Credit Card Settlements and Prom Notes
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| Mon, 01-23-2006 - 2:52pm |
Hello everyone this is my first time posting on this board.
My New Year's Resolution is to clean up my credit reports and I've already started the process by targeting 2 personal loans for settlement. I just settled 1 debt consolidation loan with a Credit Union (CU) last week and I'm still working on the other loan with a major finance company.
The CU gave me 2 affidavits to indemnify me for my 2 promissory notes for the loan. The CU only had a "scanned" copy of the original note that the CU says is a duplicate of the original note. As far as the second note for this account, the CU lost it.
And the finance company is fightening me tooth and nail and refuses to sign my settlement agreement because I'm asking for an indemnify for my promissory notes. The finance company also keeps dodging the issue of where or who has my notes altogether.
Anyway, my next target is to settle a few credit cards and I'm thinking about asking the bank to either return my prom note for the credit card account (I guess this would be the original credit card application) or indemnify me for the lost note in the settlement agreement - a similar request I've already made to the CU who had my debt consolidation loan above.
Questions:
1. Are banks who issue credit cards required to return prom notes once the account is paid in full just like banks who offer personal loans?
2. Similarly, does the same obligation apply to banks and fiananal institutions who give secured loans such as car loans and home loans? In other words, once we pay these loans in full, should we receive the original note stamped paid in full instead of a letter that says we're all paid up?
Thanks everyone again for your help!


Hi there and welcome to the board.
All my best,
Danni