I heard if when making payments if you write -0 balance- in the memo of your check or money order and the company accepts and cashes it-- than they are agreeing to the 0 balance for the debt.. Is This True?
2006-06-21 16:25:27 · 11 answers · asked by grizleygal 2 in Business & Finance ➔ Personal Finance
My answer is possibly...
It appears that someone I found on the link for the message board I attached below says it has worked for them, but there are many people talking about the real loops and hoops you have to jump through to make this really happen. So I hope this site helps you answer your question...if not it will confuse you more...haha. Good Luck!
:-)
2006-06-21 16:42:01 · answer #1 · answered by smiliemommy 3 · 3⤊ 0⤋
Bogus, it doesn't matter what you write in the memo, writing a check is making a contract to pay, you owe it regardless. Even if you write "Zero Balance" or "Payment in Full", the original contract is still valid. If such a loophole ever did legally exist, you can be sure the credit card companies did away with it years ago.
2006-06-21 23:29:19 · answer #2 · answered by Bartmooby 6 · 0⤊ 0⤋
Bogus, the memo line of a check or money order does not constitute a contract.
2006-06-21 23:52:34 · answer #3 · answered by atmjay 3 · 0⤊ 0⤋
No, the Memo is just a "note". It does constitute a legal agreement that you now have no balance for the debt. Sorry!
2006-06-21 23:59:37 · answer #4 · answered by xls8000 2 · 0⤊ 0⤋
Although that would be nice...no. You can't have a contract unless both parties agree to the terms. They aren't agreeing to any terms you are offering, they are just cashing a check with a goofy memo.
Whoever told you that should be whipped with wet spaghetti!
2006-06-21 23:28:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, everyone would be out of debt if that was true.
2006-06-21 23:29:07 · answer #6 · answered by 2¢ 4 · 0⤊ 0⤋
its only true in washington state and oregon
2006-06-21 23:28:59 · answer #7 · answered by t_bone 1 · 0⤊ 0⤋
If it's too good to be true.....it probably isn't!
2006-06-21 23:30:23 · answer #8 · answered by classic_tigger 5 · 0⤊ 0⤋
Oh do I have a bridge to sell you!!!!
2006-06-21 23:29:23 · answer #9 · answered by karen wonderful 6 · 0⤊ 0⤋
B>S. come on be realistic.
2006-06-21 23:27:49 · answer #10 · answered by Singh 2 · 0⤊ 0⤋