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Cat123

Arbitration woes

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I got what I wanted and won my MTC arb with Cap One.  Atty was so ill-prepared.  The 2008 agreement was the show stopper, although they tried the 2010, and Ross vs BOA didn't come in to it. 

 

Now what do I do?  :neutral:

 

I don't know that they did anything wrong.  I wanted to buy some time until deciding for sure on Chapter 13.

 

I suppose I just start at page one... but is there is a list of what could be violations?  I saw a few things, as I recall, posted by Linda7.

 

So.... what if I decided not to go to arbitration? I have to initiate withing 30 days and then case will be dismissed.    I wonder if they will talk to me about settling?  Can I decide to go the court route or ??????   I'm in a pickle.  The judge was very nice, I thought.  He said, "Do you know what you're getting into?  It could be much more onerous.  It's not a magic bullet."

 

By the way, it took them 8 months to respond to my MTC, and another 4 to get to court.

 

Thanks for anything and everything.

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How much is your suit for? Initiating with jams will cost you 50.00 to start. Look at your agreement and see if there is anything in there about agreeing to pay your arb fees, some have it.

If the suit is not for a large amount, they may not even pay their part, if it will cost them more than they are suing you for.

Reading Linda's arb tutorial is a great idea.

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Read your arb clause very, very carefully. 

 

See, as @shellieh98 suggests, if they are bound to pay your arb fees.

 

If not, your cost is $250.

 

Theirs is $550 to start, then they pay the rest of the cost of the arb, up to $20K or more.

 

If you have a relatively small debt (say, under $5K) they MAY offer to settle, rather than pay the fees.

 

Did they send CAs after you? Did the CAs violate the FDCPA or the TCPA? Did Cap1 report erroneous amounts to the CRAs, which is a violation of the TCPA? All those are things that you can note as your complaints.

 

Did their attorney harass or otherwise cause you stress during the court proceedings? As their agent, they are responsible for that too, and, of course, I would definitely add his/her name to the JAMS demand, along with whatever firm he/she works for.

 

The judge was right: the arbitration process isn't a magic bullet, especially when you are dealing with an OC like Cap1. But keep plugging at it, and get help from the posters here and at other forums who have been successful in arb; there are many.

 

Not so many have won if it went all the way through. MANY have been successful in getting the respondents to drop their own complaints and delete trade lines, as well.

 

BTW: you are just at the beginning. You don't have to name every complaint in detail in the Demand. But remember this for the road ahead: if/when it gets down to your phone conference to define the discovery process, etc, be SURE to insist on the strongest reading of the Consumer Minimum Standards, and state that, should you lose, you are NOT to be assigned the cost of the arbitration. 

 

No matter what else happens, you do NOT want that. The best part is that if you get the arbitrator on board with that stipulation, you have the best chance of them offering to settle: if they can't hand off the $20K they'll pay to collect from you, they may be less interested in what they might collect.

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