i did a search on the subject and i have to tell ya this word scares the crap out of me. I ready many things about this and most then involved an MBNA account that went to a nasty lawfirm that will get there money one way or another. I got my account well before the arbitration clause was put in but i dont think that will protect me from it. Also not one of the post had any encouraging news about using the validation process they all seemed to get steam rolled by this lawyer. My question is should i be making a deal with the CA before it goes to arbitration because it seems that if it goes there i will end up paying more then the original amout anyway or is there a way to fight the arbitration.? i would love any opinions on it.
i also forgot to mention the CA broke many of the laws when dealing with me so far and i think i truly have a case against them in small claims court. should i file in court before they send out an arbitration letter or am i bound to not file a case if i have the clause in my agreement.
This is my second speculation on arbitration today. I don't see how, if they have violated Federal laws, you could NOT take them to "regular" court. You may have to deal with their legal action under arbitration, but that doesn't mean they are not held responsible for their violations. And that means they are then arguing in TWO venues. I also think it could only help your case to refer to ongoing legal actions in "real" court when you're battling in arbitration. Actual court dates, dockets, etc. should hit harder in arbitration than letters than ITS letters. I wouldn't worry about getting steamrolled. The reason there are laws to protect consumers is not to scare off the ignorant, they're also there to penalize the well informed aggressive collectors. My dad used to say the bigger they are, the harder they fall. Don't give up on your rights or ability to defend your rights.
if the ca is the law firm wolpoff & abe, they add about $3,000 in fees to start out. mbna might settle for 80% of what you owe. mbna and their pit bull lawyers (w & a) are the toughest to deal with. as far as arbitration, you have to reject arbitration because you didn't agree to it. a notice on the back of a credit card statement about arbitration is not an agreement. they have to have something in writing that you agreed to binding arbitration. then send the ca a validation request. if the ca takes you to arbitration (national arbitration forum) you will lose because the naf is used by mbna and pays the fee, they still have to go to court and get a judgment. this is where you fight and produce your documents where you rejected arbitration.
