Welcome, visitor! [ Register | Login

Post an Ad

What are the benefits & cost of arbitration?

Debt-Credit Consolidation June 10, 2021

What are the benefits of arbitration?

 

Confidentiality. Arbitration is a private process. There is
no public record of the proceedings.

 

Limited Discovery. Extensive discovery is avoided.

[  Arbitrators arrange for limited exchange of documents, witness lists, and depositions appropriate to the particular dispute.

 

Speed. There is no docket or backlog in arbitration.
Hearings are scheduled as soon as the parties and the arbitrator have dates available.

 


Expert Neutrals. The arbitrators have expertise in the subject matter in dispute, as well as training in the arbitration process.

 

Cost Savings. Because of the limited discovery and informal hearing procedures, as well as the expedited nature of the process, the parties save on legal fees and transactional costs.

 

Preservation of Business Relationships. In most instances, litigation between professionals and their clients destroys the working relationship. Arbitration is less adversarial and, because of its informal nature, it is more likely that the parties will be able to continue their business relationship.

 

[  Parties may arbitrate disputes either by inserting a future-disputes clause into a contract or by submitting an existing dispute to arbitration

 

Cost of Arbitration can Sometimes be Higher

 

To deter frivolous complaints, the cost of arbitration can sometimes be significantly higher than court fees, making it financially impossible for some consumers to seek relief.  However in the case of Williams v. Aetna Finance (83 Ohio St. 3d 464; 700 N.E. 2d 859, ll/4/98), the Supreme Court of Ohio struck down a clause which required a consumer to pay large fees simply to advance a case to arbitration.   Citing a 1993 decision against ITT Finance Co., the court stated that “[i]n a dispute over a loan of $2,000 it would scarcely make sense to spend a minimum of $850 just to obtain a participatory hearing.”  The Williams case involved a “pitchman” who was paid referral fees to bring homeowners to a finance company for expensive home equity loans.

 

 

No Tags

437 total views, 1 today

  

  • Debt Collectors -Recovery Services - PA & VA

    by on September 23, 2021 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on August 31, 2021 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • Personal Financial Management Course (Debtor Education) Providers :Alabama Southern

    by on July 24, 2021 - 0 Comments

    List of  Personal Financial Management Course (Debtor Education) Providers #02 Certificate Class 713 Preston Place Grapevine, Texas 76051 Toll Free:  (888) 533-3423 Phone:     (817) 533-3423 Fax:          (817) 533-3423 Web: www.jjandpartners.com Allen Credit and Debt Counseling Agency 195 Brook Street E Wessington, SD 57381 Toll free:   (888) 415-8173 Phone:     (605) 458-2500 Fax:         (605) 458-2506 Web: www.acdcas.com Alliance Credit Counseling, Inc. […]

  • How to calculate Monthly Income and Expenses - Case study

    by on August 24, 2021 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on October 6, 2021 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]