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** Binding arbitration **
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Posted by kelly from nevada
(64.12.96.205) on September 19, 2002 at 17:36:34:
ok ive done a bit of research about this new binding arbitration that MBNA & a very few other credit card companies are "sliding" into their new credit apps over the past 2 yrs or so & according to "all" the BK attorneys ive spoke with this nonsense is still all "without" a doubt 100% dischargable in bankruptcy court despite what MBNA'S agreement may say .. the only real problem with this arbitration deal is that yes , they have the right to by pass going to court to get a judgement becouse your signing away your rights by doing so when you apply & are approved for credit & basically they will ALMOST always get that judgement if they persue it BUT according to what ive learned if you still have no real assets no money & so on they are just as likely to try to pursue you just as in "any" other credit card agreement so no real difference there & once you reach your states SOL without them getting a judgement SOL does apply .. this is all still working its way through the courts and could take a couple years to get settled but from what im learning binding arbitration WAS NEVER meant to be applied to credit card debt & such EXPECIALLY since "most" who sign that crazy agreement have no clue what their signing & thats the problem .. arbitration is normally agreed to by both parties before the agreement is signed & finalized but with this even though you sign the agreement when you apply alot of people dont understand that their signing away their rights & this is whats pending in the courts , now how wrong is that ?!?! i hope these big banks NEVER get their new BK legislation ( bk legislation is dead for at least 18 more mths if not forever ) becouse in my opinion alot of those banks are dead wrong PERIOD for pulling nonsense like this .. kelly .........
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