There are nearly 50 million Discover credit card holders, so is you have high credit card debt with Discover – you are not alone.  With the appeal of 5% cash back on quarterly rotating categories and 1% cash back on all other purchases, it’s easy to see the benefits of having a Discover credit card.  But if you have found that you have fallen behind on your payments, then you may need to know how to settle high credit card debt with Discover.

 

Settle High Credit Card Debt With Discover

What does it mean to settle credit card debt?

When you don’t make payments on your credit card for 180 days, the bank will “charge off” your account and the bank will get tax exemptions for the debt.  At this point, the bank will still go after you for the debt, and your account is considered in “default”.  Once your account is in default, then it’s time to start negotiating a debt settlement.  This means a negotiation between the bank and the borrower for the borrower to pay less than the original amount owed.  The bank would rather receive some of the debt owed than have you declare bankruptcy and receive nothing.

 

Debt Settlement with High Discover Credit Card Debt

Over the past several years, I have had solid success reaching debt settlements for my clients with Discover credit card debt.  As a debt relief attorney with a decade of experience dealing with banks, I have gained experience that has been invaluable in negotiations. Below are some examples:

  • My client was sued by Discover for owing $7,300 in credit card debt.  I negotiated with Discover and settled the debt for $3,500.   We were also able to get my client into a 12-month payment plan, so the client didn’t have to pay the whole sum at once.  We saved our client 52% of the debt owed – $3,800!
  • My client owed Bank $14,270.00 to Discover. Before my client called me, she had already been sued by Discover and they obtained a default judgement for the entire $14,270 that was due.  After retaining me, I explained to the attorney representing Discover credit card that they would have a very difficult time collecting the full debt from my client.  My client’s sole source of income was social security and she owned no property.  She could pay some of the debt if she borrowed money from a relative.  Discover agreed to settle this account for a one-time lump sum of $6,000.  Our client was very pleased that we saved her in excess of $8,200.

 

How Do I Know if Debt Settlement is Right for Me?

If you have high credit card debt with Discover that you are having trouble paying, call me for a free debt consultation to go over your debt relief options at 858-217-5051.  Before you make any decisions about what to do about your credit card debt, it’s best to gather as much information as possible and know your options.  We offer a multitude of platforms for educating yourself on credit card debt including:


Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego, CA. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated with the latest debt relief tips by following on Facebook and Twitter!