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Demand Original Settlement Agreement or Take a Faxcimile?


Bambee
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Happy New Year! I'm very close to settling a personal loan account at 50% off with an updated credit status of "Account Closed - Paid As Agreed" and an Indemnity for my original Promissory Notes. I modified one of the settlement agreements contained in the Good Credit is Sexy book and initiated settlement talks with the bank.

Thing is - the bank wants me to bring the payment into the branch office, which is about 20 miles away from my house! This is a major inconvenience for me and I'd rather mail the payment to the bank's headquarters (where the settlement agent is located) as per the settlement agreement . The bank also wants to fax over the signed agreement once I make payment at the branch and mail the original - signed agreement to me sometime thereafter.

Should I agree to this proposal or continue to push for the signed original settlement contract before remitting payment by mail? Will I compromise my legal rights by taking the faxed copy, especially if the bank never returns the original signed agreement? I really don't care about sending payment to headquarters or the branch - I just want to pay by mail AFTER I get the signed original in my hand.

Also, as a side note, I just want to confirm that the credit status "Account Closed - Paid As Agreed" is best for my credit rating. Right now, the accout is reporting as a charge-off with a lengthy past-due history.

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If you agree to their proposal, bring a witness with you who can swear to the events and a tape recorder...just to be on the safe side.

Witness cannot be a marriage or blood relative.

Faxes are recognized as legally admissible documents so long as transmission header (the strip at the top with name and phone number) exists. If they turned off the transmission header, it would not be legally acceptable.

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Thank you! So are you suggsting that I bring a friend to serve as a witness and have my friend sign a notarized statement of the events? I also like the tip about the fax header - that is, don't accept it if the bank's name and number is missing . . . . .

Any advice on my account status question above?

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Thank you again. So what will happen to the lengthly past due history appearing on my credit report for this account? Will it just drop off because of the "Account Closed- Paid As Agreed" status? Can the bank do both - that is report the account "Account Closed - Paid As Agreed" AND keep the past due history for the account?

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Well if the account is "paid as agreed" then you'll have an avenue of dispute with the CRAs on the history if it is not also updated. How can it be paid as agreed if it was ever late, right? And you'll have a settlement letter stating that they will mark it paid as agreed.

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So should I just tell the bank, via the settlement agreement, to delete the negative history appearing on my report or just leave it as is (i.e. Account Closed - Paid As Agreed) and assume that the history will come off? I'm concerned about the CRAs possibly removing the history after a dispute because the only evidence I have (i.e. the settlement agreement) says that I'm paying 50% of the total debt. The CRAs may verify the history based on that statement . . . .

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