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Posts Tagged ‘write off debt’

….making out a cheque for a fraction of the amount owed and writing ‘PAID IN FULL’ on it?

A popular myth that has long been doing the rounds is the one that says writing out a cheque for a fraction of the amount owed will clear a large debt, provided that it has a note saying ‘paid in full’ attached to it.   This is not true, and will be seen as acting in bad faith, which will just make things worse.

The rumour may have popped up as a result of some creditors being willing to accept a smaller amount than that originally owed – after all, some payment is better than no payment – but this only works when there is an agreement between creditor and debtor.

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