Re: Debt Settlement Program/Notice of Arbitration
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Posted by JKelly
(151.197.23.253) on July 18, 2004 at 18:42:56:
In Reply to: Debt Settlement Program/Notice of Arbitration posted by anon on July 18, 2004 at 17:35:11:
Scroll down a little and read the post DEBT XS. That pretty much sums what anything I could say about debt settlement/consolidation companies, whatever they choose to call themselves. It is in your best interest to send the refusal of arbitration letter YOURSELF. Do not depend on Freedom Fiancial to do anything for you. Send it certified/return receipt. Sorry to say this, but people who are involved with debt settlement companies are more likely to be sued than people who just stop paying on the credit card. Once they see that you are involved with a debt settlement, they figure you have some money, and they figure they can sue and get a judgement. When was the last time you paid the original creditor before the account became deliquent. What state are you in? Is it possible that these debts are passed the SOL? If you do not send the refusal of arbitration letter, they will get an arbitration award, and based on that, they can get a judgement against you.
What is likely to happen here is that they will get the arbitration award, but if they try to get a judgement based on the arbitration award, you will need to prove that you did not agree to arbitration. If they get a judgement against you, they can, without warning, (depending on state law) garnish wages, seize property and bank accounts. Just be careful here. Good idea to protect your banking info NOW. If you have ever paid the original creditor with your current bank account, they have your banking info.
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