I have fallen behind with my credit cards because of my job and the economy. I own my own business and all I am able to bring in these days is enough to cover the basics and I have not been able to take care of the credit card debt.
I was just served with a Form ADR-106 Petition to Confirm, Correct or Vacate Contractual Arbitration Award from one of the credit card companies.
I'm not sure what to do. I cannot afford a lawyer or I cannot afford to make payments to the credit card right now.
1 Answer from Attorneys
Well, from the name of that Petition, apparently you had agreed to go through arbitration with one of the credit card companies because of a dispute, and the arbitrator decided how much you owe them on the debt (or if you don't owe anything). The company now wants to confirm, correct or vacate the decision, you need to read the petition to see which. Then, decide if you want to accept it or object to it.
So many people in California, unfortunately, are falling behind and defaulting on their credit cards in this economy because of the financial crisis we have. These credit card debts will just end up in court when the companies sue the credit-card holder. There's really no defense to defaulting on a contractual debt.
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