Creditors will also develop different attitudes for how they handle, or dig their heels in, when settling, or not settling, with accounts that go in the direction Jay read about, where arbitration is elected, and is primarily why I am writing this post.
In a comment Jay said: “Someone people have ask me to opt in for Arbitration with JAMS but i do not know much about Arbitration. All I have to do is send them a CMRRR saying that I dispute this debt, request validation and elect arbitration with JAMS to resolve this matter between us.” There is a long sorted history with using arbitration to collect unpaid credit card debts.
Here is why: Jay’s goal is to resolve the Discover Card debt.
Jay has access to the resources to help him do that.
Yes, there are websites full of anonymous posters who promote sending letters for this, that, and the other thing.
In fact, most people reading this, and other debt and credit related websites, do not post at all. He IS on other websites, and here, looking for more feedback. But before he got to the place where he started looking for more feedback, I assume he read somewhere that sending in a 25% settlement offer with some canned wording to Discover Card, in order to settle with them, was a good idea. It is a good way to blow the opportunity to settle with Discover for 40% to 50% before they charge off the account and place it into their collection pipeline.Motel 6 Columbia East is located off I-70 at US 63 a short drive from the University of Missouri, University Hospitals, and Columbia Mall. Yes it is an older hotel, yes it allows pets and smoking on the top floor but it is clean and the service was nice. the location is fantastic, you are right off the highway but you are less than 3 minutes from a ton of great places to eat and shop and things to do. But other than that, i would recommend this hotel, and my experience there was pleasant.All guest rooms have a modern look with free Wi-Fi and Micro-Fridges. The beds were very comfy and my daughter wanted to keep the pillows from her bed they were so soft and nice. University of Missouri is less than 10 minutes away which is why we were in town visiting. Historically, my experience suggests Discover’s criteria for refusing to settle, prior to outside debt collection efforts, are based on account usage prior to defaulting on your payments, length of account history (account less than a year or three old), or when a “collectability” assessment suggests the account not be settled.Settling your Discover card before it gets charged off (6 months late), is most often going to be accomplished by speaking with a collections/recovery representative employed by Discover.Current trends for successfully settling a Discover credit card directly with the bank are between 40% and 60%, with some one-off events that can settle lower, even 25%, but it is not all that common.