Re: Well it happened....

Posted by Drew (24.59.27.46) on January 16, 2004 at 17:43:39:

In Reply to: Well it happened.... posted by Reformed on January 16, 2004 at 17:21:07:

I agree with Lady. You must reject Binding Arbitration. Arbitration is an agreement that is included in all MBNA credit card contracts. In ARbitration you waive your rights to a jury trial. In the majority of arbitrations cases with W & A, debtors lose. Why? The standards of proof are not as strict and W & A are closely allied with the National Arbitration Forum. After the arbitration award is awarded (MBNA still has your wife's account I presume), they will then convert it to a judgment. They will then hire another set of attorneys to collect.

You might check and see about Bankruptcy. There are two types of bankruptcy. Chapter 7 where all unsecured debt is wiped out and the wage earners plan where a portion of the debts are paid back over a period of three to five years.

If you decide to wait on bankruptcy, the ONLY CHANCE your wife has will be through the courts. She must REJECT arbitration. MBNA is a real hardnosed. They rarely settle.

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