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Debt Settlement Program/Notice of Arbitration
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Posted by anon
(152.163.252.196) on July 18, 2004 at 17:35:11:
I've been enrolled in a debt settlement/negotiotion program with Freedom Financial for the past 9 months regarding 2 credit cards (Citibank, MBNA) amounting $20,000. The basics to the program is I put $375/month into an account and after 30 months (which will be April 2006) Freedom Financial pays the companies the negotiated amount from that account. Sounded great to me since I wouldn't have to deal with the stress of dealing with the credit card companies. However, today I was served a Notice of Arbitration for the MBNA account c/o Wolpoff & Abramson. I'm going to fax the paperwork to Freedom Financial for them to look over and advise me. What is my next course of action? I know nothing about legalities, which is why I signed up for this third party to deal with everything. Is this debt negotiation/settlement worthwhile? I don't know what to do now.
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