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Arbitration question

I need help please be as detailed as possible about what could happen the process they go through and such.I would be grateful for the help.

 Got a letter from a old creditor and the letter said,that your account has been sent to our arbitration department for futher review.Now looking at the possibility of enforcing the arbitration clause which is stated in your original contract.If they choose to arbitrate on your account and receive an arbitration award,this award is legally binding.At any time our client may elect to litigate on your account as opposed to arbitration.

 Please be as detailed as possible again  i thank u.I dont understand what all this means i guess im dumb


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  • # Posted 4 months ago
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Simple.  They are saying "you owe us money, we have a department that is an arbitration department to look at the merits if you owe us money.  According to the credit agreement you first signed, if it goes to our binding arbitration department, you agreed when you signed that you waived courts and the enforcement of arbitration departments decision is binding, so you pay up if we decide to and you can't appeal."  They then provided a final message:  "oh, and if we decide to go to the courts for any reason, we can."

That's pretty much it. 

 
Posted 4 months ago ( permalink )
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Chris Snow
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Struggling with debt? When you have questions, and need straight honest information... ASK ASK ASK!United Communications www.unitedllc.net

What state are you in, I would be happy to send you the specifics for your state arbitration laws.
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