Discover Card PFD Luck anyone? Settle or PIF?

[MingleJill]

I have a 5 year old CHARGED OFF discover card. Discover owns the debt (not a collection agency). 

I owe $677. Tried disputing, came back verified. 

They offered me a "Settled for less than owed" of $339. 

Currently they are showing up as $677 LATE every month, Charge off and the balance is reporting for ult. It's really hurting me. 

I don't really have the $$$$ to pay in full, but I don't know if I should take the settlement. It is already a charge off- so I don't know if I should just let it age (I'm not buying a house anytime soon)

Options:
1- Send a PFD letter (Would PIF for this) - But I've NEVER heard of Discover doing this. 

2- Partial pay, settled for less. This would at least bring the account to 0 balance. Would save me $ too. 

3. PIF. 

Will Partial Pay help me at all? Can it really hurt? 

Should I send a letter asking for something other than PFD? 

[titanofold]

I would go for PIF. You may want to get back in with them someday.

Although you may be blacklisted now, I would think not PIF would definitely burn your relationship with them.

[MingleJill]

Ahhh... I didn't even think about being blacklisted. 

Good point. 

Perhaps I'll wait a month and save the extra money to PIF. In the mean time I'm going to send some pfd letters. Doesn't hurt to ask, right?!

[titanofold]

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@MingleJill wrote:

Ahhh... I didn't even think about being blacklisted. 

Good point. 

Perhaps I'll wait a month and save the extra money to PIF. In the mean time I'm going to send some pfd letters. Doesn't hurt to ask, right?!

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Right, worst that'll happen is they say no.

[mechanicaljen]

I owe Discover $200.  Sent them a PFD letter, for the full amount, on the 7th.  Fingers crossed.

[mechanicaljen]

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@mechanicaljen wrote:

I owe Discover $200.  Sent them a PFD letter, for the full amount, on the 7th.  Fingers crossed.

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Wellll.

I bought my credit reports to check progress.

Discover is gone.  Whoop!!!

[Anonymous]

Same situation here they offered to settle for 500

[RobertEG]

Next to obtaining deletion in exchange for payment, the next best thing is a settlement for less, provided they agree not to report settled for less to the CRA.

Reporting settled for less is optional on the part of the creditor/debt collector.  If they accept less than the full amount, they are not required to additionaly include that info in their reporting.

If the include settled/oaid for less, it i always a negative comment, as it informs others that they took a loss in dealing with you.

If the dont include that statemetnt, then it will appear in your credit report the same as if it had been paid in full.

Give a shot first at a PFD, then a settlement for less with agreement not to report that you paid for less, then a PIF, and last, a reported settlement for less.

All provide the important aspect of satisfaction of the debt.

[MsLayo34]

Does anyone have the contact info for Discover?