Renegotiating with Xxxx is it possible?

[The Grinder]

They don't have to settle at all so there is certainly no law saying what sort of payment they have to agree to.

I was thinking there were certain guidelines that dictated that an agreed upon monthly payment (not a lump sum settlement) cant exceed a certain amt depending on a persons net income but maybe not,

 

[PayrollHRGuy]

I was thinking there were certain guidelines that dictated that an agreed upon monthly payment (not a lump sum settlement) cant exceed a certain amt depending on a persons net income but maybe not,

Your thoughts are wrong. The law regulates what can be garnished by from wages not what you make an agreement to pay.

 

[Taxing Matters]

Your thoughts are wrong. The law regulates what can be garnished by from wages not what you make an agreement to pay.

There is at least one state in which a court may indeed impose a payment plan as part of the judgment. However, so far as I can tell Illinois does not have any similar law.

 

[PayrollHRGuy]

There is at least one state in which a court may indeed impose a payment plan as part of the judgment. However, so far as I can tell Illinois does not have any similar law.

But we aren't talking about a court-imposed payment plan. The OP is asking about a law that regulates the maximum in a negotiated debt settlement. As in, "Hey TM, you owe me $1000. Pay up." You reply "How about $100/month for 10 months."

 

[Taxing Matters]

But we aren't talking about a court-imposed payment plan. The OP is asking about a law that regulates the maximum in a negotiated debt settlement. As in, "Hey TM, you owe me $1000. Pay up." You reply "How about $100/month for 10 months."

For most private debts I agree that no law requires a creditor to offer any kind of payment plan or that guarantees the debtor any right to a payment plan.

 

[PayrollHRGuy]

For most private debts I agree that no law requires a creditor to offer any kind of payment plan or that guarantees the debtor any right to a payment plan.

But to answer the OP's question do you know of any law that limits the payment size the debtor can agree to pay? I don't.

 

[quincy]

The debtor and the creditor can agree on a payment plan that is satisfactory to both of them. The creditor can't ask for more than what is owed but, other than that, they can agree on any amount for the payments.

 

[Taxing Matters]

But to answer the OP's question do you know of any law that limits the payment size the debtor can agree to pay? I don't.

No, not given the facts that have been given.