Hmmm... Question
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Posted by Prune Man
(65.161.188.11) on January 20, 2004 at 14:44:47:
In Reply to: Re: Example for following month posted by tuffenuff on January 20, 2004 at 13:04:55:
I see where you are going with this but aren't you now binding yourself to a new payment contract and committed to make that $1 payment each month? I know you're trying to help, but if the average person here paid $1/mo. to every creditor we owe, where would we get the money to pay the cable bill? Just kidding! LOL - When I was young I had uninsured medical expenses of around $30,000. Instead of filing bankruptcy, I sent each medical service and collection agency I owed money to $5 a month with a letter telling them I couldn't afford any more than this. It took a long time until I could afford to pay these debts, but nobody ever sued me and very few put entries onto my Credit Report. My understanding of doing this with a credit card debt is that if I make any monthly payment at all, I am agreeing to terms and late payment fees. Won't they just keep compounding the interest until I start paying the min. balance? Also, will paying $1 as you mention, reset the SOL on the debt? ******************************** To see if I get this correct:
1. I agree to the amount in question.
2. I pay $1 (or whatever amount) each month.
3. The company I owe money to sues me.
4. A court of law will dismiss the suit because:
a. I gave an agreement to pay the full amount.
b. I made regular attempts to pay.
c. There is something in civil law that says if I owe a debt, and pay it, that the party I owe money to cannot sue.
d. The agreement to pay can be considered my Promissory not and recognized as "payment".
*********************** Am I understanding this correctly?
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