If you’ve followed my blog for any period of time, you know how I feel about the Treasury. I you tasked a 5 year old with the responsibility of handling debt settlements, I’m comfortable saying that the level of service and competence would be on par with that actually exists today. I’m also confident that I could single handedly do a better job than however many people they have working there. I’m not saying all the people are terrible, but many are. Combine that with a system that hasn’t changed since faxes were invented, and it’s a recipe for hair pulling madness.
So without further ado, the 3 things about the Treasury that drive me nuts when it comes to trying to settle SBA debt:
- They don’t use email. I’ll say it again. THEY DON’T USE EMAIL. The only way to submit documents is to fax them. On more than one occasion, I’ve had to fax items 3 or 4 times because they were never received. How could this be? In 2017, they collection area within the collections department doesn’t have an easier way to submit documentation? I get that when it comes to collections, they may not trust their people not to say something stupid, but at the very least, there could be a “one-way” email address that would allow borrowers to send documentation.
- Answers change depending on who you have the misfortune of reaching, and none of the representatives have direct extensions, so reaching the same person twice is very difficult. In the last go around I had, I was told on separate calls that the settlement was approved and paperwork was on its way, then that it was not approved but under review, then told that it was not under review because paperwork (that has been submitted a month ago) had not been received. I’ll let you guess if anyone was held accountable for that debacle.
- They ask for tons of information, only to offer everyone the same terms. Why not just send a letter to every borrower that includes the terms on which they would be willing to settle? It would save thousands of hours of faxing, waiting on hold, and writing stupid “hardship letters” that don’t count for anything.
Distressed Loan Advisors (http://www.JasonTees.com) offers expert advice about dealing with SBA Loan Default and Forgiveness, and can be reached at . or..
