Settlement?

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Sep 1, 2009 12:45 pm

I did not pay back my "forgivable loan" and my former company has started arbitration proceedings. 

We have filed my paperwork with FINRA (Statement of Answer), now what happens?

Some people say they will try to "settle" with you before arb.  Is that typical? 

Who contacts who? 

Will the former firm work out a "payment plan" if you settle?

Thanks for any insight.

Sep 1, 2009 12:49 pm

Depend on how much it is. I was once told that firms don't like to go to arbitration for anything under 25K.

They probably will let you make a payment plan for the full amount. Maybe they will settle for a smaller amount if you leaving the business.

Good Luck!

Sep 1, 2009 12:51 pm

Thanks!  Around $60,000.  I won't leave the business (borrow the money from a rich uncle - THAT IS NOT A CLIENT!)