Capital One Case in JAMS Arbitration

Date: Tue, 05/11/2010 - 18:45

Submitted by Nasim1267573302
on Tue, 05/11/2010 - 18:45

Posts: 17 Credits: [Donate]

Total Replies: 2

I had court date today. I basically tried to take the case out of the court and hence filed with JAMS for arbitration. Per Cap1 card member agreement, neither party can continue the case in court if either party initiates arbitration clause. I filed a motion before the court date and asked judge to dismiss the case per card member agreement. By the time James send letter to Cap1 for $550 for their portion of fee and I paid my portion of $250. Some company named SPOTTS FAIN is representing Cap One and asking judge for a return date and Judge set a return date while case is in arbitration. I do not understand why ?? Previously I asked SPOTTS FAIN to validate the debt and asked them to send the document that shows that they are the asignee of Cap1. They replied that per law they are not required to show that document of asignee. They only send payment history of the acct and copy of the original credit application...One info: My spouse spoke on behalf of me in front of judge ans judge listened... ..Please give advise what to do next...Thanks..

They are required to send you verification that they are the ass

They are required to send you verification that they are the assignee/representative of your original creditor by law. If you do not understand why the judge took a certain action, you should talk to a lawyer in your area, either by going to their office or going to www.lawguru.com to ask a question for free. Some state's new professional responsibility codes do allow a lawyer to be hired only for advice (called limited representation), so you won't have to pay all the lawyer's fees.

lrhall41

Submitted by OVLG Attorney on Thu, 05/13/2010 - 09:46

( Posts: 511 | Credits: )

Capital One finally agreed to settle the debt for $750. what I o

Capital One finally agreed to settle the debt for $750. what I originally offered. Looks like they do not want the route of arbitration. The original debt was $1300. but interest and fine incresed the balance to $2100. I already paid $250. to JAMS as my part of arbitration. Will Cap one refund this fee ?? In the settlement agreement that they sent to me is a 5/6 page statement that should be notorized and send to them along with payment. It also says that it is my responsibility to file to witdraw the JAMS arbitration. Is this normal procedure ? What I should and should not do with this settlemet offer. They also mentioned about 1099-C for the debt forgiven. How will it be calculated. Difference between original/principal and settlement amount is $550. So far I know principal over $600 forgiven is taxable. Should I address this issue ? Because in my case rest of the money is fine and interest. Any advice will be appreciated....Thank you so much..

lrhall41

Submitted by Nasim1267573302 on Sat, 05/29/2010 - 14:56

( Posts: 17 | Credits: )