Had he been able to settle early, he could have potentially avoided the charge off entry on his credit, and would have avoided being in the position he is in now.
But I suspect Jay read somethings online that, while probably intended to be helpful and useful, may have helped to over complicate an otherwise straight forward opportunity to resolve his Discover credit card bill.
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.
The best deals and savings from settling with Discover will typically be in the last few weeks leading up to them charging the debt off as noncollectable on their books.
What follows is food for thought not just with Discover Card, but with creditors like Citibank, American Express, Capital One, etc.
For context, you should read the comment string with Jay about settling with Discover.
I cannot know whether Jay’s account would have been one that got settled prior to charge off and placement with an attorney for further collection.
But I do know that his goal has been to settle, because he sent a letter to Discover offering to, and has said that remains his goal in the above linked comment string.
And readers of these sites often fail to volunteer the particulars of their goals and finances in order to receive more useful feedback.
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