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  1. #1
    Join Date
    Dec 2011
    Posts
    22

    Default Entering a Loan Settlement Agreement With a Debt Collector

    My question involves collection proceedings in the State of: NY

    I got a reasonable debt settlement but I just needed to make sure this is valid written agreement before I send my money.

    They said the original creditor doesn't send settlements letters but the debt collector agency used theirs. Here is what they E-mailed me.

    Can I trust this by itself as a valid debt settlment agreement and pay them the money.

    Thanks.

    In the letter it does say the name of the original creditor when it says "As Authorized agents for"\

    Can I go ahead and send them the money with just this letter they Emailed me?


  2. #2
    Join Date
    Mar 2013
    Posts
    16,063

    Default Re: Loan Settlement Agreement, Need Help Fast

    I suggest that you run a search for that company's name to see if there have been any negative reports about them scamming people and then breaking the settlement agreement.

    If none, then you decide.

  3. #3
    Join Date
    Dec 2011
    Posts
    22

    Default Re: Loan Settlement Agreement, Need Help Fast

    Company seems legit.

    The one thing I was wondering does it need a signed signature, or is the persons name typed OK for this to be a valid agreement.

    Thanks

  4. #4
    Join Date
    Mar 2013
    Posts
    16,063

    Default Re: Loan Settlement Agreement, Need Help Fast

    I suppose you can try to verify that the person exists and get a full name and real signature.

    I recall having a girlfriend years ago who worked for a collection agency and the collection agents all used aliases.

    Try looking up the corporate information with the state and determine who the principals are. Articles of incorporation and annual reports have names and signatures. Then you can ask that one of them sign the agreement.

  5. #5
    Join Date
    Sep 2005
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    98,623

    Default Re: Loan Settlement Agreement, Need Help Fast

    Quote Quoting adjusterjack
    View Post
    Try looking up the corporate information with the state and determine who the principals are. Articles of incorporation and annual reports have names and signatures. Then you can ask that one of them sign the agreement.
    Even if the information on record with the state is still current, you are not likely to have a principal of a company step in to sign off on a debt settlement. That's not a realistic expectation.

  6. #6
    Join Date
    Dec 2011
    Posts
    22

    Default Re: Loan Settlement Agreement, Need Help Fast

    Thanks everyone for the responses.

    The original creditor actually sent me a proper 3 page signed debt settlement. The agent for the original creditor said they wouldn't send one.

    Quick question, I mailed the signed debt settlement today, but the creditor still needs to sign it. Do you know if I need to wait until they also sign the debt settlement before paying the money, and also send me a copy of it signed? I am not sure why they didn't send me it signed, but it had a signature slot, and they even say that after they receive it they will sign it. Just odd if you ask me.

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