CREDIT REPAIR COMPANY IN PORTLAND
In case you fail to honor your credit payment, the debt collector starts processes of how to recover his or her money from you. This includes suing you in court or if the contract stated the dealing would be solved through arbitration, he or she will start the process in pursuit of collecting the debt. In the later process, three people are involved that is you, the debt collector and a third party who is not a judge. The decision the arbitrator takes is binding and is enforced by the court. It is therefore of essence to know how the arbitration works in getting your credit fix with a credit repair company in Portland.
​
Why arbitration and not the court
​
The contracts themselves are the ones that spell the method of debt collection in case of a default. Example of these debts that provides for arbitration is credit card debts or medical services loans. When choosing a loan type always look at the solution in case of failure to pay back the debt, if you do not want arbitration do not take a loan that requires arbitration.
​
Who is involved
​
There are companies that offer the arbitration services referred to as provider, they appoints the arbitrators, arranges for the hearing of an arbitration and determines how the information between the parties will flow up to when the matter will be solved. The provider is required to be always fair and allowed the opportunity to help you represent your side of the story. One is not required to be represented by a lawyer in arbitration. This process is legally binding so you should take it seriously, as it can have long-lasting consequences.
​
The arbitration process
​
The arbitration process starts when the creditor starts the arbitration proceedings. He or she sends the arbitration notice informing you on the start of the arbitration, this can be done through mail or delivery services.
​
Once you receive the notice, you go through it and if you disagree with the debts, you are required to contact the creditor or the provider about more information on the same. You do this via certified mail so that it can be protected and notifies you whether your mail has been received. You ought to keep all the documents the creditor or provider sends you.
​
There are rules that govern the arbitration process called procedures always ask for these rules so that you may not disobey any of them without taking notice. Ask also for the cost of the proceeding, the cost explains which fees each of the party involved should pay and how much.
​
In case you cannot afford the fees ask the provider if they offer fee waiver if so, apply for one. Ask if there is a way that the hearing can be heard through writing mail or telephone calls, this may lower the cost of the hearing.
​
During the hearing, each party is allowed to present his or her side of the story to the arbitrator. The arbitrator thereafter considers the two party’s explanation, weighs them, and makes a decision, which is binding and enforceable by the court.
​
​