Unsecured Debt?

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I have a personal loan through MBNA, now BOFA. I also have a CC through BOFA. Statue of Limitations for AZ state that CC debt are not valid for collection after 3yrs of missed payments. I applied for a loan through leading Tree and qualified for a loan through MBNA. This account has not been payed on for close to two years. I an uncertain what this loan will be considered as. In AZ Oral, Promissory, Open-Ended accounts are 3yrs and Written is 6. I did not sign anything but I had to agree to something what would this fall under? I know oral is obviouly not the answer.

Unsecured Debt?

you4 got 2 read fine print on some thing always read fine print on bank papers

Unsecured Debt?

First check to see if your contract with MBNA or BOFA have a "mandatory binding arbitration" clause in it.

If it does, then AZ law doesn't apply, and you'll be subject to the whims of whatever arbitrator BOFA hires to sit in as your judge and jury.

Think of it as "Judge Judy", but the judge's salary comes from the credit card company instead of the state, and if you go to a real judge, he'll say "you signed the contract, so I can't overturn the arbitration award"

There's a bill in Congress to deal with this problem, the "Arbitration Fairness Act of 2007"

Unsecured Debt?

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