Mediation
The Consumer Corner
Alternative Dispute Resolution - Mediation What is Mediation Mediation is where parties come together and discuss their cases with a third party known as the mediator. Ideally the mediator is neutral. The goal is to get the parties to agree on a resolution. Hopefully, the parties eventually come to an agreement. Sometimes the parties will come back together to memorialize it, but they may not. And the mediator may draft some language up so the parties can sign. This will depend on the mediator and the parties. When do you Mediate, Who pays for it, and How much does it cost? Usually, the...
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Portfolio Recovery Associates
The Consumer Corner
PORTFOLIO RECOVERY ASSOCIATES Portfolio Recovery Associates is a company that buys collection accounts from credit card issuers, student loan lenders, retailers (i.e. department stores and other retail stores), hospital or other medical providers, utility companies, consumer finance companies, auto finance companies, and cellphone providers for 4 to 10 cents on the dollar. Portfolio Recovery Associates have a patten of aggressive debt collection practices. In 2011, according to the Public Access to Court Electronic Records (PACER), PRA was sued over 700 times for harassing consumers under the...
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Wells Fargo
The Consumer Corner
WELLS FARGO In today's episode, we will talk about Wells Fargo Bank and the scandals that hurt its reputation over the years. We will also talk about some of the things they are doing today….right this minute to harm you, the consumer. In 1852, Wells Fargo began banking activates and quickly evolved from a cross-county express service into one of the biggest banks in the world. To date, Wells Fargo is America’s fourth largest bank. The success of the company has been built on a cultural and economic platform that merges deep customer relations and an engaged sales culture. The company's...
info_outlineAlternative Dispute Resolution - Mediation
What is Mediation
Mediation is where parties come together and discuss their cases with a third party known as the mediator. Ideally the mediator is neutral. The goal is to get the parties to agree on a resolution.
Hopefully, the parties eventually come to an agreement. Sometimes the parties will come back together to memorialize it, but they may not. And the mediator may draft some language up so the parties can sign. This will depend on the mediator and the parties.
When do you Mediate, Who pays for it, and How much does it cost?
Usually, the parties split the cost of mediation. Sometimes a Court will order it and it might be paid for under a local alternative dispute resolution service. In Federal Court, we have had Magistrate judges that will do the mediation. These would obviously be ones not assigned to our case. These are also free, at least for the cost of the mediator.
Success rate
Maybe not surprisingly, the mediations that were not free have been the most effective. I can think of only one time I was truly disappointed in a mediation.
Why would I mediate and when should I do it?
Litigation often takes years to fully resolve if there is no settlement. We have had quite a bit of luck once both parties appreciate the position they are in as far as winning versus losing.
Consumer Pro Tip
My Consumer tip for this week is to stop paying people for taking advantage of you. We have to stop rewarding these big businesses that are taking advantage of us and usually their employees as well.
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WHAT IS NEXT….
In the next episode we will talk about another alternative dispute resolution option - Arbitration.