Discover card offer after charge off

[SeanAndrews]

Now that my Discover card is formally charged off, I got what appeared to be a Hallmark card personally addressed to me by hand, with an offer for settlement of 75% over a years payments, or 60% lump sum. Does anyone know if they are flexible and would entertain going lower? I have until Sept 30th to reply. (balance ~4600). 

[js0319]

I get offers every month. Granted, my CO was from 4+ years ago, but my offers are for around 30-35% to settle the account. 

[SeanAndrews]

I don't think i want to risk letting it go that long, I thought they were lawsuit happy? maybe they were not back when yours got charged off. Was your balance much lower?

[novabama]

Just a side note they were suit happy with me $1,300. Charge off and suit filed led to judgement. If it were me I'd pay it to avoid judgment.

[SeanAndrews]

Yeah I want to avoid a summons so I'm going to do my best to negotiate (written). Of course they always want you to call them and get bullied into something on the phone, but if they can send me a letter then I can send one right back. (what would they do if the debtor was deaf and/or couldnt speak?)  I have a feeling though that these people just go by a script, and wont go more than what they originally offered, till it ages more...but the trouble is, you don't know how long that aging will take before they drop their offer and file suit..and in your case, it doesnt sound like it aged much at all after the charge off.

[js0319]

If it was just CO'd, call the company handling the account and make an offer for a one time lump sum payment. Make sure you have the money first before you make an offer. I avoided it and got lucky because I wasn't sued, and my CO was over $2400. I called and made an offer 6 months ago for $1200, and they wouldn't take less than $1700. I got an offer yesterday for less than $900, but my account is past the SOL. 

[SeanAndrews]

I don't understand how they let accounts with that large a balance just go out of  SOL. Maybe the creditors are much tougher collecting than they were 5 years ago and would not even let that happen anymore.  Perhaps it is just too much  administrative burden and they cant handle all the suits they could honestly file, so they pick and choose which ones to sell off to a CA and which ones they pursue...

At this point, Discover is still handling it as far as I can tell, their "card" said the offer was good until Sept 30th. Perhaps that is when they hand it over for their lawyers for collection.