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National Arbitration Forum on The Ropes!

Date: Tue, 07/21/2009 - 14:10

Submitted by meircats
on Tue, 07/21/2009 - 14:10

Posts: 91 Credits: [Donate]

Total Replies: 5


According to five million dots dot com, there is a Congressional Hearing scheduled or Wednesday, July 22nd, on Arbitration. Also check out the article if you haven't already, about the NAF ceasing its collections on July 24th of this month. I'll go back and read more about it, but if the NAF comes to a halt, that means that various debt collectors will also not be making any money...but will actually be loosing it. Most debt collectors are not willing to go to the expense of lengthy drawn out court actions, especially if they are using methods that are not always legal. Court takes too long, and they are not as apt to get any payments quickly. With the economy being in such dire straights as well, so many people are defaulting on debts and the courts would be inundated with lawsuits...some would not be heard for a yr. if not longer. The NAF was always the quickest and less expensive route that debt collectors used to get paid....now that area is under scrutiny and may come either to a complete halt, or will slow down significantly. It may just come to a gradual end altogether.


Wow its true, I just looked it up also, there is an article in the Chicago Tribune. In all my research since using this site. I have seen many unfair things happen to people who have just had some bad times. This NAF, from cases that i have actually looked up and from also reading about things that happened to other people on this site, they do seem to rule in favor the creditors, CA, etc. Hopefully, this will give consumers a fighting chance.


lrhall41

Submitted by on Tue, 07/21/2009 - 14:31

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Among other things, the lawsuit contended that NAF didn't disclose that it has financial ties to the debt-collection industry, violating Minnesota laws against consumer fraud, deceptive trade practices and false advertising.

The suit by Minnesota Attorney General Lori Swanson says the National Arbitration Forum ???actively encouraged??? credit card issuers to place mandatory arbitration clauses in their contracts naming the forum as the arbitrator, USA Today reports.

When I concidered taking a PDL to NAF,The rep I spoke to was caught for words. When I asked "What stake does NAF have in the out come??" The rep just answered...ummmmm,ahhhhhhhhh,errrrrrrrrr!!!!


lrhall41

Submitted by Roadwarrior on Wed, 07/22/2009 - 02:40

( Posts: 637 | Credits: )