Can I settle debt directly with creditor after receiving an arbitration claim and make the arbitration go away?

I received an arbitration claim from the National Arbitration Forum on behalf of Asset Acceptance LLC (MBNA - original creditor). I have no idea as to what is the best option at this point. The claim says I need to respond within 30 days or else an award will be given to the claimant.
At this point, is it advisable for me to contact Asset Acceptance LLC directly and negotiate to settle the debt and ask them to cease the arbitration process? Or if I hire a lawyer what kind of fees will I be looking at for a $5000 debt claim? - Is this your question? Add additional information