Arbitration Clause
Date: Wed, 02/24/2010 - 08:19
Quote:Originally Posted by AnonymousHi Can some explain this and
Quote:
Originally Posted by Anonymous Hi Can some explain this and how to apply for it. I believe my AMEX account is about to go to Zwicker and I want to preaper to file Arbitration. I am just clue less how to handle this. |
Well, you might not want to enter into an arbitration process. Not only would it be stressful but also might not fetch a desired result for you. This could be because you are not a professional negotiator.
Also remember that the terms of arbitration would be legally binding.
Amex uses typically NAF and AAA in their cardholder agreements.
Amex uses typically NAF and AAA in their cardholder agreements. NAF is outta business because they were in bed with the Banks and got busted last summer. That leaves AAA. If it still hold correct, AAA will not take Amex's case because they don't want to follow the same fate as NAF. Amex recently amended their cardholder agreements to add JAMS...Under the prior cardholder agreement, the creditor pays all fees and their own attorney fees, NO loser pays...Demanding arbitration is fairly simple, It's just a letter to either the OC or the atty law firm stating, I hereby elect arbitration under the cardholder agreement. That stops a lawsuit and if you really have no defense, the arbitration election buys a lot of time, frusterates the creditor, and can force a more reasonable settlement...Best Example is Cap1 and people in default. Cap1 has JAMS...Let's suppose you allegedly owe cap1 8K...If they threaten to sue, elect arbitration. The jams fees for arbitration vary but they would be looking at shelling out minimum of say $5K+, with no chance to get that $ back...Nobodys gonna spend $5K to get 3K...Recently they have been walking away and you just get a 1099 for the full amount...It sounds complicated, but it's not and is your last line of defense if you can't get a reasonable doable settlement. It's not the way it used to be....The tide has turned against the creditor and in favor of the consumer...
I second what unregistered guest say's about Aribitration. It s
I second what unregistered guest say's about Aribitration. It stops lawsuits cold and creditor is not willing to pay high fees to arbitrate.
From what I have read "Arbitration" is a lawsuit killer. Chase,
From what I have read "Arbitration" is a lawsuit killer. Chase, Cap 1 and American Express all have clause in card holder agreements.
Thank you very much guys for detail info, I do want to settle wi
Thank you very much guys for detail info, I do want to settle with American Express I am about 70 days behind with them. But they are not bending or offering an kind of settlement but they did offer me the debt solutions compines. Settlement compines want the money from me which I do not have or able to pay them every month. But every time AX calls they want money and I keep telling them I do not have it. In the letter few days I received from them they said they will send me to their attorney and that is why I am searching for Arbitration and how to file for it.
Quote:Originally Posted by AnonymousThank you very much guys for
Quote:
Originally Posted by Anonymous Thank you very much guys for detail info, I do want to settle with American Express I am about 70 days behind with them. But they are not bending or offering an kind of settlement but they did offer me the debt solutions compines. Settlement compines want the money from me which I do not have or able to pay them every month. But every time AX calls they want money and I keep telling them I do not have it. In the letter few days I received from them they said they will send me to their attorney and that is why I am searching for Arbitration and how to file for it. |
My American Express is 200 days late and they never sent to "attorney". They are just trying to rattle you at 70 days late. Mine has now gone to the third collection agency working on behalf of American Express. My debt with them is only $3,700. There are several good threads on Arbitration in the last couple of days. Look back. Also look at thread with header American Express - Zwicker
Arbitration with Zwicker ?
this might be a redundant posting, sorry new here. But it seems that the topic is the same but more current >>> It seems like this is a very good discussion for my situation with Zwicker and Amex. This one guy stopped my house and gave me papers for "Arbitration Case Summons", on the front page it clearly states "This summons may not be served later than thirty (30) days after its date", on that same page it does show a date under the clerk name, which is ok and within that 30-days, but on the next page where the actual Claim document starts, there is plastic sticker with big "FILED" mark and it shows date that is now 58 days old ....... does anyone know which date it is that this 30-day rule goes by.
[COLOR=black]Also, the front page, eventhough it states "Arbitration", the time and day is actual county court room .... and it got the stamp of our local Clerk of Judicial Circuit Court .... [/COLOR]
[COLOR=black]Now the most important question I have about your above discussion regarding these 2 Arbitration options ??????. I also have those 2 arbitration companies listed on my Agreement, can I put them into box" with asking for arbitration by one of those 2 companies ? Or did I already lose that opportunity and now I am going to deal with local court and I am way past this Arbitration ?[/COLOR]