we have bill of 20,000. and have made a payment plan of $50. every month and we pay at exact date every month and document info cks. etc. and have 2 people sign paper...can they send us to collection agency or can they refuse our payment plan?
Besides contacting an attorney in Colorado, you should make sure to have a settlement agreement in writing before you start making payments on any kind of settlement. Otherwise you will be making payments and they may keep you in default and eventually take legal action against you. Make sure all the dates are included in the agreement along with the amounts and do not default because they will likely come after you for the full amount even if you are almost done with the payments.
I agree with my colleague that you cannot set up payment plan unilaterally unless acceptable to the creditor. If they don't give you favorable plan in accordance with your budget, You can consider bankrutpcy lawyer to consider filing of chapter 7 or 13, depending upon your income and other financial circumstaces.