Last year I started the process of sending coupons for my credit cards- I sent coupons to Discover, Chase, and Wells Fargo. I did the letters to CEO, billings errors (sent four billing errors to four addresses for each cc company), ad sent a notarized affidavit. I was doing the private study courses and did the billing errors and affidavits based on them. Within two/3 months of sending the billing errors all three of my cards had been shut off. They started then reporting late payments and after a couple of late payments my amex credit limit (which I hadn't sent any coupons to amex) went from $30,000 limit to $2,500 and the cash advance disappeared from $5,000 to $200. I kept paying minimum payment on a couple cars until I started the arbitration process. Credit rating dropped from 801 to low 500s as they started reporting late payments (I stopped payment once I started the arbitration process). I started the arbitration process in February, and just yesterday the first one with Discover concluded.
Unfortunately, Discover did not offer any settlement, and the arbitrator ruled in their favor, stating that I am now responsible for their attorney fees and the credit card balance. During the arbitration process, I provided the billing errors (with proof of tracking and delivery), affidavits (with proof of tracking and delivery), and proof that the credit card companies had received the coupons via the postal code rule. I also presented evidence of damages caused by Amex's reliance on the flawed information reported by the other credit card companies. I prepared a comprehensive 10-page letter explaining all the exhibits and supporting evidence I submitted. However, despite my efforts, the ruling was still not in my favor.
Now, I'm wondering if anyone else has experienced a positive outcome when dealing with credit card companies through arbitration?
I'm not trying to persuade anyone to take any specific action, but I'm realistically wondering if the system is biased against consumers. In retrospect for me, it may have been less effort and to skip arbitration and just clear the credit, instead of going through the arbitration process and sending coupons?
If anyone knows kind of what to expect after losing in arbitration, such as potential legal actions or court proceedings, I would greatly appreciate any information you can provide.
Thanks and be well everyone