Credit Card Debt
CRAMDOWN: Renegotiating Mortgages, Car Loans, Student Loans, Credit Card Debt, Taxes & Other Obligations in the Age of Wall Street Bailouts [K] [i] [n]
Silver Lake Editors (Kindle Edition) Silver Lake Publishing 2009-10-20
Release date: 2009-10-20
Price:
$9.95
Answers
I have been notified of an arbitration by a credit card company of which I did not realize was possible. However, it seems that the credit card companies can take away my right to court justice! Alarming it is. Anyhow, is this valid or what is the latest related to this, in Florida cases. I would like to fight this to the supreme court. When the CEO of a credit card company can make 250 M bonus per year and get away with this ~ something has to be done.
You might send them a letter refusing arbitration.
Mandatory arbitration violates quite a few laws plus there is solid case law to back it up.
You might click on my profile and click on the last link I have listed. It is a free credit discussion board.
There is an excellent arbitration refusal sample letter template that is also free to use.
You might ask about it in the credit forum on that site.
edit++++
Studly is correct that mandatory arbitration is in credit card contracts. It's become a standard clause in those contracts.
It is up to the informed consumer to use their rights in refusing arbitration.
Enforcing mandatory arbitration, even though it is in the signed contract, violates House Resolution 5162 which amends Title 15 USC 1601 of the Consumer Credit Protection Act
Plus the amendments to the Federal Arbitration Act (S. 192), and House Resolution 1054 and 3607 that amend the Truth in Lending Act, makes pre-dispute mandatory arbitration agreements in consumer credit contracts invalid and unenforceable
www.TheCreditCardSolution.com presents Bob Lindsey discussing the process of arbitration in the field of credit card debt. Credit card debt ...
Read complaints about this company:
http://www.ripoffreport.com/reports/0/35 3/RipOff0353747.htm
http://www.ripoffreport.com/reports/0/23 9/RipOff0239807.htm
Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement....This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator....this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances...You can never predict how your creditors will respond to the deliberate defaulting of your accounts...they might settle at 50%...or they might serve you a summons, take you to court...and if they win, you could be looking at wage garnishment.
None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.
http://online.wsj.com/article/SB12239445 8494631223.html
http://podcast.mktw.net/wsj/audio/200810 13/pod-wsjlaise/pod-wsjlaise.mp3
I am considering he use of one of these firms, and wanted to know if anyone has used this type of service and what kind of experiences you might have encountered.
You will pay for it in the long run, but those firms should be able to help you out. Nothing is free though.
The best option for debt trouble is negotiating your debts with your credit companies to keep the payments from swallowing all of your income. Typically, you have to get a counseling agency to call on your behalf. If you try to work with them yourself, many of them will not cooperate with you because you are not enrolled in credit counseling. Try http://www.womenindebt.info. Good luck!
My wife received an arbitration letter from NAF stating that she lost her arbitration. This was two months ago and we have not heard anything from anybody. We do not understand this process and was wondering what do we need to do next? Do they send us a bill? Do they send us a payment plan? Or other?
You should have been notified of the arbitration hearing. You have the right to defend yourself. Basically, the creditor got what he asked for whether he was legally entitled to it or not. I suggest you contact a consumer rights attorney for advice.
2009 Developments in Arbitration: Consumer and Employment ...
The year of of 2009 has seen no shortage of changes in the area of consumer and employment arbitration.
I. The Arbitration Fairness Act of 2009
A general sense seems to be emerging, among some at least, that arbitration may be going too far, and a legislative movement at the federal level has emerged that promotes the so-called Arbitration Fairness Act of 2009, which, if passed, would limit the use of binding arbitration in consumer, employment, franchise, and civil rights disputes. (Senate version:
News
Cheers to Swanson, jeers to PalinDL-Online - Dec 24, 2009
“She toppled the dominant player in debt arbitration in the country and changed the face of consumer credit card arbitration overnight.Minnesota Public Radio - Dec 22, 2009
Politics in Minnesota (blog)Swanson picked as one of "Top Ten Lawyers of the Year."Five days later, she secured a consent decree in which the NAF , without admitting blame agreed to cease its credit card arbitration business. National publication names AG Lori Swanson a top lawyer of 2009all 4 news articles »
Benzinga - Dec 11, 2009
There are many Credit & Debt Counseling Companies that offer credit card debt consolidation services. Any debt consolidation service providing has become and more »
The Associated Press - Dec 18, 2009
BOSTON — Capital One Financial Corp. will drop language from credit card contracts that requires customer disputes to be handled through binding arbitration Bank of America, Dinosaurs, and Mandatory Binding Arbitrationall 105 news articles »Florida Today - Dec 13, 2009
The second suit focuses on ADA of Tampa Bay Inc., which does business as American Debt Arbitration. The suit also names company principal Glenn P. Stewart, and more »The Associated Press - Dec 16, 2009
eCreditDaily.comBerger & Montague's lawsuit alleges that major banks conspired to require their card customers to resolve disputes in arbitration, including debt Settlement Reached with Bank of America in Case Accusing Credit Card Companies all 135 news articles »
Leagle, Inc. - Dec 19, 2009
Appellant did not liquidate the debt. Appellee submitted the matter to arbitration pursuant to a written credit card agreement. and more »