Debt Arbitration
Debt Arbitration
Debt Arbitration
A correct definition of Arbitration is the process of resolving a dispute outside of the court system by presenting it to neutral third party. Thus, if true Debt Arbitration, were taking place, you and the creditor would both agree on some neutral party to listen to both sides, and then decide how much of the debt would be paid. You would then be bound by the arbitrator's decision whether you liked it or not, and whether you could afford it or not. Also, either all or a portion of the arbitrator's fee could be added to what you owe.
This is not the system used by Consumer Counseling Centers or an attorney. A debt law firm does not increase your expenses by adding an arbitrator's fee to what you are already paying. They do not pretend to be a neutral third party who acts as an intermediary between you and your creditors. Instead, they work directly for YOU. Attorneys represent YOU, not your creditors. They go directly to your creditors on your behalf, and explain how it is in their best interests, as well as yours, to resolve the debt at a reduced amount.
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After you discuss your debt situation with a debt counselor, he or she will determine if our debt settlement program is appropriate for you.
If you qualify and an attorney can create a debt arbitration plan that satisfies your needs, they will go to work on your case immediately. The debt settlement lawyer will contact your creditors and inform them that you have retained them to represent you. Your creditors will be directed to cease all communication with you and direct all future communications to the debt lawyer's office. This will reduce the stress associated with your problem debt while they are engaging in debt arbitration on your behalf.
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