2006-06-27 02:54:27 · 5 answers · asked by devinemsl 1 in Business & Finance ➔ Personal Finance
Not if it is an installment payment, then it is just that payment you are paying in full. The issue of good faith also comes into play, where the payee has to have made the payment in good faith after reaching an accord with the creditor. In some states the other party can still cash the check and still has a resonable time to pursue collection action for the balance.
Also, in addition to clearly marking "Payment In Full" on the check, it must also (by federal law) be accompanied by an attached written communication stating that the check is intended as payment in full. And the check must go to the creditor, not to a lock box.
So yes, it might work, in some states. But if you owe $100,000, and send a check for $1000, unless you can prove that the payment was sent in good faith the other $99K just isn't going to disappear.
2006-06-27 03:15:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends upon what state you live in
2006-06-27 10:22:46 · answer #2 · answered by ps2754 5 · 0⤊ 0⤋
no because it is not paid in full
2006-06-27 09:58:37 · answer #3 · answered by ? 5 · 0⤊ 0⤋
That would be for a judge to decide.
2006-06-27 09:57:46 · answer #4 · answered by scavenger_meat 3 · 0⤊ 0⤋
nope
2006-06-27 10:06:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋