I was checking my annual credit report and noticed a soft pull from Javitch Block. I have a charged off account from Upstart for a large amount (30,000+ - stupid of me to take a personal loan for business, but no sense crying over spilled milk now). I am certain the outcome of arbitration is going to be no better than letting the suit proceed through court due to the large amount of debt, so is there any drawback/benefit to pushing for arbitration? Unless I can negotiate a substantial settlement, the most likely scenario either way is going to end up with a bankruptcy filing because I won't be able to have 25% garnished and keep up with my other bills. I guess I'm not sure if it's better to have a judgement followed by bankruptcy or just arbitrate privately and file for bankruptcy once a judgement is filed. The Upstart agreement only allows for AAA arbitration:
Quote
If we are unable to resolve any dispute, except as expressly provided below, I agree that any
Claim (defined below) will be, at either you or my election, submitted to and resolved on an individual basis
by binding arbitration. Any such arbitration will be under the Federal Arbitration Act, 9 U.S.C. §§1 et seq. (the
“FAA”) before the American Arbitration Association (the “AAA”) under its Commercial Arbitration Rules
including the Supplementary Procedures for Consumer Related Disputes, in effect at the time the arbitration
is brought (the “AAA Rules”), or before any other party that you and I agree to in writing, provided that such
party must not have in place a formal or informal policy that is inconsistent with and purports to override the
terms of this arbitration agreement. The AAA Rules are available online www.adr.org. The arbitration
agreement in this Section 15 applies to any party named as a co-defendant with CRB in a Claim asserted by
me, such as servicers or debt collectors.