What is arbitration? Can someone explain what I need to do?

Question

Can someone explain arbitration in simple terms? I got a claim from the National arbitration forum and it says I need to make a response. What is a response and what is an award or order. Please help I am Scared. Whats the worse that can come out of this?Asset Acceptance put the claim on me from a computer I never finished paying.What should I do? Please Help

Answer 1

It's basically a hearing where two parties involved are allowed to dispute the claim.

The worst thing has already happened. It was turned over to a collection agency and is now reported on your credit. Absolove the situation by paying what is left of the computer.

Answer 2

Arbitration is a way of solving legal disputes without going to court. Usually a third party is selected to hear and read the arguments of the two other parties. Both parties in arbitration have to agree to follow the results of the arbitration. After reading and hearing the cases, the third party finds an equitable resolution to the conflict.

A good example of arbitration is the show Judge Judy. Two parties agree to come on the show and present their cases. They also agree to follow whatever ruling is made. After reading and hearing the cases, Judge Judy makes a decision which is legally binding. Neither party goes to court and the issue is resolved.

Most companies like to do arbitration so they don't have to go to court. Court records are public, what happens in arbitration usually is not.

Answer 3

arbitration means that an impartial 3rd party will go over the complaint and decide what needs to be done to make the situation better . you probably signed an agreement when you bought the computer . you basically agreed to let the arbitration board handle any problems that would arise during the period of your contract. since you never finished paying for the computer the company took you to the arbitrators to solve their problem. you will need to have a very good reason for not paying for their computer. or arbitration will go against you. it is basically saving them and the overburdened courts from having to deal with stupid things like people that buy things and then don't pay for them as agreed.

Answer 4

Arbitration is an agreement between two parties that if a third person will decide the dispute. Usually, the person whom the arbitrator issues an award can go to court and turn it into a judgement relatively easily.

It doesn't sound like your dispute is big enough to hire an attorney, so you need to deal with it yourself. The easiest and cheapest way is to call the creditor and strike a deal.

Answer 5

Arbitration uses a judge and he mades the call on who owes what to whom.
It will be like small claims court. Go in tell your story, or better yet take the computer in and say here I have paid all I can. I have no money and don't know when I will get any.
Chance are you can get your computer back out of the garbae behind their store an hour later. FOR FREE.

Answer 6

It is a "private trial." Instead of a judge, there is an arbitrator, who is usually an attorney. It is a quicker and cheaper process to resolve a dispute than going through the courts. Usually, both sides have to agree to arbitrate. However, some statutes require arbitration.

Answer 7

the participant with much less tha 3 yrs expirence asks for $5mill gross sales for a million year the gang grants $3mill sal for a million year an independant arbitrator listens to the two components of the controversy and regulations one way or the different . the two $5mill for the participant or $3mill for the gang. the arbitator does not set a center floor that must be a mediator. a mlb participant could desire to play greater beneficial than 3 years to stay away from arbitration after 3 years the plaer can report for loose enterprise in the event that they dont like the settlement the gang grants

Answer 8

this means they want to sit down with you to work out payment arrangements with out taking you to court, really its nice that they are not dragging you into to court for not paying.
you need to reply and get this fixed, or if you have claimed bankruptcy since you bought said item then you need to call them and give them you bankruptcy info.