arbitration
Date: Thu, 11/05/2009 - 19:07
i would apreciate some help if anyone can tell me what will happen. i was served papers from a credit card company who i have not payed in a year, i am in a debt settlment program and have about 2000 dollars in my account, i owe this credit card company 15000 dollars , they are hsbc. my papers say i have an arbitration date in may of 2010, my settlement company called them and they offered a settlement of 10000 which i cant do , i was hoping to get around 5500 in my account before the arbitration hearing and maybe get some kind of lump sum and payment plan, i have around 5 months before the hearing. i was just wondering what will happen at this hearing and what i should do next. any help would be apreciated
Arbitration is a way to settle debt disputes out-of-court to sav
Arbitration is a way to settle debt disputes out-of-court to save both money and trouble. But with all said, arbitration is more favourable to the creditor than it is to the debtor. Therefore, you may prepare yourself for a hard negotiation. Your only recourse is to plead your case really hard. Ask them to lower the debt amount and let them know what you can afford. But remember that unlike debt mediation, arbitration is legally binding, so don't commit something that you can't meet.
I think you would find the following link useful. "http://www.n
I think you would find the following link useful.
"http://www.nedap.org/hotline/settle.html"