer and propose a deal. The lawyer is motivated to dispose of the case. You are likely to have a good shot at settling in the 30% area.
