<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by jmcowl:
I own a small heating and cooling co. A builder we used to deal with hit hard times and has not paid $11,000 (which was due in August of 1998). We used to talk to him frequently and he has always said he will pay once his finances get better. We faithfully send monthly billing with interest due. He recently wrote a letter to all of the people he owes money to, thanking us for our patience and stating that he should be able to pay part "if not all" of the outstanding debts.
Any comments on where I stand in collecting any money.Joan<HR></BLOCKQUOTE>
My response:
Assuming that every penny of the debt is in writing; e.g., P.O.'s, etc., then Michigan has a 6 year Statute of Limitations on written debts. Also, the time is measured from the date of the last payment.
Write back to him to ask what he means by "should be able to pay part" - - how much and when such much happen. Suggest a monthly payment plan for X dollars per month. Be aware that he might file for Bankruptcy protection, and you may only get, as an example, 10 cents on the dollar, or even, nothing.
In the future, never allow debts to rise over a certain, lower, ceiling.
Good luck.
IAAL
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