Arbitration is to validate the debt

It was explained to me that arbitration is to validate the debt..Do you owe it to the company? You had said not, that you had the papers to prove it. You send a copy of those and an explanation of why you don’t owe the money, to the Arbitration company and if you request a trial, according to some scale is the fee, look on that web site for answers, and a certified mail copy to the company that has brought you to this point.

That has to be done in the 30 days, and which point you move to step 2 you get assigned a mediator, and a date initial hearing..30-90 days later. Is it a third party bringing up the same debt? If you have the proof maybe they are checking to see if you lost it to get a second judgment or settlement. Good luck, I am on step two.

you are right (but I didn’t know about the fee) I will look further. Yes, it is a 3rd party..collection agency. I am looking for the follow up letter from the organization that regulates banks. They followed up with my complaint 2 years ago about the company reversing their settlement offer after I had only 2 payments left.

MBNA responded to the complaint but then sold my debt to a collection agency. So the amt is they added on 100% interest doubling the original amt of $2,500 to $5K…they are crazy. The settlement about was $970. I will send all the paper work. I think my 30 days is this week. There is no date on their letter, but I had to sign for the letter via certified mail …so I will double check the postage date on the front of the envelope.

I recently had many items removed from my credit report due to erroneous credit reporting…..So you are going through this also? Thanks again…I’ll keep you abreast….