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Discover wont settle because of recent Balance Transfer

New Visitor

Discover wont settle because of recent Balance Transfer

Discover is telling me becuase it is a balance transfer in Feb of 2017 that they won't settle, my last payment was paid on 5/20 and the balance is $13226 and it is now 10/10/17.  What do I do?  HELP

Message 1 of 33
32 REPLIES
Valued Contributor

Re: Discover wont settle because of recent Balance Transfer

Won't settle for what?  Are you trying to make a payment arrangement before it gets charged off?

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Message 2 of 33
Established Contributor

Re: Discover wont settle because of recent Balance Transfer

Hello Michelle, welcome to the boards! Smiley Very Happy

 

Sorry to hear that you're having trouble settling your Discover debt. If I'm reading your post right, you're trying to settle your debt with Discover and they're refusing to do so because the debt relates to a BT instead of purchases. Is that correct? Assuming that's correct, that may be their policy and if it is, I'm not sure there's any way around it. I would suggest escalating your call to a supervisor because sometimes they have authority that the front line CSRs do not. However, I wouldn't be surprise if that's their policy and there's no way around it. Good luck. 

**FICO 8 Scores Nov 2017 EQ 759 EX 744 TU 748**


Message 3 of 33
Visitor

Re: Discover wont settle because of recent Balance Transfer

They wont settle the balance because its a balance transfer, I offered 60% to pay it off.

 

Message 4 of 33
Visitor

Re: Discover wont settle because of recent Balance Transfer

Here is the content of the message they sent me:

 

Unfortunately, there is no option for a settlement.  I do apologize.  This balance is from a balance transfer you made on 02-03-17 in the amount of $13,500.  You have only received 4 late fees totaling $138.00 and interest totaling $2.85.  You can always pay the amount that you have which will reduce your total balance amount and lower the monthly payments as well to something you may be able to manage going forward.

 

So yes, I think its cause of the BT.  I may try and call them.  UGH...I transfered the balance cause I was afraid of not making payments and then it all snowballed.  I recently sold a personal belonging and have $6000 TODAY to offer to pay it too.

 

 

 

 

 

Message 5 of 33
Established Contributor

Re: Discover wont settle because of recent Balance Transfer

Out of curiosity, is your leak of payment because of a larger financial problem, or is Discover the only CC you are having a problem paying?

If you are having larger problems, I certainly wouldn't throw all $6k at them. I'd pay enough to bring the card current to buy you some breathing room to assess a plan going forward.

Cap1 Venture: $18K | Amex BCE: $15K | NFCU CR: $15K | Wells Fargo: $11K | Cap1 Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | Discover IT: $6K | Sportsman's Guide: $5.9K | NRA: $5.5K | Legacy Visa: $2.75K | Elan Plat: $2.3K | Cap1 PS: 2K | Cabela's: $1K

 

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Message 6 of 33
Valued Contributor

Re: Discover wont settle because of recent Balance Transfer

Are you sure the account is actually charged off?

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Message 7 of 33
Visitor

Re: Discover wont settle because of recent Balance Transfer

No, I have another account with Bank of America.  The last payment I made to discover was in 5/20/17 and Bank of America 6/03/17.  Those are my only two. (But thats terrible)

 

Message 8 of 33
Visitor

Re: Discover wont settle because of recent Balance Transfer

No they have not been charged off, I am just afraid of being sued and not being able to settle cause its a balance transfer.  I wanted to do this on my own and try and save some $$, but should I contact a debt consolidation help?  Just dont want my credit score hurt anymore.  I had close to a 790 and its already at a 597Smiley Sad

 

Thanks for the advice/help everyone.

 

 

Message 9 of 33
Valued Contributor

Re: Discover wont settle because of recent Balance Transfer

If it isn't charged off, then make the payments necessary to catch it up to not-late.  That's a start.  Pay on time for 12 months then and see if you can get a goodwill adjustment down the line.

FICO8FICO8Visit my posts:
03/1712/17My 11 Rules to Credit RebuildingFree FICO Scores!
550EX
570TU
559EQ
710EX
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Message 10 of 33