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I Was Able to Negotiate a Debt Settlement With Discover I Can’t Afford. – Frances

“Dear Steve,

I have credit card debt with Discover. I tried to negotiate with them. Debt is $5k due to interest rate and late payment. I would like to settle, but I cannot afford to pay a lump sum of $3600. This is a huge learning lesson. I was told I cannot file for bankruptcy. I asked the cc company to work with me and set me up with a “financial hardship,” they refused. What can I do, I would like to pay them off. This is the only cc concern I have.

What steps should I take next. I really don’t want to work with a counseling company that will charge outrageous fees – for example if I give the company $300, $150 will go to Discover and the counseling company will keep half.


Dear Frances,

Who told you that you can’t go bankrupt, and why?

A legitimate credit counseling company will not take half your payment as a fee. A debt settlement company might since they charge large fees up-front. If you want to talk to a legitimate credit counseling group, click here for credit counseling information.

And if someone just told you you can’t file bankruptcy, talk to a real bankruptcy attorney.

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.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

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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