Hello. Currently, I am with a credit consolidation agency. I have enough money to pay off one of my two accounts with the agency. I called Discover Card and inquired as to their agreeance to remove any derogatory remarks from my credit report in exchange for full payment. The rep told me that Discover Card can't do that. Has anyone heard anything different? I'd like to pay off the card, with it's high APR, but I'd also like to get the derogs removed. I suppose I could just pay it off and then send a goodwill letter. What do you think?
Reps will always give canned answers. Talk to a supervisor or manager or make your request in writing instead.
I haven't had any direct contact with Discover on my situation with them yet, but here's a general idea of what I've learned so far from asking questions and reading other posts: 1) Discover is hardcore when it comes to NOT making deals. It's nigh impossible to get them to remove derogs. 2) They tend to be sloppy in their record keeping when it comes to account histories if it's over 2 years or so (lates, etc). 3) They've got flesh-eating lawyers when they need them. Starting with a Goodwill can't really hurt. Worst they can say is no. In any case, make sure you get any deal in writing. Talking over the phone will generally get you nowhere. Have you tried disputing with the CRA's yet? That might be the easiest avenue for you. But again, Discover has a very good track-record when it comes to this but it can't hurt to try. Restrictive endorsement may be an option for you if your state allows it (do some searches on the boards for this). I'd consider this an absolute last resort as you would most likely have to take them to court to enforce it (see #3). Hope this helps,
You think I might be better off paying my debt off (no more interest fees incurred) and then try to dispute it later on?
You can do it this way, but that means you have no chance of bargaining. Only recourse you have then is disputing. In my case, my Discover was closed by them some time ago but I still pay on the account and haven't missed in several years. My plans are to work around Discover first while I continue to make payments (disputes, etc). I only owe less than $700 so I drudge along making min payments while I do things like dispute. I've got a bunch of lates on this account so I'm hoping at the very least I can get these wiped. The one advantage this gives me is options. If you pay off the card completely, you loose some of the options available to you. I am by no means suggesting you don't pay, just lay out your options in front of you and decide what course to take from there. Maybe someone else out there has more concrete advice to offer you on weather to pay or not. I'm still pretty new to this myself but it's hard to find good intel on Discover so I'm giving up what little I've got. Good luck...
Thanks for the advice. However, I'm a still a little confused and unsure on how to proceed. Anyone care to weigh in? I'd appreciate it. Thanks!
I spoke with representatives and supervisors in the Settlement and Collections department at Discover. Each one told me that they do not under any circumstances remove previous derogs (even under threat of Chapter 7 Bankrupcty). Anyone hear similar things from Discover? The APR is pretty high right now; I want to to take care of this account. I also would like to get the derogs removed and I realize my only leverage is my money. Any further advise? Thank you in advance.
If you can pay it off, then do so. Discover will likely be very happy to say no to request for deletion or whatever and continue to rake in the interest. Some battles, can't be won. Pay them and stop the interest charges and go on to someone who may negoiate.
Thanks keepmine! That's my inclination as well. AT 19.9% (!) they may not care about negotiating anything since they're still brining it in. Does everyone else agree? Thank you all.
Re: Re: Discover - Settlement Negot Most people won't agree with me, but I'll say this anyway. Pay it, sit back for a few years, then BASH the heck out of it with goodwills, the validation with OC then dispute, then dispute again, and send proof to the CRA that the original creditor was unable to provide you with proof that the account in question was even yours in the first place, offer that evidince, with the letter in the samples section, and poof! If you drag it out, it will only be that much longer before you can try and have it deleted. From what I've read, the best chance of having something deleted for payment is if it's old, past SOL, and currently in charge off state. You mentioned earlier in the post that you are re-paying through a program (like CCCS) well that just re-aged the debts you have, brought them current. This means the SOL hasn't even started now since you're current and making payments. Not a very good position to negotiate from. So my humble opinion is to pay it off, then wait it out a little, try a few goodwills, then dispute. If the dispute / verify method doesn't work you can always nutcase them but I would look at that as a last resort. Just a thought. ChrisB
Re: Re: Discover - Settlement Negot So, is everyone in agreeance that my best bet is just to pay off the acc****, cut my losses, and proceed with goodwill letters, etc.?
Re: Re: Discover - Settlement Negot I am in a similar situation... have a $4000 balance with Discover, but just paid off 2 other accts also enrolled in CCCS. That is what I figured was my best bet at this point....pay then figure out how to get the derogs off. Basically I looked at it this way...they have already offered goodwill by letting you pay through CCCS, and would gladly continue accepting payments till the end (with their interest profits)...they have you over a barrel. You wont withhold your payments or you loose alltogether and they know it....so..... I say pay it in full and use the "look at me, I redeemed myself and payed every dime" approach to goodwill removal of derogs.
Re: Re: Re: Discover - Settlement Negot Oooops. I agree. Pay it first, then start the dispute process. It worked for me.
Re: Re: Re: Discover - Settlement Negot Thanks everyone! It seems like the concensus is to pay and take action later. At this point, does it matter whether I pay by check via the mail or online? The only reason I ask is that I don't have time for a check to clear before I have to submit a payment to my credit consolidation company. Obviously, I'd want my check to clear with Discover before I have them removed from my program. Please advise. Thanks again!
Re: Re: Re: Discover - Settlement Negot Anyone? Is it a wise or unwise move to pay off my account over Discover's website or write a check? A check, however, may not clear by the time my next payment to my consolidation agency is due.
Re: Re: Re: Discover - Settlement Negot It's your call really, you can pay online and withhold the CCCS payment or if you send a check and it won't hit before CCCS payment, deduct that amount from the check to payoff.
