Patent ID: 7756767

Claim:
A method for renegotiating a financial instrument comprising the steps of: initiating a logical session between a client program and a client interface affiliated with a financial institution; and during said logical session, displaying financial information relating to a client on said client interface, displaying a message on said client interface that a first financial instrument of said client can be renegotiated, transmitting from said client program a request to renegotiate said first financial instrument to said client interface, displaying an electronic records disclosure agreement pertaining to said request to renegotiate said first financial instrument, wherein said disclosure agreement includes terms in which said client is asked to consent to use of electronic records in renegotiating said first financial instrument, upon receipt of acceptance of said terms of said disclosure agreement from said client program to said client interface, displaying a plurality of renegotiation options on said client interface, said plurality of renegotiation options each including a minimum balance and associated time term range and rate of return range, and disabling from selection by said client at least one renegotiation option based upon a balance of said first financial instrument, transmitting from said client program a selection of one of said plurality of renegotiation options to said client interface, including specifying a balance amount and a time term, transmitting from said client interface to said client program said selected renegotiation option and displaying at said client program said specified balance amount and time term and an associated rate of return, and transmitting from said client program to said client interface acceptance of said renegotiation option, whereby said financial instrument renegotiation is completed electronically during said logical session such that said rate of return is fixed during said logical session and said financial institution does not need a printed document signed by said client agreeing to said renegotiation.