Question
I used to have MBNA credit card and I got this back in 1998 and I don't remember that it has arbitration?
clause that I signed on and then in 2003 I defaulted on my payment because I lost my job .Now,I'm six month close to the Statute of Limitation and now they sent an NAF asking me for paying back my debt I'm not sure what to do?
9 months ago - 2 answers
Best Answer
Chosen by Asker
I suspect the SOL for COLLECTIONS has long past unless you get on the phone and make promisses that renews it. Stay off the phone and if you happen to answer your ONLY words are Statute of Limitations for COLLECTIONS has past. Here is a chart to look up your states SOL for COLLECTIONS. www ... click on the check your sol here
by Pojo
9 months ago
Asker's Rating: 
Other Answers
If the debt is still within the Statute of Limitations (SOL), they can sue or they can take you to arbitration. In either case, if the debt is yours, they will win and get a judgment against your. They can then attach your bank accounts, garnish your wages, and lien your property. If you can work out a settlement agreement now, do so. Get it in writing and don't give the creditor direct access to your bank account. If you are within 6 months of the SOL, you might be able to settle the debt for 25% if you can come up with a lump sum.
by bdancer222- 9 months ago