What is Debt Arbitration? Debt Arbitration is a term that is frequently used – and misused – by non-attorney debt settlement companies. Generally, when Debt Arbitration is advertised on the internet or elsewhere, it is simply another term for debt negotiation, which is a give and take between the debt settlement company and the creditor.
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.
Financial Freedom is a Few Steps Away 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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Disclaimer Legal Information Is Not Legal Advice This site provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice -- the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
