Victory for Consumers!
Hey Pass It On!
The Minnesota Attorney General's Office has taken down N.A.F.
The National Arbitration Forum. For those of you unfamiliar with
this entity, take a good, long, hard look at your Credit Card Cardholder
Buried within the morass of legal jargon you will find an "Arbitration
Clause" which basically takes away your right to file a complaint
against the Credit Card company for predatory banking practices.
N.A.F. was the Credit Card Company's Forum of Choice. Why?
(1) THEY controlled the forum. It has now been exposed that the
Credit Card Companies and Debt Collectors basically OWNED
this so-called unbiased third party mediator.
(2) ALL awards and orders were PRE-WRITTEN against the consumer.
(3) Any Arbitrator who ruled against the banks was black-balled.
See Neely's Article at the Consumerist. The Consumerist: Shoppers Bite Back
from The West Virginia Law Review.
(4) The Attorney General discovered N.A.F had created a HEDGE FUND
composed of all the Awards granted against consumers. They monetized
the "debt" at the consumer's expense. Literally tens and hundred of thousands
of consumers have been ripped off by this organization.
Although N.A.F. has agreed to pull out of the credit card arbitration industry,
what happens to all of those poor people who got screwed by N.A.F. and
now have judgments against them? Hopefully there's a lot of consumer
advocate lawyers and law-firms out there that will pick up the banner and
defend these poor people.
It certainly wouldn't hurt for people to contact the Minnesota Attorney General's Office to file a Complaint if you have indeed been involved in an N.A.F. arbitration:
Office of Attorney General Lori Swanson, 1400 Bremer Tower, 445 Minnesota Street,
St. Paul, Minnesota 55101-2131. Phone (800) 657 - 3787.
Best of Luck to you all