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.
2007-10-13 00:53:12 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
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
2007-10-13 09:24:53 · answer #1 · answered by echo 7 · 1⤊ 0⤋
I have heard a number of complaints on this. Fortunately I haven't been involved with fighting over arbitration.....but it's certainly a problem.
Do a search on the Arbitration Fairness Act of 2007...this is a bill currently making it's way through congress that will put a limit on these types of cases.
I also remember reading an article were some civil defense lawyers are specializing in these cases...you may want to search around for one of them.
For now, just a word of warning top people. The wording is right their in your credit card agreements demanding mandatory arbitration. Be careful what you sign!
2007-10-13 12:14:15 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Agreed. The credit card companies thrive on taking advantage of people who don't have the resources to fight back.
The problem with fighting it in court is that the process will cost you thousands upon thousands of dollars. And what will you win? A few hundred? Who in their right mind would spend $25,000 to win $500?
The credit card companies know this. About the only chance you would have is to find an attorney who will file a class-action lawsuit on behalf of everyone the credit card company has taken advantage of.
This will not be an easy task.
Good luck.
2007-10-13 01:05:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
How were you notified? registered letter? Sounds a little strange to me. How much was the debt? They cant take away your right to stand in-front of a judge. Who was the letter from? collector or creditor. Did it have a specifics date on it or was it a pay by this date or we will see you in arbitration. I may have a few suggestions but need to know specifics.
Kourtnie Donihoo
Prosperity Financial
2007-10-13 02:39:28 · answer #4 · answered by Kourtnie D 4 · 0⤊ 0⤋