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Re: Arbitration ?


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Posted by Drew (24.59.27.46) on February 04, 2004 at 15:55:53:

In Reply to: Re: Arbitration ? posted by Leafs Fan on February 04, 2004 at 15:24:20:

The problem though Leaf is that BINDING ARBITRATION is often contracts of adhesions. Many of these binding arbitration agreements are sent after the fact and not part of the original agreement. They are not included in the original contract.

For example. My original contract was with US Bank. US Bank sold my contract to MBNA and told me in their letter that MBNA would honor the original contract and terms. I agreed to go with MBNA becuase my original contract had a fixed interest rate and no binding arbitration agreements and no arbitration agreement. About four months after I started using my new credit card with MBNA I get a full disclosure statment telling me that I now have to agree to their terms and my contract will be canceled if I don't. That is my only credit card. THat is extortion. Am I in default with MBNA? No. But the arbitration agreement is wrong and you know what most consumers don't know it is wrong and don't know what it means until they are screwed.

So the mantra will go on but credit card companies are now forcing binding arbitration agreements on consumers because they see how well it is working with MBNA and pretty soon Leaf you will not be able to find a credit card that does not include BINDING ARBITRATION. It is the new weapon of credit card insurers and that is wrong. So now is the time for consumers to fight binding arbitration agreements and let it be known that you cannot strip peoples rights for them.


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