MBNA Arbitration
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Posted by deal maker (67.127.173.56) on July 15, 2004 at 13:00:54:
I am hepling my son-in -law with a credit problem. MBNA charged off a $6200 debt and sold to anther company. The new CA sent a form letter about two months ago stating they would force a binding arbitration if the total is not paid in 30 days. they then called us last week and we went back and forth on the amount of settlement and we did not agree. their last offer @ 50% seemed alrigth so we told them we will get back with them in a week since we have to see where the $3100 would come from . but a few days later we received a claim form for arbitoration and they now demand a settlement for $1800 more than their last offer. they agreed verbally @50% but their written request is back to $4956 which happens to be the first number they had offered us. Now the question is.. Can we refuse to participate in the arbitration? Can they make us participate? and can they get a ruling if we simply respond by telling them we do not accept arbitration. I read consumer loses 99.8 % at time with this deal.
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