Washington Business Daily

I got arbitration papers from Arrow financial threatning to sue me, what can I do?

I called them and tried to settle for half of what I owe and they will not settle. I owe them 2700 and I offered 1350. I also offered to pay them 500 for 3 months but they said no, what else can I do? File chapter 7 or 13?

Public Comments

1. Just make payments...each month and they can't sue you if you are truely trying. They don't have to accept half though.
2. Empty threats-- unless you own a home or you financed a vehicle through their company- the only thing they can do is put a lien against your property--and if you have a mortgage on your home-- it would be in second place after the mortgage. They cannot garnish your wages so don't ruin your credit by filing bankruptcy....and for $2700 they are just strong arming you into paying...dont forget these collection agencies threaten you because they get a percentage of what they recover from you....some aas high as 20 percent--so forget about it....it'll stay on your credit report for 7 years....ignore it, don't answer any of their inquiries and in 7 years it will drop off your report. You tried to be a nice guy and they wouldn't give so screw them!
3. When you speak to a jerk who won't work with you, ask to speak to his/her supervisor and explain the situation to someone who has the authority to make a decision. Best of luck.