Electronic Access Goof

Dave warns Tori that the credit card company will lie and clean them out if they gave them electronic access to their checking account for a debt settlement.

QUESTION: Tori just settled with her credit card company, but gave them electronic access to her checking account. They said they would send her a letter accepting the settlement amount, but it hasn’t arrived yet. They will draft the money out tonight. What will happen?

ANSWER: I hope it goes through, but our experience has been that they lie and will clean you out. This is a huge mistake. Whatever money you put in there, they will take out, and they will keep doing it until they get the full amount. You must get the settlement offer in writing.

Call them back right now and tell them that they can’t do the deal … that there’s no money in the account. Get them to send you a letter declaring the settlement, and you will overnight a cashier’s check to them. There is a 5% chance that this will happen like they promised. But more than likely, they have lied. Close the account, also.

Jump-Start Your Goals!

Jump-Start Your Goals!

Get our 8-Day JUMP START series and weekly newsletter that are packed with articles and tools to help you win with money.

Learn to Beat Debt

Take Control of Your Money!

The best way to get out of debt and take control of your money is to make a plan! Financial Peace University is that plan!

Find a Class

Thank You!

Your 8-Day Jump Start is on its way to !