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I have negotiated my own settlements successfully with both BOA and Chase for $57k in balances. What is goin on with Discover and what is the best way to negotiate with them? Should I just let it go to collections? They are saying that they are not offering settlments at this time and their customer service reps are not sure why. The balance is $16k. Thanks much.

To be honest, creditors alter their official position on settling debts as often as they want to and typically they always say they will not negotiate. If you are doing it on your own, you will likely have to claw your way up a few levels in the management chain of command to get anywhere as typically the front line customer service reps will give you the standard line. You obviously have been successful negotiating your own debts with some other creditors, but most people do not have the time, patience, and knowledge to do it on their own so they seek professional help of companies who have the creditor relationships already established. They know the “inside scoop”.

I am not a debt negotiator myself so I do not know Mastercards current position on settling debts and if that is what others are finding as well. It’s hard to know if they are just telling you that or if it’s possible if you push hard enough and find the right person to talk to in the company. Sorry I can’t be of more help on that one. Good luck.