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Posted: Sun Feb 04, 2007 1:43 pm

what is statute of limitations with the creditor? i have never heard of this. I have been in debt settlement with ADF going on a year. none are settled yet and two are persuing arbitration. should I be wooried because I am terrified. we had over 40,000 in credit card debt and were on verge of bankruptcy, thats why we did settlement. i am so afraid of summons or garnishes. thanks for your time

Posted: Sun Feb 04, 2007 3:00 pm

Arbitration is usually something that occurs before a settlement is in place. It allows both sides to discuss the matter and come to a mid-point for what is acceptable to the creditor and realistic for the debtor to pay. If you have already reached a settlement agreement, why would you arbitrate it again? This doesn't make sense. So, if you have already reached a settlement agreement and making your payments per the settlement agreement, you shouldn't be concerned about summons, garnishment or any other court action. If you have not kept to the settlement agreement, then they have the right to sue. However, if they are wanting to arbitrate again, then by all means, arbitrate. What they are doing is offering to open the lines of communication so they can get you back in line with paying them. Sounds to me like they don't want to take legal recourse if they offering to arbitrate. However, don't feel pressured to take an offer that doesn't work for you. Let them know what your situation is and tell they what you can afford.

Posted: Sun Feb 04, 2007 3:04 pm

Welcome to the Community Very Happy

Here is a link,state by state for the SOL in your state at http://www.fair-debt-collection.com/SOL-by-State.html#T It begins with the date of the last payment made on your accounts,and can vary in years. Not to be confused with the Credit reporting agencies, which a valid entry can stay on for 7 years..Hope this helps..KAren

Posted: Sun Feb 04, 2007 3:30 pm

Good resource Bossy. You do you homework! Wink

Posted: Mon Feb 05, 2007 10:41 am

we signed an agreement with a settlement company and they stated they could settle these debts in 36 months if we pay this amount, so we are. the two companies that want to arbtrate would be settled last
because they are the highest. I have alot of anxiety about all of this. did most of you go through companies or settle yourself. has anyone worked with adf the american debt foundation? thanks for your help

Posted: Mon Feb 05, 2007 10:43 am

I haven't worked with American Debt Foundation myself. However, if you have a signed contract where they tell you that they will settle your debts, they are obligated to do that. Does your contract have any disclaimers in it?

Posted: Mon Feb 05, 2007 3:17 pm

Most settlement companies mention in the contract that if the creditor files a lawsuit during the course of settlement, they should not be held responsible for the case. Although, they want to play safe but your good intentions is well understood by the judge. He looks more on the facts that you were trying to pay rather than not doing anything towards the debts. I am saying this just after seeing my friend coming out of a lawsuit against him. The judge has considered the petition of all the parties and arranged an acceptable payment plan

Posted: Sun Nov 11, 2007 4:47 am

Don't mean to dig up a dead post but this is the one that I have found with the most information on what I need. I am getting ready to go through arbitration in Pa with cach. I am interested in any information from some one who has been in a Pa arbitration hearing and debtfairy if you are out there, I have posted this question on a couple different forums, I would be greatful for your response.

1. has anyone went through arbitration in Pa?

2. Has anyone been through arbitration with CACH?

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