MegaSack DRAW - This year's winner is user - rgwb
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I have received a statutory demand for a debt I owe (personal finance related). I had a lot of money problems and have been delaying on paying certain things, this being on of them. Fortunately those problems are all but over, but in the mean time I have received a statutory demand.
I do no despite the debt and wanted to nip in in the bud before the time (I believe it is 18 days) lapsed, so I called the solicitor the next day and came to an agreement to pay in installments (making the first one on the phone there and the). They have since written to me stating that we have an agreement to pay in installments, a schedule of payments and the usual **** covering relating to reviewing it after 3 months.
My question is this: Should I specifically request in writing that the demand has been compounded, and is there anything else I should do?
Stat demands are a cheap and easy frightener - actually instigating bankruptcy proceedings are long winded and costly.
If they're going to accept installments, they have no earthly reason not to compound it, but if they've agreed to installments and you've started paying, then I believe the demand will be compounded by default.
They'll probably avoid putting anything writing as the last thing they want is to put your mind at rest.