Binding arbitration and credit debt

Discussion in 'Credit Talk' started by Credit SS, Sep 26, 2003.

  1. Credit SS

    Credit SS New Member

    I wondering, what happens if;

    If your card debt has been sold to another company and they are trying to sue you. Your original card agreement stated that both you and the card company were bound by binding arbitration. The agreement went as for as to state thatâ?¦

    â??This arbitration agreement shall survive; any transfer, sale or assignment of your account, or any amounts owed on your account, to any other person or entityâ?

    So would this be reason to have the lawsuit dismissed? If it was dismissed then what could they do? Make me arbitrate? What if I refuse and they (the arbitration association rules a judgment against me? How could they make me pay if they canâ??t sue me?
  2. thetruth

    thetruth Member

    Arbitration is a scam. I do not understand how any CC has been able to collect from the scandalous arbitration award through NAF. I have 2 arb awards against me and MBNA knows better than to try to reduce those fraudulent awards down to a judgment.
    They'd be laughed out of court with my objections.
  3. raven

    raven Member

    Arbitration is a scam, I agree. I have one against me already, and another soon to follow. Do you really think they won't get a judgement? Why?
  4. billt1227

    billt1227 Well-Known Member

    naf is funded by CC so the cards are stacked against you. they can take the arbitration award to court to get a judgment. you have to fight the arbitration first, both the consumer and the CC have to agree to arbitration. at the start you have to notify naf that you do not agree to arbitration. if you just let the arbitration happen without any dispute from you, the CC will get an award, they will try to collect first but they can go to court for the judgment.

Share This Page