settlement letter signed?

[puckga]

Hey all,

 

In talking with a DC who's been hired to collect on an unsecured debt, I reached a verbal settlement agreement, and he was all set to fax me a settlement letter, but he said there was no way he could get it signed. I told him that if it wasn't signed, it wasn't an agreement, and I required something signed before I could release funds. He said he flatly could not get a signed letter.

 

Any idea if an unsigned settlement agreement is worth the paper it's printed on? Or does it sounds like a scam whereby they intend to come back after the faux-settlement is paid for the remaining balance?

[Gronnie]

If it is printed on their company letterhead it should be good. Maybe try to record a conversation that confirms the settlement as well.

[breeze]

If the person making the agreement with you is not authorized to bind the company, the settlement agreement would be no good. If he is authorized to bind the company, he can sign it.

 

my humble but experienced opinion: He's lying. You would have no means of enforcing the agreement.

[AnonymouslyIndebted]

I agree with Breeze. The contract won't be binding and valid if it is not signed by the proper authorities on the matter. I would advice taking caution. After all, it is always better to be safe than sorry in the end.