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Arbitration is an alternative to trial and is required under most consumer contracts these days.
It is similar to a trial in that there will be an impartial arbitrator
but there will be no jury.
I assume this step is a pre suite attempt to settle the debt?
The arbitrator will hear evidence from both sides and can ask questions.
The arbitrator can also encourage one or both sides to be more realistic and apply pressure to settle.
But, the arbitrator's decision is final.
It is becoming a more often used method of dispute resolution because it is much faster and, thus, less expensive.
Is the arbitrator a judge?
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I was going to speak with the debt collections company and offer a settlement, but if that does not work we will have to go to the arbitration
In your experience does arbitration ever settle for a % of the debt? What information does the arbitrator look at?
Are you still there?
Yes. It's common for an arbitration to settle for a specified amount. Often a portion of the penalties, late fees, and interest can be removed.
The arbitrator can look at all of the information, including: the original agreements, payment history, correspondence between the parties, case law, etc.
Sorry, looks like we had connection issues. I do have more questions in order to prepare. Is there a book you might recomend?
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