While it may be difficult to get credit card assistance from Discover Card, they do offer hardship services and debt settlement programs to certain customers. If you don’t pay your Discover bill on time or let them know about financial difficulties, they will take strong action to get the bill paid. The company often sends people’s balances to collection agencies, especially Zwicker and Associates PC.
The following are examples of how people are helped by the Discover Card debt settlement programs. You can usually negotiate with the credit card company about the terms of your credit card agreement. Other ways to get assistance from Discover can include a lower interest rate, or debt management plans. There are programs available that can help if you’re struggling to make your payments.
Examples of Discover Card debt settlement programs
One customer had two accounts. Discover began its debt settlement process and program in the fall of 2008. Despite not being able to get some of the debt waived, the company did offer a hardship program. The program will last for one year. The offer was great because it reduced the minimum monthly payment by 50% and the interest rate to 5%. The goal of reducing the principal was not achieved, but Cutting the rate and monthly payments was a great help.
Someone who was struggling to use the Discover feature. They tried to negotiate and other approaches, all without success. So they hired a credit counseling company to help pay their outstanding balance. After much discussion and deliberation, they finally agreed to a deal in which they would receive only 39% of what they originally asked for. If you owe money and cannot pay, you may want to talk to a lawyer.
The customer was finding it hard to reach an agreement with the company by themselves. Even after multiple attempts to contact them and speak with supervisors, they still have not resumed payment. If you miss a payment or two, you will have a 24.99% APR. The company received multiple calls and attempts from the customer before putting them on a debt management plan. The customer was offered an interest rate of 15.99%. The company also waived approximately 25% of the balance that was owed.
A person used the services of a company that specializes in settling disputes between two parties. The company told them that they would not be able to work with them, but he asked them to try anyway. The outcome was unexpected. The company offered the person the best deal, better than the other card issuers the person was trying to work a deal with. Even though they may not be the easiest company to work with, they still provided the best deal.
They had a credit card debt of $5,000 and then they added more debt with late charges and fees, which made the total over $6,000. The debt settlement company they were working with was only willing to negotiate on the original starting balance of $5,000. Both sides agreed on a settlement of just over a thousand dollars.
The customer said that it is not worth negotiating APR rates. This means that as long as you keep making your monthly payments, the company will continue to charge you interest and will not lower your rate. Tips to help you negotiate your credit card debt.
Discover offered another consumer a one-year hardship or debt settlement program. After that time period, provided payments were made on time, they reduced the payments on the balance on the account. The interest rate was 9.9%.
After several weeks of trying to negotiate a settlement with Discover, and being a few months behind on a credit card bill, the individual received a certified letter from Discover Card to settle their debts at 30%. The company was having so many financial difficulties that they couldn’t even afford to keep their phone line active, and had to resort to sending a calling card for others to use to contact them. They found out about someone who got a 20% settlement offer and realized that their 30% offer was a great deal. The person who got a 20% discount obviously got a better deal.
Someone else got a letter from Discover Card offering to settle for 40% of the unpaid bills. They called the people after they received the message. They told the company that they could not pay the entire amount all at once, and negotiated to pay a set amount on the agreement for 4 months.
There are several different types of credit cards offered by Discover, and settlements may be possible on all of them. A customer in California had a card that provided a rebate on their gasoline. They had a balance of $3500 on their account and missed a few payments. The individual called the company multiple times and asked for a supervisor. They explained their situation and asked for help. The company made about 10 calls and got rid of about 30% of the money owed. They told the person they owe the money to that they have two years to pay the rest of the balance.
In December 2019, a person who had a Discover credit card lost their job and their wife was in the hospital. 75 The amount that was owed at that time was $12,371.75 The customer called Discover and asked for a settlement, but it was not successful. The customer turned to a non-profit credit counseling firm in their state of Florida. This firm worked with Discover Card (and other creditors) to get relief. As a result, the interest rate was reduced from over 14% to 7%.
Discover Card Debt settlement programs
You can work with a debt settlement organization to try and reduce the amount of debt you owe, or you can try to negotiate with the company yourself. Customer service representatives are often the first point of contact for customers, but sometimes it is necessary to ask for a supervisor or to escalate the issue. To speak to a customer service representative from Discover Card, you can call (866) 567-1660.