Binding Arbitration is the fine little print you never read when you setup a credit card account.
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Credit Card Binding Arbitration: When Ignorance Isn’t Bliss
From what I have read, if you have a collector who knows there is binding arbitration, they simply skip all interaction with you once you try DV, etc. They get favorable rulings as easy as blowing your nose into a tissue. You then, not only owe the debt., but the legal fees of the process along with all sorts of other wonderful things.
Eventually they have to then seek judgement in your state court for the debt, and from what I have been reading lately, judges in state courts are playing nice with this too more often than not.
The biggest issue is that a company could go to binding arbitration on debt you legitimately don't owe and get an award and then you have to defend yourself in court later on.
I don't know of a good tactic to block the arbitration process, and would love to hear from more experienced members who have actually dealt with this.
