Question: Dear Steve, One of the debt collecting companies sued me over an unpaid personal loan; I denied all and opted for arbitration. The bill of sale they sent to me has a different amount from what they are suing me for, in fact, lower than the amount in the bill of sale. Can I …
Here is a very interesting but technical post from the folks over at Level Playing Field on the use of secret arbitration waivers consumers are bound to but don’t have access to until it’s too late. Some debt relief companies are using these so head up. Are secretive arbitration waivers fair to consumers? For the …
The Consumer Financial Protection Bureau (CFPB) today issued an announcement about a new Arbitrations Agreement Rule that will prevent companies from requiring consumers to only dispute issues with companies through arbitration and not enter a class action suit against the company. This new rule covers companies who are “providing consumers with information derived from their …
Yesterday I wrote about how the Consumer Financial Protection Bureau (CFPB) is proposing a rule that remove contract clauses on binding arbitration and the prevention of class action suits in debt relief contracts. You can read that article here. If the debt relief industry wants to tamp down or prevent these new rules, someone is …
The Consumer Financial Protection Bureau has published a request for public comment to prevent arbitration clauses from debt relief company contracts. Summary The proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to …
The U.S. Department of Education should deny Title IV funding to for-profit and other schools that require students to sign away their legal rights and submit to binding arbitration in future disputes with their schools, Public Citizen said today in a petition (PDF). Forced arbitration clauses are detrimental to students and hamper efforts by government …
Mar 10 2015 By Will Wade-Gery Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. This means that either party to these contracts can require disputes be resolved through arbitration, rather than through the court system. These clauses are controversial. …
Yesterday the case against Clear Your Debt in Ohio was dismissed and sent to arbitration. Interestingly, the co-defendant Global Client Solutions’s request for arbitration under the Federal Arbitration Act was denied. The ruling provides yet another example of why consumers should carefully evaluate debt relief services prior to signing any contract and make sure they …
Nikki “Dear Steve, I had A+ credit until I found out my identity had been stolen. Collection agencies are just out for blood from anyone. Now I am facing arbitration! I am facing arbitration with a credit card company’s attorney. Can I protect my assets with a lien or trust to buy some time and …
“Dear Steve, I sold a house and the buyer sued me for nondisclosure. An arbitrator ruled in favor of the buyer and ordered that the contract be rescinded. Now I have to buy back the property and pay all costs related to the transaction including attorney fees. Can I declare bankruptcy to get rid of …