No, unfortunately, it is not accurate. Once you are in default on a debt, a creditor is entitled to insist in payment in full of all amounts you owe. They are not obligated, once you default, to accept a partial payment or a payment schedule, and their refusal to accept anything short of full payment--while arguably short-sighted and bad business--does  not cause them to waive their right to collect the debt or result in any release of the debt.