The Deal Is Making Me Nervous

David is a little bit queasy about the debt settlement letters that he got involving American Express. It seems there might be room for error.

QUESTION: David has an offer in writing from a debt settlement company. It’s vaguely written and it makes him nervous. It sort of leaves a back door open for American Express to go back on their word. He asked for another letter and they sent it, but now he wonders if he has solid ground to stand on. Dave tells him how.

ANSWER: If you’ve got something that can convince someone in the future that this is a done deal with its language, then that’s enough. Even if it’s only three or four paragraphs long, that’s all it needs to be. Staple a copy of the cashier’s check or money order that you send them to that letter and send it back really, really quick. Only if it’s an amount that you agreed to and you have the money to do. Then you keep that letter with a copy of that check stapled to it in a file for the rest of your life.

Read the letter, and if the language is clear that you’ve settled the account, then you’ve finally gotten there. With American Express, that’s a problem. It’s hard to get there with them because they lie to our people when we call them, and we don’t even owe them money.