Pre-Judgements

I had an arrangement with a debt collection agency to pay a little over half the balance I owed. On the last payment I only had half the money, willing to pay the balance the next week. They took the half payment and now Say I defaulted on the agreement and want the balance in full. What are my options.

This is why I never recommend to settle in payments because they are just waiting for you to miss a payment. Once the payment is missed the collector starts screaming default and demanding payment in full.

I see three options.
1. Continue to pay the agreed amount even though you were a week late on one payment. Keep a copy of all the cashed checks and the singed agreement so you can prove you paid the agreed amount. After that they will either sue for the remainder but I think they would lose or they will continue collection on the remainder or they will accept the settlement in full.

2. You can go through the hassle of getting a new agreement. Personally I would do a lump sum one payment agreement if you have the cash. I wouldn't settle for anymore than the previous agreement if you are doing payments or lump sum.

3. Quit paying and deal with their harassment and risk being sued eventually.

I would probably go with option one unless you owe months worth of payments. For example if your payment plan is up in two months and you owe $200/ month then you are only risking $400 dollars to continue with a payment plan but if you owe $500/month for 20 months then it is a lot more risky to continue that plan with a possibly void agreement. If the second scenario is your case then I would renegotiate the deal.