"Pursuant to section/page XXXX of the enclosed Cap1 agreement,
I/we hereby ELECT arbitration to resolve all disputes between us.
As you are aware, once arbitration is exercised by either party, pursuant to the agreement,
both parties waive their right to litigation.
I/we expect dismissal of case #XXXXX no later than 30 days from the receipt of this notice.
I/we also demand you immediately forward any amounts required in the contract and amendments to initiate our claims against Cap1 in the contract.
If you would kindly forward the agreement and ALL AMENDMENTS so we can determine what amounts Cap1 needs to forward to me/us for my/our claims in arbitration I/we would much appreciate it.
Thank you,
sincerely
oppressed consumers (s)
Many CREDIT CARD contracts like U.S. Bank, Chase, and a (POTENTIAL) cap1 amendment allow you to demand $250-$500 in "advanced funding" for your arbitration claims against them. They are required to provide it upon demand. To date, no one has done this despite my 8 demands. It has been particularly eggregous with U.S. Bank contracts. The "advance amount" is clearly spelled out. You will NOT get the money, BUT YOU CAN ARGUE THEY BREACHED THE CONTRACT BY NOT ADVANCING THE $$$!!!!!
JAMS only requires $250 fee, only if consumer initiates. If credit card refuses to fund you, demand its their responsibility to initiate the arbitration. Then they pay everything.
Do you see the mess of issues that need to be sorted out once you send this simple letter?
1.) they need to produce contract and all amendments!
2.) You have to identify and agree on any advance amounts you are required to get from them if you have to initiate the arbitration.
3.) If JAMS is not an arbitration option,
you will have to agree on alternate arbitration forum. (Judge does not have power, under FAA, to appoint alternate arbitration forum, only arbitrator. All credit card contracts specify
arbitration forums, not arbitrators!)
Read this extensive post about item #3!
http://www.debt-consolidation-credit...d.php?t=297619
(author of that post is not only smart, but humble!)
Once you get #1-#3 done, which in my experience has only happened once.
4.) Then you need to agree on arbitrator within the forum. (maybe even a 3 panel arbitration)
5.) streamlined or extended forum rules.
6.) Where the hearing will take place.
7.) parameters for discovery
8.) motions, timelines, etc.
9.) Then maybe you get to the hearing of the claims.
Even if they get an award against you. It means nothing until they attempt to confirm in court.
Even then there are defenses to confirmation. any "screw up" in the process I described can be grounds for denying confirmation of arbitration award as a judgment.
Irregardless of what eventually happens, it buys you time. time to save and eventually pay for it, time to BK, or time for them to violate your rights in the collection process.
I don't see much of a downside if the alternative is: the court is just going to be a railroad summary judgment against you!
****
NO MATER HOW YOU SLICE IT, THIS IS DEVASTATING TO THE TIMELINE OF THE DEBT LAWYER! YOU JUST INCREASED HIS WORKLOAD ON THE CLAIM TWENTYFOLD. AND THEY DESERVE IT!!!!!!