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Posted by kareninillinois ( on April 26, 2004 at 15:40:00:

I have a charged off MBNA account with a balance of $11,506. I am unable to make payments and so far have been unable to scrap up the money to file BK. I've gotten a few letters from Creditors Interchange (aka Hilco Receivables, LLC and Lake Cook Partners, LLC) requesting payment. I've ignored them so far, because I really am in no position to negotiate. Today a got a letter from Hilco Receivables stating that my account has been forwarded to their arbitration department. What am I in for? My checking account is joint with my husband (his name is primary on the account) and my paychecks are below the minimum weekly amount for garnishment. I am listed on the deed to the house (joint tenancy) but not on the mortgage note. What does it mean to have the account go to arbitration department? Am I about to be sued? Is there anything I can do to stop the arbitration process? I really need help! Any input would be appreciated

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