This is older news, but I think it’s worth discussing b/c the fallout is starting. The National Arbitration Forum is voluntarily ceasing consumer arbitrations. You can read an in depth article titled “National Arbitration Forum to Cease Administering All Consumer Arbitrations in Response to Mounting Legal and Legislative Challenges.“
Why are arbitration agreements important? I’m not an expert, but it does limit a borrowers ability to start or potentially participate in a class action lawsuit.
What should you do? Every payday lender should also make sure to remove National Arbitration Forum (1-800-474-2371) from their arbitration agreements. I’m just guessing, but having a defunct arbitration company may void your arbitration agreement.
A few that you can probably still use are: the American Arbitration Association (1-800-778-7879) http://www.adr.org/ or JAMS (1-800-352-5267) http://www.jamsadr.com/.
