Is Wanda Loan Network Arbitration Legal?

If your loan repayment is overdue, it is legal for Wanda Loan to apply for online arbitration.

Online arbitration is equivalent to online court session, which is arbitrated by the Arbitration Commission. The process is simple, just present it online on time.

Arbitration and prosecution are essentially means to mediate disputes.

The most popular explanation for arbitration is that there is a contradiction between the two parties, so please ask a person who trusts each other to mediate. After mediation, everyone can't go back on their word, or they will be punished voluntarily. In itself, we should stand in a fair position and let everyone be willing to yield to their own demands and ask for judgment.

There is also a rigid requirement that the arbitration institution must be legal and need to listen to the opinions of both parties.

The final award of the Arbitration Commission is also legally binding and recognized by the court. The winning party can apply to the local court for enforcement with the award.

Network arbitration is a relatively fast way at present, and there are many loan companies used.

If you have no malicious breach of contract, it is recommended to negotiate with the loan company to let the loan company know that you are willing to repay the loan at present, and you have no malicious intention. At the same time, when communicating with the collection personnel, try to keep the recording, clearly express the willingness to repay, and negotiate for repayment.

The most important thing is not to lose touch. If you can't solve the problem, there may be other problems that you can't handle in the future.

Legal basis: Article 4 of the Arbitration Law of People's Republic of China (PRC) stipulates that if the parties settle their disputes through arbitration, they shall voluntarily reach an arbitration agreement. If there is no arbitration agreement and one party applies for arbitration, the Arbitration Commission will not accept it.

2065438+On June 5, 2008, the Supreme People's Court gave a reply to the Guangdong Higher People's Court's Request for Instructions on whether to file an arbitration award first. The reply stipulates that the following circumstances shall be deemed as "the composition of the arbitration tribunal or the arbitration procedure violates legal procedures" as stipulated in Item 3, Paragraph 2, Article 237 of the Civil Procedure Law:

1. The arbitration institution did not hear the dispute or preside over mediation according to the procedures stipulated in the Arbitration Law, but made an arbitration award or mediation according to the settlement or mediation agreement signed by the parties to the peer-to-peer loan contract before the dispute occurred;

Two, the arbitration institution failed to protect the basic procedural rights of the parties to apply for the withdrawal of arbitrators, provide evidence, reply and other arbitration laws during the arbitration process.