I am in Nova Scotia, Canada.

My former employers caught me stealing money from them and did not go to the police. Instead, I am to repay them an amount. Their lawyer sent me a Promissory Note which I am to sign and return, stating that I will repay the entire amount owed by May 31, 2012. As I do not have the ability to repay the entire amount, I asked to have the payment split into monthly amounts. They generously agreed to this. Now, I am being told that I still have to sign the Promissory Note but when I asked if the date should be changed to reflect the payment plan, I was told: " If the promissory note’s date is changed there is no acknowledgment that the debt is due. For the agreement to proceed you must sign the note confirming it is due and payable now." So, the only thing I have stating that they agree to let me repay the debt over time is an email from the lawyer which says that the company will honour the plan as long as I do (meaning that if a cheque bounces, the company will "exercise it full rights under the law.")

I understand that given what I did it sounds ridiculous of me to say this but I'm not sure if I trust this. If I sign and return the note, could they turn around and demand immediate payment? In cases where a payment plan has been set up, is the promissory note's date changed or is it totally fine that the date on the document is well before when the debt will actually be paid?

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State/Country relating to question: Canada