I have been to two different companies with training contract. None of them had me or any other pilot sign a promisory note on day one at least in the classes im familiar with. When i left one of those companies, an exit interview was schedule in which they tried to get me to sign a promisary note. I knew if i signed that document, now this would be a legal contract.

The document you sign on day one does not have a payment plan. Compass' training contract is set up a bit diffent in the fact that it states the total and how much you would have to repay for each month still remaining on that contract. It's still not a promisory note to repay. Unless you sign a document saying you agree to a certain payment plan either weekly, monthly, bi-weekly, yearly they have no grounds to collect money from you. If they do decide to bring it to court, you can argue the fact that you did not agree to a payment plan. You could pay a penny every 10 year and be in agreement to the document you signed on day 1 that did not include a payment plan.

I have dealt with this in real life. Not putting in my assumptions here.

Like I said, AOPA has an awesome legal service that will help you through all of this. These contracts are not legal until you sign a promisory note.