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Legal terminology for ending a debt

  • 07-11-2006 9:26am
    #1
    frobisher
    Registered Users, Registered Users 2 Posts: 2,413 ✭✭✭


    I've come to agreement over a debt with a creditor that the ex directors of my old company left behind (I'm paying 1/3rd as there were three directors in total). It's not a huge amount. Our agreement is in place but what I'm wondering is if there is there certain terminology I should include in our corespondence to ensure he won't come back after me through the courts for the balance of the debt?


Comments

  • #2
    Maximilian
    Legal Moderators, Society & Culture Moderators Posts: 5,400 Mod ✭✭✭✭Maximilian


    If you are worried about having an air tight agreement, then go and see a solicitor. If the amount involved makes it not worth your while, then presumably it would be not worth the other party's while to take you to court.

    This is not the place to be looking for this kind of advice.


  • #3
    frobisher
    Registered Users, Registered Users 2 Posts: 2,413 ✭✭✭frobisher


    Maximilian wrote:
    If you are worried about having an air tight agreement, then go and see a solicitor. If the amount involved makes it not worth your while, then presumably it would be not worth the other party's while to take you to court.
    That makes sense. Thanks.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Have them mark the receipt "In full and final settlement of .....".


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