Legal Question in Credit and Debt Law in Georgia

You could either listen to your friend, who is completely ignorant and has no clue what to do, or you could forget his idiotic suggestion, see a lawyer, and see what your real options with a debt problem are (arbitration will NOT be one of them).

Arbitration is for a dispute. What part of your credit card debt do you think you don't really owe under the contract (including fees, interest, legal expenses)? There are other problems with arbitration (primarily that it virtually always favors the lender), but that is the starting question. The best option to settle your debt - pay it. Absent full payment, offer a lump sum payment if they agree in writing that it will be considered paid in full.

I would not be getting legal advice from my friends if they are not lawyers.

Most contracts contain arbitration clauses, although the National Arbitration Forum placed a moratorium on credit card actions brought by the credit card companies because these were a major joke. These always resuloted in verdicts in favor of the credit card companies.

If you have a dispute, solve it in litigation, not the kangaroo court arbitration. If this is your debt and you have no defenses, then (and this is my opinion only - litigators have different views) in that case, you are wasting time and money litigating. You would be better served either filing bankruptcy (if you have a lot of debts) or settling the debt, if you can afford to do so.

If you have several debts, check out this company:

http://www.national-legal-center.com

They can help you resolve your debts. There are a lot of scam artists out there, but this company is legitimate.

If you only have one or two debts, I can resolve your debts for a reasonable fee if you have the funds.

If you would like to discuss your situation in confidence, I give free consults via email. If interested, you can contact me at [email protected].