Give Electronic Access or Lose the Deal

Louise's mom received a letter from CitiBank regarding a debt settlement. Her mom is going to accept the settlement, but when Louise asked for a verification letter, CitiBank wanted electronic access to her mom’s account.

QUESTION: Louise in Salt Lake City is calling on behalf of her mom. Her mom received a letter from CitiBank regarding a debt settlement. Her mom is going to accept the settlement, but when Louise asked for a letter saying that it’s settled, CitiBank wanted electronic access to her mom’s account. Dave advises against giving them access.

ANSWER: You have got to be kidding me. That should have been your response. You should have laughed and said, “You’ve got to be kidding me.”

Their offer will come back, or we’ll get a better offer out of them. If you don’t pay them for three or four years, they’re going to be flexible. That’s just absurd. I mean, why does it expire? Do they not want money? I would lose the deal.

Here’s the thing: You don’t have a deal. So you haven’t lost anything. The problem is you have to give them electronic access for the letter to be good. We’re not doing that. If you give them access, you’ll have to close that account after you do it because you won’t ever be able to use it again. Don’t have a dime more than the settlement amount in the account because they’re going to take that, and periodically, they’ll try to take more. They lie.

If they don’t take the amount out by the time the letter expires, you’ve got to clean that account out and close it the next day. They’ll take it out later and then say they didn’t receive payment until after it expired. They won’t honor the letter.

If you can’t get something in writing and hold these people ironclad, you’re going to get messed over.