How to Negotiate a Settlement With Discover Card

Negotiating a credit card settlement can be quite stressful.
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While no credit card company likes to settle customer debt for less than what's owed, Discover Card does offer assistance if you can't pay your bill. Contacting Discover may allow you to close your account while paying less than the full amount owed, though you can expect the company to require a lot of convincing -- and documentation -- before it does so.

Initial Steps

Call Discover at 1-800-767-1146 or 1-800-DISCOVER between 8 a.m. and 10 p.m. Eastern Standard Time weekdays or between 9 a.m. to 2 p.m. weekends. If you log into your account online, you can send a secure e-mail or initiate a live chat to discuss your situation. The representative will first examine your specific financial situation and suggest ways the company can help get your account current. Settling isn't attractive to the company, but nor is pushing you into bankruptcy, an event that puts an unsecured creditor like Discover in a precarious position.

Document Your Case

You must demonstrate that your financial situation has deteriorated to where it's no longer possible for you to meet your obligations. If you've lost your job, or suffered a medical emergency that's caused a catastrophic rise in bills, for example, you need evidence of that in the negotiation. Expect them to stress the damages that bankruptcy will do to your credit score and the tax implications of a settlement. You'll have to be polite but firm and persistent if you hope to get a favorable deal.