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Contract X-Ray — what's buried in the fine print
3 red flags · 9 filed docs
Detected in the CFPB-filed cardholder agreements from Independent Savings Plan Co.. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Forced arbitration with no opt-out found — you likely can't take this issuer to court, and there's no way to reject it.
Forced arbitration
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…ve personal jurisdiction conflict with this Agreement. over you for any claims arising out of or related to this Account Agreement, unless subject to binding arbitration, as described below, or unless we Both you and we agree to the use of a single arbitrator, preferably through pursue our rights in any Collateral, in…”
“…ms arising out of or related to this Account Agreement, organization being utilized. The arbitrator will apply the substantive law, unless subject to binding arbitration, as described below, or unless we statutes of limitation, and privileges deemed applicable to the dispute. The pursue our rights in any Collateral, i…”
You can't band together with other cardholders in a class action.
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“…ntenance Fee; PLUS parties. CUSTOMER COPY ?? ISPC 02.24 U24.2 ERRORS IN CREDIT REPORTING INFORMATION: We may report information about PROHIBITION AND WAIVER OF CLASS ACTIONS AND CONSOLIDATED ACTIONS: your Account to credit reporting agencies. If you believe we have reported There shall be no right or ability for y…”
“…ing to evidence or discovery. Except as described in the consent to appear in the courts of the state of Florida, and agree that this Prohibition and Waiver of Class Actions and Consolidated Actions, the Agreement, as well as any other contacts you have had with the state of arbitrator may award any relief otherwi…”
You waive your right to have a dispute heard by a jury.
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“…ecover reasonable costs and attorney s fees. Venue in any such small claims litigation permitted under the AAA Consumer Arbitration Rules shall be in WAIVER OF JURY TRIAL: EACH PARTY IRREVOCABLY AND UNCONDITION- Hillsborough County, Florida. ALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGH…”
“…ERABILITY: This Arbitration Agreement will survive the termination of this Agreement. If any part or parts of this Arbitration Agreement are found to WAIVER OF JURY TRIAL: EACH PARTY IRREVOCABLY AND UNCONDITION- be invalid or unenforceable by a decision of a court or tribunal of competent ALLY WAIVES, TO THE FULL…”