It’s a marketplace that allows consumers to dispute debts or disputes between two or more businesses.
They’re typically for small business, small business owners, or individuals who need to make a dispute easier.
The process involves submitting a written claim for debt arbitration, which is the largest form of dispute resolution, and then making a request to an arbitration provider for the arbitration to take place.
It’s very simple, but the process can be frustrating for consumers and can require time-consuming and costly.
Debt arbitration is a very common option for consumers who want to dispute a debt, but can’t afford the legal fees and time involved in a court case.
Here are the four basic steps you need to take if you want to resolve a debt dispute with your lender: 1.
Make a request for debt arbitrator.
This is the first step.
This can be done online, over the phone, or in person.
Fill out a form that outlines your claims, and the amount of the dispute.
Fill in the dispute details, including the amount, the date, and a copy of the documents you’ll be providing.
You can also send a copy to your lender, but if you can’t get the dispute resolved through the court process, you’ll need to send your claim directly to the arbitrator (as shown in the photo above).
Once you’ve completed the form, submit it to the arbitration provider.
You’ll need the form and an invoice to complete the arbitration.
If you’re unable to find an arbitrator within a short period of time, you may be able to use a third-party arbitrator who has the right to make decisions on your behalf.
3 Ways to Request Arbitration to Fix Your Debt You may be wondering, what if I can’t find an Arbitrator in a short amount of time?
To find an affordable arbitrator, you must contact an attorney or a debt collection agency, or you may need to use another form of resolution.
The first step is to find a debt collector.
The Arbitration Center has information on how to find debt collectors and how to negotiate a debt reduction agreement.
For a general overview on debt collection and how you can make a debt claim, click here.
A collection agency may have the ability to make you pay for the cost of mediation, or a dispute resolution provider may have a mediator to make your claim easier.
Make an appointment to see an Arbitration Provider.
This step is usually done in person at a local law firm, or by phone.
You may want to get in touch with your local law office if you’re unfamiliar with the process.
The arbitration provider will review your claim and ask questions about the terms of your agreement, including any terms related to arbitration fees.
If they have questions about your debt or dispute, they may provide you with more information or offer you a free mediation service.
You will need to pay for any necessary mediation fees.
The arbitrator may provide the following: an estimate of how much you will pay for a mediation fee, an attorney fee, or an expert witness fee.
An arbitrator will also determine whether your claim is eligible for mediation.
Once the arbitrators fees are paid, you will receive a final payment from the arbiters.
If the arbitrations fees aren’t covered by your insurance policy, you can also use the debt arbitration marketplace to choose an attorney for you.
How to Find an Arbitrators Arbitrator A debt arbitration provider is different than a mediators lawyer.
Instead of paying the fee for an expert, they’ll take the case directly to you for mediation, which can be a more expensive option.
A debt arbitrators lawyer is responsible for representing you in court, but this lawyer is often a contract lawyer who’s familiar with your case.
Arbitrators often offer to negotiate with the creditor, and they can be more experienced at negotiating with debt collectors.
Arbitration providers also often have the authority to decide if your debt is valid.
For example, you might have a collection agency that has agreed to a payment plan with your creditor.
If this agreement is valid, the debt arbitators attorney will make the final determination on your claim.
What You Need to Know Before Requesting Arbitration You’ll want to understand the basic steps needed to get your debt dispute resolved.
Learn more about debt arbitration.
Find an attorney, or call one of our debt collection agencies to get a free, confidential mediation service, such as Debt Recovery Associates.
If mediation doesn’t work for you, the arbitration provider may be more than happy to negotiate your dispute.
You’re also likely to want to contact the debt collection company first, to get their opinions on your case, and to negotiate any possible options.
If all of these steps don’t work, the arbitration company may not be the right provider for your case and your debt may be valid.