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- A signed fax is a legal document in all US jurisdictions.
- Consult with an attorney in your state who has experience in contracts if you do not understand a contract before you.
Can I trust an unsigned, faxed settlement offer from a collection agent?
I have been negotiating a settlement with American Express and Nationwide Credit. They have sent me a fax in writing confirming the settlement amounts. I'm a little suspicious of agreeing since it is not signed and came to me by fax. Should I believe that the offer is accepted and that they will not be able to come after me for more after this?
A signed fax is a legal document in all US jurisdictions, to my knowledge. (Readers, please chime in below if you know otherwise.)
If the creditor sends you an unsigned document it may not be considered a contract, but instead may be considered an offer or counter-offer. I do not have the document you are referring to in front of me, so it is impossible for me to observe whether you have an offer or acceptance from the creditor.
Consult with an attorney in your state who has experience in contracts or consumer law. He or she will be able to review the document and opine accordingly.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/
Debt statistics
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q4 2023 was $17.503 trillion. Student loan debt was $1.601 trillion and credit card debt was $1.129 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
The amount of debt and debt in collections vary by state. For example, in Mississippi, 35% have any kind of debt in collections and the median debt in collections is $1598. Medical debt is common and 16% have that in collections. The median medical debt in collections is $719.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
