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Should I Contact Discover and Get Them to Let Me Pay 75% of My Balance? – Adam

“Dear Steve,

I have about 4,000 dollars of VISA debt and about 11,000 dollars Discover card debt. I also have considerable student loans. I recently came into some money and wanted to pay off all my credit debt – which I have barely enough money to do… anyway, I was thinking about asking Discovercard to reduce my total debt to them by 25%. So, if they agreed I would be paying 75%. However, with everything I have been reading I was just thinking of paying it all off and saying farewell. So far, all my payments for everything have been up to date and on time.

I contact Discover card and ask for a reduction in debt or just pay the whole stinking thing?

Adam”

Don’t miss our free Get Out of Debt – β€œHow To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Adam,

The best move for your credit is to pay the whole stinking thing if you can.

As long as you are current on your bills they really are not going to give you the time of day on this. Even if they did agree to such a settlement it will result in bad credit, a black mark on your credit report and probably a lingering tax liability when they report the forgiven debt to the IRS on a 1099-C.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

Should I Contact Discover and Get Them to Let Me Pay 75% of My Balance?   Adam
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P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Should I Contact Discover and Get Them to Let Me Pay 75% of My Balance? - Adam by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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