Hi This is my first post here, and hopefully I will get some help and or opinions on how to proceed. I received a letter from National Arbitration Forum that an award has been granted to plaintiff. My questions are... What happens next? Junk Debt Buyer goes to court to have the award affirmed? What do you think the time line on this will be? Will they wait a few weeks (I have read they have 90 days) When I get a letter from the court stating court date, what can I do? What really kills me is the award is for so much more than the original charge off. Don't they have to PROVE how they came up with 20K more than the charge off? Do judges usually look at the amount and tell the plaintiff to settle for less? Do you think they are going to settle for less, if I make an offer? it is going to kill me to do this, but I have to get this over with as it has gone on for so long. I don't want the ordeal of having to go and have my assets looked at etc. I just want to try to settle this nightmare. Oh and for those who say Why didn't you pay a long time ago, I tried to, the OC would not work with me and sold it to a JDB years ago where it has been in lalala NAF land accumulating interest. Please know I did everything I could trying not to get an award issued against me and I am just about spent from it,as they do not play fair. I just need to know WHAT TO DO FIRST and then second to protect me from judgment. Please help. Thank You
Sorry to bring you the bad news, but: a) they did prove the amount. They proved it to the arbiter. Under the arbitration agreement that you signed when you obtained the credit, you agreed to abide by the arbiter's decision if it went to arbitration. b) Judges want the case resolved. They would prefer that the parties worked it out without involving the courts. If you go to court, then the one who presents the most convincing documentation wins. (more or less)...and is often awarded the other's reasonable attorney fees. But none of this matters because of the arbitration agreement. c) The time for negotiation is past. The arbiter's award is the same as a judgement for all practical purposes. In fact, they can then be filed as a judgement with the court making them exactly the same as a judgement. Again, I'm sorry to hear you're at this point, but you're going to have to dig deep into the legal bag-of-tricks (or deep into your checkbook) to get out now (or file for bankruptcy if this will really break you). Good luck!
I thank you for your reply. There is no way I can come up with over 45K, and hopefully what you said as the voice of doom ; ) may not happen. . What I need to know is .. I will be notified, when they try to affirm award to judgment? Do you believe that if the JDB feels he cannot get much from me that he would settle for a lot less, and take some money now? I don't have that kind of money that he is seeking. I am self employed.Made almost poverty level. Not much in my name except a home that has a Homestead Act on it put on years ago. What type of tricks could I use??? This is making me ill...
If you're in that dire of a situation, you should consult with a bankruptcy attorney to get out from under this.
I don't think most people can come up with 40K and I would rather pay a lawyer to fight this then give a JDB any money. I have to think with my head though not with my emotions, and I just want this thing done with. You mentioned a bag of tricks? HELP What can I do for now to...?? A. Postpone a judgment B. Settle for a LOT less than the award BEFORE they get it affirmed. I have heard that NAF awards when trying for a judgement have been dismissed. SO THERE HAS TO BE SOMETHING THAT CAN BE DONE What time frame do you think it will be before a court date to get award confirmed to a judgement? I really need some help even if it is just a slight chance I can get this taken care of. Thank You
Like I said, if you have no assets, no immediate income, and a crushing debt, then you should consider bankruptcy (hence my advice to talk to a bankruptcy attorney). Just make sure that if you DO file bankruptcy to list ALL the debts that you can think of that might come back to haunt you because you only get one shot at this every ten years (or so, I don't remember for sure).
Whatever tricks exist, you need to talk to a lawyer. This isn't easy as apparently they have the arb award. Do they have any reason to think they can get the $40K from you? You might have considered this before you let them get the arbitration award without pointing out whatever you think is wrong. I don't mean to be negative, but that's a valid thing to note. I don't know.
I don't know if they think they can collect or not.Only thing in my name is a home, but I have a Homestead on it,with my spouse. I don't believe that you can win against NAF,and I DID and DO have a lawyer,the case has been going on for 4 years and I believe I did everything I could to NOT get an award. Unless you have dealt with NAF you know that it is a different set of rules ALL one sided. I am not a newbie in the courtroom and have done fine in all my cases, this one, well it is a different animal. I am not about to roll over though,at least not right now.
