1. Announcements

    1. Polls

      Weigh in on what's going on with your credit, debt or legal issues.

    2. PLEASE READ BEFORE POSTING / Board Announcements

      Find posting etiquette tips, other "rules of the road", abbreviations explained, and announcements we need to share with you. All new members should start here.

    3. Resources

      Place to go to look up helpful information such as state laws, case law and other sites for finding great information regarding credit repair.

  2. Credit Repair Forums

    1. Credit Repair

      All your credit repair questions.

    2. Collections

      All your questions about those nasty collection agencies and what to do about them.

    3. Credit Bureaus/Reports/Scores

      Everything you wanted to know about the Big 3 (and all the other little ones, too!)

    4. Credit Article of the Week

      Get the latest news about credit and finance!

  3. Legal Issues

    1. Is There a Lawyer in the House

      Hang out with our expert legal minds - get advice on lawsuits, procedure and credit case law.

    2. Bankruptcy Q and A

      Have questions about filing a bankruptcy? Wondering what it will do to your credit? Here is the place to start.

  4. Debt Validation

    1. While You are In It Debt Validation Q and A

      This forum is for those of you who have started the debt validation process and need more information.

    2. Debt Settlement

      Tips and tricks for getting out from under all of that debt.

  5. Loans and Banking

    1. Obtaining Credit Cards, Auto Loans and Financing

      Everything you want to ask about credit cards, auto financing and other types of loans other than mortgages: which programs are best, interest rates, etc.

    2. Mortgages

      By Popular Request

    3. Student Loans

      Get the latest news about credit and finance!

    4. Banking and Finance

      Questions about a specific bank? Personal investment/finance questions? Ask the experts here!

  6. Non Credit

    1. Off Topic

      Get to know each other here - all other non-credit questions....

    2. Wine

      I love wine, so if you do, too, here is a place to discuss it.

  • Who's Online   1 Member, 0 Anonymous, 106 Guests (See full list)

  • Forum Statistics

    Total Topics
    Total Posts
  • Topics

  • Posts

    • Also keep in mind because this is a business debt the arbitration rules of AAA or JAMS for commercial debt will apply not the consumer terms listed in the agreement.  Arbitration forum rules apply.
    • The problem is Avant/Web Bank is an internet based company not FL which changes the interest rate restrictions.  The laws of FL do not apply in regards to the rate.  WebBank is incorporated in Utah.  Your next major problem is "usury" interest rates only apply when there is no contract.  When there is a written contract between the parties then higher than statutory interest rates can be charged if both parties agree to the rate. Your next major problem is this is a business loan.  That FL cap is for personal credit not business. Usury does not apply to business loans.  You cannot use it as a defense. Because they are suing you based on your personal guarantee of a business loan they have to sue you where you currently are.  Avant is internet based so the laws of FL will not apply. Even then it doesn't matter.  You cannot use usury interest as a defense for a business loan regardless of what state they sue you in.   He is trying to get you to understand there is a huge downside to arbitration for business debts.  Consumer laws do not apply.  When a consumer chooses arbitration for a debt from personal credit their expense is capped at $200 or $250 maximum out of pocket expenses depending on which arbitration firm he/she chooses.  If they lose the cost of the entire arbitration process cannot be shifted to them.  The creditor pays the bulk if not all the expense.  That is NOT true for business debts.  The costs can be split 50/50 between the two parties or in a worst case scenario the losing party gets stuck with the entire cost.  Arbitration can cost anywhere from$35,000 to upwards of $100,000 or more depending on how deep it goes and how long it takes.  Oh, and you don't pay at the end. You have to pay as the expenses come in.  As in, it is $X amount to file the case and then when it comes time to pick an arbitrator you now owe another $5k and nothing happens until both sides pay it. Do you have that kind of money to see it through to the end if your motion is granted?  Can you afford to lose and be saddled with the entire cost? Here is what you keep trying to ignore:  you are being sued for a business debt.  You are reading the advice given to consumers being sued for personal debt.  Two entirely different legal premises. Why have you been treated differently?  Well for starters the amount of out of control complaining you have done about the amount of money and the interest rate.  The time to be concerned about that was BEFORE you signed the loan contract and took the money.  NOT after the business failed and you defaulted.  If you thought the interest rate was usury then you should have declined. You made a conscious and informed choice to take out the loan.  It isn't Avant or Velocity's problem the business failed.  If they didn't try to recoup all their debts their business would fail too.   You cannot try your case the same way a consumer would.  You have already made one major mistake in filing your motion to compel in advance when being sued in Magistrate Court.  You haven't bothered to educate yourself on the rules of civil procedure for Magistrate Court. So here is my advice as someone who lived in GA for 17 years and is familiar with Fulton County Magistrate Court.  You need to re-think your arbitration strategy because given that this is a business loan the consumer rules will not apply and unless you have a spare $50,000 lying around you cannot afford that route.  The Magistrates in Fulton County are REAL judges with tons of legal experience.  They are not going to be cavalier about the law.  They will likely hold you to a more rigid standard because this was a business loan.   If you want to attempt the usury interest argument then you better have plenty of case law from GA and Utah to support your claim.  I say both because you are being in sued in GA and the contract likely says the laws of Utah apply.   You need to read EVERY sentence of the loan agreement you signed and be acutely familiar with it especially where it says what state laws apply to the agreement. Last:  when you go in to Fulton County Magistrate Court drop the butt hurt "wahhh my business failed I shouldn't have to pay back the loan I took out" whiny approach.  The Magistrates will have zero tolerance for it.  Don't believe me? Try it.  I dare you.
    • Do you no longer agree with the link you provided previously? https://www.creditinfocenter.com/community/topic/329436-arbitration-overview-and-strategy-2018-most-up-to-date-info/    
    • so what exactly are you saying Harry Seaward  by your comment?
    • .Ok, so you still owed over 1/2 of the loan amount when you stopped paying? If so, this part below sounds about right.  
  • Popular Contributors