Debt Arbitration Claim

workoutguy · #1 04-05-2007, 06:25 AM

an arbitration claim has been filed against me. i am in MN and the law firm trying to collect the debt is in MD. they say the amount owed is $9200 and there is no way that I can pay that. It says that I have 30 days to contact them.

1. What is arbitration?

2. Is there anything I can do so that they dont contact me anymore?

3. Any advice on what I can/should do?

Any help is appreciated!

seniorjudge · #2 04-05-2007, 09:26 AM

1. What is arbitration?

A: It is a process where both sides tell an arbitrator (could be a lawyer) their side of the story and the arbitrator issues a decision. If either side doesn't like it, then that side can file a lawsuit. Now...that is an extremely GENERAL description; you haven't given enough information to make a more specific answer.

2. Is there anything I can do so that they dont contact me anymore?

A: Pay the bill.

3. Any advice on what I can/should do?

A: Pay the bill.

workoutguy · #3 04-05-2007, 02:48 PM

Is it true that i am able to call the original credit card company (MBNA) and try to settle with them for pennies on the dollar or is it out of their hands now. i think the amout that was not paid on the card was $3000. i have no clue how it got to $9200!!!

Mr. Knowitall · #4 04-05-2007, 05:08 PM

If it's in the hands of a law firm, you would try to negotiate with the law firm.

workoutguy · #5 04-10-2007, 01:33 PM

do i just call them and tell them i want to settle and make them an offer or how does that work?

how much should i offer them? if i offer 1/3 of the balance...is that enough or too much? what is the least i could offer? can i ask them to not cantact me in any way if i offer to pay?

Betty3 · #6 04-10-2007, 08:12 PM

Quoting workoutguy

i have no clue how it got to $9200!!!

Interest/penalties. Interest adds up!

workoutguy · #7 04-11-2007, 08:37 AM

Quoting workoutguy

do i just call them and tell them i want to settle and make them an offer or how does that work?

how much should i offer them? if i offer 1/3 of the balance...is that enough or too much? what is the least i could offer? can i ask them to not cantact me in any way if i offer to pay?

what should i offer them? this was back when i was young and dumb in college and i want to get it taken care of. am i also able to tell them they cannot contact me?