I have $13,000 worth of credit card debt that has been charged off. The account is still being held by the Discover Card. They haven’t sold it off…..yet.
I also have another account with Discover, but I am up to date on it and have never been late..
I also have a Chase CC that was nearing charge off status, but I have set up a payment program with them.
Other than those 2 accounts, I am current on all other bills.
The account with Discover that has charged off, did so very recently. I have contacted them and want to begin a small monthly payment to eventually pay it off. It may take me 5 years to pay it off. Should I enter into this payment plan or just let it sit and try to collect enough for a lump sum settlement? Either way, it will take a very long time to pay off. I am worried about my credit.
What are the odds that Discover will try to sue me over this account?
Should I stop paying on the other Discover account since my credit with them is already destroyed?
I can certainly add more details if you need them. Any advise is much appreciated.
Defaulting on the second debt is not going to help you unless you want to add a second negative entry to your credit report.
I’m not clear exactly why the first Discover account charged off when you were current on your other credit cards. Was it just too much? What led to the charge off?
Please post your responses and follow-up messages to me on this in the comments section below.