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Is arbitration allowed by a jdb who bought a debt from MBNA?

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It is assignable, yes. But you should raise a demand the lack of standing ( can they prove the chain of title) and whether the arbitration agreement is effective against you. I can't recall teh excat dates, but if you defaulted before MBNA added the arb clause, it would not be effective against you.

The best way to contest an arb is to seek a court order. If not, make sure you ask for a participatory hearing.

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