Discover Card - Will Not Help

Posted by Alain on 2013-02-21:

You could possibly give a try contacting the corporate headquarters of Discover Financial Services (2500 Lake Cook Rd., Riverwoods, IL 60015) at [224] 405-0900 or [847] 317-9480 and see if they want to deal with you. If not, then they'll just have to get paid when you can or not at all.

Posted by Obsfucation on 2013-02-21:

I think it would be great if they would work with you, but it doesn't seem fair to bad-mouth them because they expect you to pay back the money you borrowed from them.

Posted by Slimjim on 2013-02-21:

Credit card issuers HATE debt settlement companies, and Discover is notorious for being very candid about it. I'm sure your DS firm said otherwise, but facts are, lenders don't appreciate outside firms that collect big fees out of their account holders for the purpose of forcing or stoking a default as to try and get the upper hand. I'm glad your other lenders are settling, as it sounds your settlement plan may work out better than average when it comes to success, but when the day is done, Discover is under no obligation to take a dime less than what you owe them and it's hard to fault them otherwise.

Posted by trmn8r on 2013-02-21:

I don't believe Discover has a responsibility to agree to the kind of arrangement you suggest, unless it is in your contract. That is what governs your relationship with the people you borrowed money from. Your personal circumstances are unfortunate, but they does not change the contract.

If the "lump sum" you refer to is the full amount that you owe, I am confident they would accept it. But if you want them to accept less than what you owe them, I can see that would be a definite issue.

Posted by JR in Orlando on 2013-02-21:

The personal problems of a debtor is not the concern of the credit card company. They simply want the debtor to pay what the debtor agreed to pay when the credit card company GAVE THEIR MONEY to the debtor.

While it might be nice if they helped, it is certainly not a bad reflection on them if they do not. Perhaps the OP could seek bankruptcy to eliminate the debt.

Posted by Obsfucation on 2013-02-21:

These DR companies almost never explain to the debtor that for every dollar that gets written off, the debtor has to pay incomes taxes on the amount. Just when some poor schmoe thinks they are getting ahead, they get slammed with a tax lien. Good luck getting the IRS to work with one of these companies.

Posted by Churro on 2013-02-21:

The debtor doesn't necessarily *HAVE* to pay taxes on *EVERY* dollar forgiven. There are exceptions most notably the debt was canceled when you were insolvent. If you do get a 1099-C don't panic. Find a good tax man who will probably be able to minimize a great deal of the taxes owed. Also despite populace rhetoric the IRS will make a deal on taxes especially if you are financially unable to pay them. Happens every day.

Discover is tenacious about collections and is more apt to sue you than any other credit card issuer and they come prepared with complete documentation like no other. And they almost always win judgment and that's when the fun begins because they are just as diligent at collecting their judgments. Don't mess with Discover.

Depending upon your situation you might consider bankruptcy as an option. I know it's tough but hang in there and stay on top of things. Everything will work out in the end. Hang in there.

Posted by Jeff on 2013-02-21:

You know how to get them to start LISTENING to you? Do what i did. Stop paying, and ignore their phonecalls and letters in the mail for a while.....THEN they will start sending you offers to settle the account. Sometimes you have to get mean and play hardball like they do.

Posted by Jeff on 2013-02-21:

Oh and it WILL affect your credit, though so as long as you are not worried about your credit score going down, do what I did.