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MBNA/Wolpoff update
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Posted by Dave
(138.88.134.206) on June 03, 2002 at 21:19:20:
I spoke to two different lawyers today regarding the use of an arbitration agreement being a violation of the FDCPA. Unfortunately they both agree that there is very little chance of winning that particular arguement. There was a recent Supreme Court case (5-4) that upheld an arbitration agreement over the Truth in Lending Act which makes things very difficult. (Randolph vs Greentree Financial.) The Court overturned a lower courts ruling that the arbitration infringed on the TILA. It would of course be possible to take a similar case back to the Supreme Court, but the result would likely be the same.
I could argue that the agreement is unenforcable for a variety of other reasons, but that wouldn't be all that helpful in that the key part of the FDCPA challange would have been the damages.
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