Legal Question in Credit and Debt Law in Nevada

Debt Elimination/Arbitration

I'm considering using a debt elimination service for my credit cards (sending the banks a Cease and Desist Order claiming that, due to the aspects of funding my account acording to GAAP practices, I don't owe them any money). My question: I don't know if you're familiar with this type of debt elimination service, but if an account ends up in arbitration, what is the worst-case scenario? I've been told it would probably result in a hearing before a judge and hashing out a 10-25 cents on the dollar deal, with a voluntary payment plan (i.e., no garnishment of wages). Thanks for any insight.


Asked on 4/04/03, 7:33 pm

1 Answer from Attorneys
Stan Johnson Cohen, Johnson, Day, Jones & Royal

Re: Debt Elimination/Arbitration

To be brief: it will not work and is a scam. This is not based on recognized law. You are asking for a bunch of trouble. What are you being charged for this scam?

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Answered on 4/04/03, 7:51 pm


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