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  1. #1
    mjlovell is offline Junior Member
    Join Date
    Sep 2005
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    Arbitration and Statute of Limitations in Texas

    What is the name of your state?Texas

    I have a debt from MBNA that I stopped making payments in September 2001. The account was charged off in April 2002. NCO bought the account and opened arbitration in July/August of this year. Since September is the when the statute of limitations is up on this account, can NCO still proceed with the arbitration just because they filed before the statute is up? If NCO is granted an award through arbitration, wouldn't a judgement be illegal since the statute will have expired? Please advise.
  2. #2
    Ladynred is offline Senior Member
    Join Date
    Feb 2002
    Location
    Nashville,TN
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    15,711
    can NCO still proceed with the arbitration just because they filed before the statute is up?
    SOL has NO bearing on an Arbitration proceeding at all. An arbitration award, by itself, is worthless except for T.P.

    You should, however, reject their kangaroo court called arbitration and you need to respond to that notification in writing.

    If NCO is granted an award through arbitration, wouldn't a judgement be illegal since the statute will have expired?
    Arbitration award does NOT = automatic judgment. They would have to take their 'award' to your local court and file an action to have the award 'confirmed' and turned into a judgment. You would be served papers and have the chance to respond as in any other legal proceeding. If they file such an action AFTER the SOL runs out -- then the SOL IS your affirmative defense against it.

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