Re: Arbitration and Delinquency

Posted by Drew (24.59.27.46) on February 05, 2004 at 13:08:34:

In Reply to: Arbitration and Delinquency posted by Bill Payer on February 05, 2004 at 12:55:05:

I am sure that you love your job. I mean it must give you great satisfaction to sit on judgment. I do believe that these boards are valuable in that they are saying what a lot of attorneys won't tell you. If you have hard times, and you can't pay your bills, there are other options. Just because you come down on hard times does not mean you lose your rights.

Contracts that invoke questionable clauses or clauses that violate some state or federal law are basically voidable contracts. Binding arbitration strips people of basic due process. Many binding arbitration agreements are going to be done away with. It is a big thing now but it won't be in about five years.

I just read that Fannie Mae won't be buying portfolios of mortgages that contain binding arbitration agreements. I hope others follow suit.

For the record, Mr. Credit card collections agent. Something for you to think about. When a customer of yours who has been doing business with your company for years finds themselves unemployed or laid up in the hospital, and they try to work out something with you, make sure you do really try to work it out with them. Many of the "deadbeats" as you refer to them who end up in collections end up in collections because they can't work something out with the creditor. I have heard lots of stories where they tried to get on you guys hardship programs only to be told by your agents they have to be in default for 45 to 60 days before they would even be considered. In the meantime that 45 to 60 days becomes a living hell when they can't pay and they are trying to get on your hardship program and your goons are calling them three to four times a day demanding payment, calling their families, calling them at work (if they have a job), calling their landlords, calling their neighbors and telling everyone they know that they are deadbeats and are not paying their bills. They have already been on their hardship programs.

I really believe that much of the abuse that consumers experience occurs initially at the hands of the original creditor which sets the stage for any future collection activities.

I personally believe that the FDCPA laws should be amended to include original creditors as well and that consumers should have the right to sue original creditors, their managers and their inhouse collection staff for abuses that follow under FDCPA.

Remember, you set the stage and everyone will have their day of trial.

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