Method of controlling payment of debts

Details Method of controlling payment of debts Method of controlling payment of debts

1998-11-18

2001-10-02

Millin, Vincent (Department: 2165)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S034000, C705S039000, C705S042000, C705S078000

Reexamination Certificate

active

06298335

ABSTRACT:

SUMMARY OF THE INVENTION
A method and apparatus are provided for executing payment of a debt by a person to a payee. The method includes the steps of negotiating payment terms with the payee and entering the negotiated payment terms into a payment scheduler. The method further includes the steps of determining by the scheduler that the payment is due on the debt in accordance with the payment terms, electronically instructing a third party to pay the debt due and electronically transferring a receipt of the payment to the person and payee and to a database of the person in a secure location, remote from the person.


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