Legal Question in Credit and Debt Law in Illinois

Based on the facts described, you are still liable for the debt and perhaps subject

to a fee from your bank for the stop payment. Otherwise, you may be committed to

the verbal agreement, but presumably it is no greater than the original debt, so you

should be in no greater "trouble" than you were previously. Depending on your

situation, it may affect your defense of statute or limitations, but the creditor will

still have to take you to court if you don't settle it in order to collect it. You can

still file bankruptcy assert certain defenses to payment.