Legal Question in Credit and Debt Law in Massachusetts

release on debt

Good evening - my family is dealing with Zwicker and associates on a debt collection. We have finally come to a settlement agreement. They are insisting that we pay our debt by tomorrow, the 31st, and want us pay it over the phone. They insist that if they dont get it by tomorrow then the offer is off the table. They are not giving us a signed settlement agreement from the company that they are working for but say we will get one within 30 days. We will send a banck check but will not do it over the phone. Are they just playing hard ball here? Any advice?


Asked on 7/30/07, 8:40 pm

1 Answer from Attorneys
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: release on debt

The usual device used for protecting both parties in a settlement agreement is an escrow agent. Simply speaking, the escrow agent (usually an attorney for one of the parties) is appointed to take possession of the funds from the debtor and hold them until mutual releases are executed by all parties. Upon tendering of the signed releases, the escrow agent will release the funds to the creditor. This way, all parties are protected.

Read more
Answered on 7/31/07, 6:01 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Massachusetts