The Consumer Financial Protection Bureau is supposed to be protecting consumers. Instead, they just made payday loan debt relief harder and more unfair for consumers. The majority of payday loan borrowers are low income, live paycheck to paycheck, and often use the payday loans to pay for basic living expenses. These consumers need to be safeguarded against the giant lending institutions who are often not looking out for those already in a vulnerable position. As we pointed out in our blog last year, consumer protections for borrowers have been on the decline. This week the CFPB announced their plans to loosen regulations that had been put in place to determine if consumers have the “ability to repay” the money they borrow.
Payday loan debt relief and getting out of the payday loan debt trap is much harder for borrowers if they are set up to fail. And that’s exactly what is happening if the lenders have no legal obligation to see if the money they loaned has a reasonable chance of being paid back based on the borrower’s income and ability to repay the loan.
According to Yahoo Finance’s post, Consumer Watch Loosens Obama-Era Guardrails On Payday Lending, “Former CFPB attorney and University of Utah professor Christopher Peterson told Yahoo Finance that removing the ability-to-repay test puts borrowers at risk of triple-digit interest rate loans that they will not be able to pay back.
“[Trump’s] consumer protection agency gutted the consumer protection compromise laws that were designed to protect low-income families from predatory death traps,” Peterson said.”
See if payday loan debt relief is right for you by calling Gamez Law Firm for a free consultation at 844-729-4866
As a debt relief attorney who helps consumers get out of payday loan debt, I see consumers continuously being taken advantage of by lenders. There is little recourse for borrowers to fight back against the big banks and lenders. Consumers taking out payday loans often live paycheck to paycheck and get stuck in the payday loan trap. According to the Consumer Federation of America “Consumers who use payday loans have an average of eight to thirteen loans per year at a single lender. In one state almost sixty percent of all loans made were used to cover the prior payday loan transaction; either through renewals or new loans taken out immediately after paying off the prior loan.”
Payday Loan Debt Relief Help
If you are stuck with overwhelming payday loan debt and want to see if a debt settlement is the right course of action to finally get out of the payday loan cycle, then contact us for a free debt consultation. We have offices in San Diego if you would like to meet in person. We also represent clients throughout the State of California. Give us a call at 844-729-4866 and we can go over your situation and see how I can offer you payday loan debt help.
Jonathan B. Haskett is a debt attorney serving clients in California and focuses exclusively in debt relief. He is licensed to practice in California. Mr. Haskett owns and operates The Debt Settlement Lawyer in San Diego, and helps people with debt problems all over the country, if possible. For more information, please contact attorney Jonathan Haskett at 844-729-4866, or jonathan@thedebtsettlementlawyer.com. or use our online contact form.
If you are being sued by Weltman, Weinberg & Reis, then I suggest you take immediate action or else you could face possible debt collection harassment that results in garnished wages, bank levies and/or property liens. If you are facing a Weltman, Weinberg and Reis lawsuit, then a debt settlement could be the best option to fight back against your student loan lawsuit. For instance, our client owed Navient over $143,000, which skyrocketed to $156,845.31 with accruing interest. Navient turned to law firm Weltman, Weinberg & Reis for debt collection. We reached a Weltman, Weinberg & Reis settlement offer where my client saved $106,825.58 of the total amount she owed, which is a 70% savings! If you are being sued by Weltman, Weinberg and Reis, don’t give up! The chances are high you can reach a very favorable Weltman, Weinberg & Reis debt settlement. We offer a free legal consultation to go over your lawsuit and to map out a plan to get you out of debt and on with your life.
If Sued by Weltman, Weinberg & Reis, What Should You Do?
If you have been sued by Weltman, Weinberg & Reis, then you need to contact a student loan debt collection defense lawyer who has experience in helping consumers sued by debt collectors. Never ignore a Weltman, Weinberg and Reis lawsuit. You don’t want to face a Weltman, Weinberg & Reis wage garnishment or bank levy. You can and should fight debt collectors, instead of falling victim to their harassment.
Who is Weltman, Weinberg and Reis?
Weltman, Weinberg & Reis is a debt collection law firm based in Ohio. When a student loan borrower defaults on their student loan payment, then the lender sends debt collectors after them. Weltman, Weinberg and Reis represent some of the largest student loan lending servicers in the country, such as Navient and National Collegiate Student Loan Trust. Weltman, Weinberg & Reis is a huge law firm that is devoted to debt collections. They have vast resources at their fingertips to sue borrowers. You need a successful, experienced debt collection defense lawyer to win if you are sued by debt collector Weltman, Weinberg & Reis. If you have received a letter from Weltman, Weinberg and Reis that they are trying to collect a debt from you, then your best bet could be a debt settlement.
Our client owed student loan giant Navient $83,739.80 on his private student loans. Unable to make his payments, he tried for months going through Navient’s internal collections and internal recovery departments with no luck. After many threats to our client to “take it to the next level,” Navient turned his debt over to debt collection law firm Weltman, Weinberg and Reis. Although Navient claimed a deal would never happen, we were able to reach a Weltman, Weinberg & Reis settlement offer for $35,000 with the agreement that our client would pay 10% down. Our client then had 105 months to pay off the balance at $300 per month. Our client saved $48,739 on his private student loans to Navient.
How to Beat Weltman, Weinberg And Reis Lawsuit
Fight back when sued by Weltman, Weinberg and Reis. Get a free debt consultation by calling 858-217-5051
Debt settlement is not the first and only option to defend a Weltman, Weinberg and Reis lawsuit. If you want to stop Weltman, Weinberg and Reis debt harassment, then you do have options. Below are steps to win a debt collection lawsuit:
File a proper response to the lawsuit if sued by Weltman, Weinberg & Reis. If you don’t, then a default judgment could be filed against you in a court of law. This means you lose without ever getting a chance to fight back.
Ask for proof of the debt, and if the necessary proof cannot be provided by the plaintiff, then your chances of a favorable debt settlement increase.
Find out if the lawsuit complies with the Statue of Limitations.
Contest improper service in terms of notifying you of the lawsuit.
For a proper Weltman, Weinberg & Reis lawsuit defense, you really do need to have solid legal representation. For example, our client had defaulted on his student loans and owed Navient $50,234. Navient turned the debt over to Weltman, Weinberg & Reis to collect the debt. After retaining the Gamez Law Firm, we took over settling with Weltman, Weinberg and Reis and reached a settlement for $17,758, saving our client $32,476 on his student loan debts.
SETTLE DEBT WITH WELTMAN, WEINBERG & REIS
If you need help with a Weltman, Weinberg and Reis debt settlement, then contact me at 858-217-5051. I am a debt lawsuit defense attorney who offers a free legal consultation to let you know what to do if sued by Weltman, Weinberg & Reis. Take a look at our client debt relief success stories to read about people just like you living a life free of debt. You can stop debt collector harassment with proper legal representation. The Gamez Law Firm has offices in Los Angeles and San Diego, CA – but we help consumers all over the country to settle debt with Weltman, Weinberg and Reis. As our clients will tell you, the savings we offer far outweigh our legal fees.
Daniel R. Gamez is a debt attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
Have you been sued by CACH LLC? Find out how to negotiate a settlement agreement with CACH LLC and get rid of your debt lawsuit. Contact the Gamez Law Firm to speak with a debt lawsuit attorney in a free consultation. We have successful experience settling debt with CACH LLC. For instance, our client took out a $6,000 loan from Bank of the Internet/On Deck Capital. When our client’s business went under, he was unable to make payments on his loan. With interest, the debt grew to $7,321. My client’s debt was sold to CACH, LLC. We reached a CACH LLC settlement offer for our client that saved him 94% of the debt owed. He ended up having to pay only $447.37 in his CACH LLC debt settlement.
Sued By CACH LLC, What Should You Do?
If you have been sued by CACH LLC, what should you do? If you receive notice that a CACH LLC lawsuit has been filed against you, then do not ignore it. Contact the Gamez Law Firm and speak with a debt lawsuit defense attorney if you need to respond to a credit card lawsuit or a debt lawsuit. We offer a free consultation to go over your particular situation, offer solutions to fight debt collectors and get you out of debt.
If you’ve been contacted by CACH LLC, you need to act immediately. Call 858-217-5051 for your FREE consultation.
Who is CACH LLC?
Who is CACH LLC? CACH LLC is a debt collecting entity that is a third-party buyer of debt. They buy debt that has been “charged off” for pennies on the dollar from credit card companies, banks and other lenders such as GE, Chase, Money Retail Bank, Bank of America, Capital One and others. “Charged off” debt is debt that is no longer considered collectable due to non-payment by the borrower. But that doesn’t mean the delinquent borrower doesn’t still owe the debt now that it’s charged off. You still owe it and you will most likely be served a debt collection lawsuit by CACH LLC if you don’t pay the debt. So even if the money you originally borrowed wasn’t from them, if they bought your debt – then you can be sued by debt collector CACH LLC.
CACH LLC has vast resources to hire lawyers to serve delinquent borrowers debt collection lawsuits by CACH LLC. Debt collection law firms are booming. Debt collection law firms such as Suttell & Hammer and Mandarich Law Group are hired by debt buyers to come after borrowers in default. The law firms hired by CACH LLC to sue borrowers are highly skilled at serving debt collection lawsuits.
What to Do If CACH LLC Sues You
If you have received a lawsuit from CACH LLC and want to know how to deal with CACH LLC, then you need to contact a debt lawsuit lawyer. If you do not take legal action and ignore the lawsuit, then a CACH LLC judgment can be filed against you. If this happens, you could be looking at CACH LLC garnishing wages or levying your bank account. For instance, a client contacted us to do defend a CACH LLC lawsuit a for a debt totaling $27,124. One week before trial, we negotiated a CACH LLC debt settlement saving our client approximately 50% of the amount owed. If our client had ignored the lawsuit, then a CACH default judgment would have been entered against our client. Instead, our client saved half of the money he owed and did not have to appear in trial to testify.
CACH LLC Lawsuit Defense
If you have need to defend a debt collection lawsuit from CACH LLC, then you need a debt lawsuit defense attorney with a solid track record of negotiating and settling debt with CACH LLC. The Gamez Law Firm has that solid track record. We have offices in Los Angeles and San Diego, CA – but we help consumers all over the country to settle debt with CACH LLC. As our clients will tell you, the savings we offer far outweigh our legal fees.
For example, our client owed CACH LLC over $21,000 for a debt originally owed to GE Money Retail Bank. Our client had been ignoring collection attempts for four years, which is when the statute of limitations ran out for him to be sued by CACH LLC. I was able to help my client realize a savings of 100% of his debt. Our client is now retired and not worrying about debt collectors.
If you have been sued by CACH LLC, then give us a call at 858-217-5051 and we can discuss your case free of charge. Our goal is to get our clients out of debt and on with their lives.
Daniel R. Gamez is a debt attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
If you want to stop robocalls for student loans, you are not alone. There is over $1.48 trillion in U.S student loan debt and over 11% of that accounts for people who are in default (haven’t made a payment in over 90 days). Once your student loan is in default, the robocalls from debt collectors start…and they don’t stop until you’re no longer in default. Learn more about what happens if you default on a student loan in my blog.
Student Loan Companies Are Lobbying To Keep Robocalls
As the NBC article “Why student loan companies are lobbying to keep robocalls” points out, “9 out of the top 10 robocallers in June were calling about people’s arrears, according to YouMail, a robocall blocking service.” FCC rules put in place by the former administration to regulate debt collectors who use auto dialers for federal debt stated that they cannot call people more than 3 times per month. But these rules have been halted by the current administration. Consumer advocates fear that the current administration will side with the giant student loan debt collectors, such as Navient.
Student loan debt collectors, like Navient, have vast resources at their fingertips with attorneys who do nothing all day, every day but file lawsuits against student loan borrowers in default. As one consumer attorney in the article points out, “They know they can harass the hell out of people and the vast majority of them will not be able to find a lawyer who can fight for them,” he said.
Stop robocalls for student loans by contacting Gamez Law Firm for a free consultation at 858-217-5051
It is an unfortunate fact that there are not a lot of student loan attorneys out there fighting for student loan borrowers. This has been one of my main areas of practice for over 5 years. I offer a free debt consultation to go over my client’s case, so that I can learn about your particular situation and map out a plan to get you out of default and on with your life. Below is just one story about how I helped a client save over $100,000 in Navient student loan debt. Read my clients’ student loan debt relief success stories to see even more accounts about how I have successfully fought back against the student loan giants and their ample resources. As my clients can tell you, the savings I offer far outweigh my attorney fees.
Our client owed Navient in over $143,000 for her student loans. With accruing interest, her loans to skyrocket to $156,845.31. We endured countless threats from Navient, including threats that the debt would be “going to the next level” if she didn’t bring her account current. That “next level” turned out to be that they sent her account to be collected by the law firm Weltman, Weinberg & Reis. We negotiated with this firm and were able to settle our client’s private student loans for $50,019.73. We saved our client $106,825.58, approximately 70% of the total amount due.
Stop Robocalls For Student Loans
If you want to stop robocalls for student loans, you do have recourse. Whether you have private or federal student loans, we can help you fight back against the debt collection robocalls. Once you retain a student loan lawyer, the robocalls will stop.Contact me at 858-217-5051 for a free consultation, so that we can get you on the road to a debt free life. I have a debt relief law firm offices in San Diego and Los Angeles, California – but I help people all over the country to get out of student loan debt. My goal is to get my clients out of debt so they can move on with their lives.
Daniel R. Gamez is a debt attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
I am often asked about how to get out of paying credit card debt. The fact of the matter is, you cannot get out of paying credit card debt altogether, but you can take steps to greatly reduce the total amount of credit card debt you owe with a credit card debt settlement. I will walk you through this process, give you tips on other ways to get credit card debt help, and let you know how it affects your credit score.
How to Get Out of Paying Credit Card Debt
You can get out of credit card debt and be debt free, start with a free consultation by calling 858-217-5051
When I am asked how to get out of credit card debt, my answer is that you can’t eliminate your credit card debt altogether. But you can negotiate with credit card companies to lower the overall amount you owe with a debt settlement. A debt settlement is a negotiation that the credit card borrower will pay back a usually greatly reduced amount of the total credit card debt that they owe in a lump sum or over an extended period of time.
For example, our client owed Chase Bank over $20,000 in credit card debt. Chase hired MRS Associates to collect the debt from my client. I reached a debt settlement with MRS Associates and they agreed to accept just $7,500 of the total debt due. That was a savings of 64% of the total amount of credit card debt due.
However, it’s not exactly that simple. In order to get to the point where a credit card company will negotiate with you, they need to understand that you simply can’t pay the full amount. In a debt settlement, you have stopped making payments on your credit card because you can no longer afford the payments. After 180 days of non-payment, you are considered delinquent in payment and your credit card account is “charged off”, meaning they no longer think they can collect your debt. However, this doesn’t mean you don’t still owe the debt and they most likely will sue you to collect it. This is the time to negotiate with credit card companies. The credit card companies would rather save money in costly court battles and get SOME of your credit card debt paid rather than have you declare bankruptcy and receive nothing.
The biggest question I receive about debt settlements is “can you get out of credit card debt without it ruining your credit?”Yes, your credit score will decrease if you stop paying your credit cards and settle. The bottom line is that if you have already fallen behind on your credit card payments, then your credit score is already suffering. However, once you complete your debt settlement then your credit card account will be considered “paid in full” and your credit score will start to rise, and often it will rise fairly quickly. Completing a debt settlement to get out of credit card debt will increase your credit score far faster than spiraling further into credit card debt that you can’t pay.
Steps for Getting Out of Credit Card Debt
So, while you cannot get out of credit card debt without paying, there are steps you can take to greatly reduce what you owe. You can try to chip away at your credit card debt by:
Trying to negotiate lower interest rates with your credit card company.
Create a budget where you can pay off more in credit card debt each month.
Pay off your high-interest rates credit cards first.
Stop using your credit card while you pay it off and use a debit card instead.
If the traditional methods don’t work and you still have high credit card debt, you might need to take bolder moves. Debt settlement is an option I use most often in my debt relief law firm, but you can also consolidate your debts to pay off credit card debt. A debt consolidation basically means you combine all of your debts into a new loan at an often-reduced interest rate. You can save money in debt consolidation if the new interest rate is less than the variable interest rates of your combined credit cards. However, the total debt that you owe will not decrease with a debt consolidation.
Another way to get credit card relief is to negotiate with credit card companies to see if you qualify for a hardship program. If you have a long-term illness, a military deployment or a disability that prevents you from working – then you may be able to reach a new payment plan with your credit card company. For instance, our client owed Bank of America, $9,988.61 for credit card debt that accumulated over many years. She was self-employed and became pregnant with twins. Due to several complications with her pregnancy, her doctor placed her on bed rest, which significantly reduced her income. Bank of America eventually referred the account to the law firm of Suttell & Hammer, which threatened to sue our client if we could not resolve the account. After explaining our client’s hardships, Suttell & Hammer agreed to accept $4,750.00 to deem the account settled in full. We saved our client $5,238.61 (53%) of the total balance claimed due.
There are plenty of “debt settlement companies” who will promise you they know how to get out of paying credit card debt. But to eliminate credit card legally, you have to play by the rules of law. You did borrow money and it is your legal obligation to pay it back. I recommend going to a credit card debt lawyer over a debt settlement company.
View my video about reasons to hire a debt settlement lawyer to help you get out of debt without declaring bankruptcy.
Lawyers have an ethical obligation under the law and must put the best interest of their clients first. Debt settlement companies have no such legal or ethical obligations. Plus, if you do get sued for credit card debt, then a debt defense attorney can represent you. If you need help with credit card debt, then give me a call at 858-217-5051 or email me at daniel@gamezlawfirm.com. If you aren’t located in my home state of California, I may still be able to help or can point you in the direction of someone in your state. I offer a FREE debt consultation to go over your debt situation and map out a way to your financial freedom.
Daniel R. Gamez is an attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates theGamez Law Firmin San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858–217-5051, daniel@gamezlawfirm.comor use ouronline contact form. Stay updated about the latest debt relief tips by following onFacebookandTwitterand read aboutclient success storieson our website.
If you have been sued by National Collegiate Trust (NCT) and do not respond to the lawsuit, then there is a good chance a default judgment will be filed against you. Meaning you lose before you even have a chance to fight. A default judgement can result in wage garnishment, bank levies and a lien being placed on your property. Even if a judgement has already been handed down in your case, there are opportunities to negotiate with the attorneys suing you. Don’t give up! I will take you through how to win a National Collegiate Trust Lawsuit.
For instance, our client owed National Collegiate Trust $35,413.69 on her private student loan. National Collegiate Trust hired the law firm of Bleier & Cox to sue her for breach of contract. Within a few weeks, we were able to negotiate a debt settlement that cut her debt in HALF down to $17,959. Not only that, but they agreed to let her pay it back over 84 moths, which amounted to $213.78 per month, interest free. That’s $17.454.69 in savings PLUS she didn’t have to go to court!
Win a National Collegiate Trust Lawsuit
If you have been served with a National Collegiate Loan Trust lawsuit, then do not give up hope. There are things you can do if you have been sued by National Collegiate Trust. First of all, most people getting sued by them first ask – who is National Collegiate Trust? Their full name is National Collegiate Student Loan Trust. They are a huge entity that buys private student loans from lenders such as Wells Fargo, Charter One Banks, Chase, Bank One, Discover, Bank of America, Union Federal Savings and others. Although the ownership of your student loan debt has changed, you still owe the debt under the same terms. If you haven’t made a payment on your student loan in over 180 days, then your account is considered in default and you will most likely be sued. National Collegiate Trust uses a number of law firms to sue consumers in default, such as Patenaude & Felix and Bleier & Cox.
You can win a lawsuit with National Collegiate Student Loan Trust. Start by scheduling a free consultation, 858-217-5051
If you have been served with a lawsuit from National Collegiate Student Loan Trust, we recommend you do the following:
HIRE A PRIVATE STUDENT LOAN ATTORNEY – Make sure that you hire an experienced student loan attorney who has a proven and successful track record. Many people out there are trying to figure out new ways to make money off the student loan crisis. Do your due diligence when researching your representation if served with a NCT lawsuit.
VALIDATE THE DEBT – Oftentimes, the entire lawsuit can be dismissed if the information in the lawsuit is incorrect, such as missing or wrong case numbers, misspelled or wrong names in the lawsuit, the amounts of the debt, dates and other information. An experienced attorney can help you validate the lawsuit documents.
NEGOTIATE PRIVATE STUDENT LOAN SETTLEMENT – Negotiating a National Collegiate Trust settlement with the law firm suing you is usually the best recourse if you are in default. A debt settlement is basically a negotiation that the borrower (you) will pay back usually a greatly reduced amount of the total debt you owe in a lump sum or over an extended period of time. The opposing counsel often accepts these settlements, because they would rather receive some funds from you than spend thousands of dollars fighting you in court.
FIGHT DEFAULT JUDGEMENTS – If a default judgment has already been filed against you, you still have recourse. In fact, post judgement does not mean that you are cooked! We have had much success helping our clients get back garnished wages and money from bank levies after a default judgement has been filed against our clients.
National Collegiate Trust Lawsuit Defense
The bottom line is that there are options to win a National Collegiate Student Loan Trust lawsuit. The attorneys working on behalf of National Collegiate Trust have suing consumers in default down to a science. You need solid legal representation to win a student loan collection lawsuit. When seeking the help of a debt lawsuit attorney, be sure to find someone who will sit down and discuss your case before making you pay them a fee. Never pay anyone up front for advice.
If National Collegiate is suing you, then give us a call at 858-217-5051 or email me at daniel@gamezlawfirm.com. We offer a free consultation to go over your particular situation and map out a debt defense for you. Take a look at my client debt relief success stories and read about people just like you who are now living a life free of debt.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California and serves clients nationwide. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
If someone promises that they can eliminate student loan debt, it’s a scam. With Americans owing over $1.48 trillion in student loans, it’s important to know how to avoid student loan scams. Don’t fall victim to student loan forgiveness scams from debt relief companies. Learn what to watch out for and what are your legitimate options for student loan debt relief. As a student loan lawyer, I even caution borrowers to do their research when contacting a lawyer for help. Student loan debt is a newer area of law for attorneys and not all have the experience and knowledge of how student loan debt relief works. As I take you through how student loans operate and how to avoid student loan scams, the first words of caution I have for you is to never pay anyone up front for advice.
How to Avoid Student Loan Scams
Avoid student loan debt relief scams and start your path to a debt free life.
Before I take you through ways to avoid student loan relief scams, it’s vital to understand the difference in private and federal student loans, as well as what happens if you default on your student loans. People often do not even know if their loans are private, federal or a combination of both. Understanding what to do with these loans can be complicated, as private and federal student loan debt relief are very different. With student loans being so difficult to maneuver, student loan scams are on the rise.
FEDERAL STUDENT LOANS
A federal student loan is money borrowed from the government. Student loan debt relief companies may promise to negotiate a better deal on your federal loan, but this is not possible. Federal law sets all of the parameters of your federal loan. A student loan debt relief company cannot negotiate a better rate with the federal government and any promise to do so is a scam. And you do not need to hire someone to get into one of the government’s repayment plans, such as an Income-based repayment plan or “Pay as You Earn”. Anyone can do it on their own as long as they are current on their federal student loan payments. These programs are also referred to as “student loan forgiveness programs”, but just because you enroll in one of these programs does not mean that you will eliminate your student loan debt, as many student loan debt relief companies promise. The goal with these programs is to get into a program that you can afford, and/or to see if you can qualify for deferments or forbearances.
If you have not made a payment on your federal student loan in 270 days, then your federal student loan will be considered in default. Student loan debt relief companies often prey on borrowers who are in default. But just like getting into a repayment plan can be done on your own, you can get your loans out of default with a student loan rehabilitation plan via the federal government. Once you have “rehabbed” your loan, then your loan will be back in good standing and you can then qualify for one of the above-mentioned government repayment programs (or “student loan forgiveness programs”). I have helped many clients to get into these programs, but with the complete understanding that they can do this on their own. The federal government programs can be tough to navigate, so it’s more a matter of convenience when someone comes to me for help with federal student loans. Also, as a student loan lawyer, I can represent you if you are sued by the federal government for non-payment.
For example, our client had defaulted on her federal student loansmany years ago when she lost her job and couldn’t afford the payments. The U.S. Department of Treasury notified her that they had intercepted her federal tax refund to apply toward the balance of her federal loan. Although she could have done this herself, she wanted help getting into a federal loan rehabilitation program. We got her into one in which she will make 9 monthly payments of $5 per month. Once she completes these payments, she will no longer be in default, the negative marks will be removed from her credit report, and she will be qualified to go into a loan repayment program (or “student loan forgiveness”). Loan rehabilitation’s can be tricky, but you can do it for free yourself.
Another client had stopped making his federal student loan payments and owed over $15,000 on the loan after a Chapter 13 bankruptcy that lasted 5 years. Since the federal student loan survived the bankruptcy, the Department of Education sent the account to Performant Recovery to collect the student loan debt. We negotiated with them to settle the account for $8,000. Our client was able to avoid his wages being garnished and was finally able to put his federal student loans behind him.
PRIVATE STUDENT LOANS
A private student loan is borrowing money from a private lender or bank, not unlike taking out a credit card. Most of these loans are unsubsidized, meaning that you need to start making monthly payments on them as soon you receive the loan. And unlike federal student loans, most private loans do not allow for hardship exemptions, deferments or forbearances. Private student loans are also vulnerable to variable interest rate changes and economic factors, such as inflation. There is often a co-signor on a private student loan, so it’s not just the student loan borrower who is held responsible if the loan goes into default. A private loan is considered in default if a payment has not been made in 180 days. Generally, student loans cannot be dismissed in bankruptcy, so a negotiation for a debt settlement is often the best course of action for those in default. Your credit will take a hit at first, but then once the student loan debt settlement is complete, your student loans will be taken care of and your credit score starts to rise – rather than declining as it was when you were stuck in default.
Anyone can also negotiate a settlement for a private student loan. You do not have to pay a student loan lawyer to negotiate a settlement, although an experienced lawyer can most likely get a better deal. Just make sure you are not paying outrageous legal fees. The goal of an honorable student loan lawyer should be to help get their clients out of student loan debt troubles while saving them money. Student loan debt relief companies are not the same as student loan lawyers. Legally, debt relief companies cannot ask for up-front fees to negotiate a student loan settlement. Plus, attorneys are held to ethical standards under the law that debt relief companies are not.
For instance, our client owed over $67,000 on her private student loans. When she defaulted on the loan she was sued in Los Angeles County Superior Court. We were able to negotiate a student loan settlement without her having to appear in court. The result was that our client will pay back $40,000 (instead of the full $67,000), with no interest, over an 84-month period of time with payment amounts starting at $300 per month and gradually increasing to $583.33 per month. Our client was able to avoid trial, is now in a repayment plan she can afford, her total amount of the debt due is reduced, and she no longer has the burden of being in default on her student loan.
The value of an experienced student loan lawyer cannot be overlooked when it comes to complicated student loans, as this example points out. Since we offer a free consultation to go over debt relief options, our client had simply come in so we could review a student loan settlement offer he had received. The settlement offer was from student loan servicer North Star Location Services on his private student loans originally owed to the giant student loan servicer Navient. He had originally owed over $60,000 and they offered to settle with him for about $6,000 (10% of the total amount due). Upon reviewing the offer with our client, we realized that our client had not made a payment on his loans in over 4 years, meaning he could no longer be sued over this debt. As a result, we convinced North Star to accept $5,000 to settle the debt. Our client was ready to move on and was willing to pay that amount, so he could start rebuilding his credit. He paid our law firm a very small amount and was able to save an extra thousand dollars on his settlement.
Common Student Loan Debt Relief Scams
Don’t fall victim to student loan scams. If a debt relief company tells you they can eliminate your student loan debt, they are pulling a student loan scam. Here is a list of some of the most common student loan debt relief scams.
Never Pay Anyone Upfront for Advice
Whether it’s a student loan lawyer or a student loan debt relief company, do not pay anyone up front for advice on what to do with your student loans. You should go to someone who offers a free consultation to go over your student loan debt relief options. And absolutely never give your credit card number over the phone to anyone who offers to wipe out your student loan debts.
Do Not Pay Up-Front Fees to a Student Loan Debt Relief Company
There are reputable student loan debt relief companies out there, and they won’t ask for large fees up front before learning about your situation and mapping out a plan. Also, remember it is illegal for non-attorneys in debt relief companies to take cash up front for a student loan debt settlement.
Steer Clear of Those Who Offer to “Eliminate Debt”, “Cancel Debt” or Promise “Immediate Loan Forgiveness”
It is simply false that your student loan debt can be wiped away. Avoid student loan debt scams by steering clear of anyone who promises to make your debt completely disappear.
Debt Relief Companies Can NOT Negotiate a Better Deal with Federal Student Loans
Payment rates set by the federal government for student loan forgiveness programs, such as Income-Based Repayment Plans, are set by Federal Law and cannot be negotiated. Period.
Avoid Any Student Loan Debt Relief Company Who Says They Will Put You on A Payment Plan for Federal Student Loans
There are no payment plans for federal student loans outside of the Department of Education. Offering to put someone on a payment plan for federal student loans is one of the most common student loan scams.
Be Wary of Student Loan Debt Consolidation Scams
Consolidating your loans basically means combining your multiple loans into one new loan. This can make your life easier by only having to manage one loan. If the interest rate on the new consolidated loan is less that than previous loans’ interest rates, this can end up saving you some money. However, many offering student loan debt consolidation are charging unnecessarily high fees for processing and administration. And the balance of your loan does not change. Just the interest rate. So, unlike a student loan settlement, in a consolidation you end up still paying the full about of your student loan debt due. If someone offers to consolidate your federal student loan, remember you can do it yourself with help from the Federal Student loan website.
Avoid Student Loan Debt Scams
People with student loan debt, especially those in default, are already in a vulnerable position. Student loan debt relief scams are growing, so do your research and follow your gut. If someone is pressuring you too hard, if they are asking for personal information over the phone, if their marketing is over-the-top and too good to be true – then it probably is. Make sure you talk with someone who will listen to your unique situation and offer options for student loan debt help in a free consultation. Most importantly, make sure the student loan lawyer you choose to work with has experience and has achieved success for their clients.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California and serves clients nationwide. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
Forbes recently published the article “Nonsensical State Laws Yank Licenses From Student Loan Defaulters”. It brings to light that in 18 states, student loan borrowers who default on their federal student loans risk having their professional licenses revoked. These laws were enacted under pressure from the Department of Education to get default rates under control. Let that sink in. It punishes the borrowers who have defaulted on their student loans by taking away their ability to make a living and pay their student loans.
New State Laws Revoke Professional Licenses if You Default on Student Loans
As the article states, “State governments enacted these laws at the behest of the Department of Education as a means to deter borrowers from defaulting on their loans. But the logic makes little sense, as taking away a borrower’s right to work also removes a way to earn income and get back on track with her student loan payments.”
There is a much higher default rate for those who never finished their college degree. By yanking away their professional license or certification for employment, borrowers already in default are left with no job to pay their loans. And many have no college degree to fall back on.
This policy is absurd. If borrowers in these states lose their licenses, they lose their ability to earn, which decreases the likelihood that they will be able to pay back their loans. Thankfully, Marco Rubio and Elizabeth Warren have joined forces to enact legislation to bar states from taking this asinine action by these 18 states. Hopefully more collaboration can be done across the aisle to help the ballooning student loan debt crisis in this country. As the article put it, “Perhaps it’s time for some focus on helping student loan borrowers get out of default. That should begin with giving defaulters back their right to earn a living.”
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
A National Collegiate Student Loan lawsuit is serious and can result in a default judgement against you if the lawsuit is ignored. With the proper representation, you can successfully defend a National Collegiate Student Loan lawsuit. Here is just one example of the reasons to hire a National Collegiate Student Loan Trust defense lawyer. Our client owed National Collegiate Student Loan Trust (NCSLT) $15,785.03 and was being sued by Patenaude & Felix, a law firm who often represents NCSLT. We negotiated a debt settlement with them that our client would only have to pay back $8,500 over a period of 24 months. We saved our client almost half of what she originally owed. Plus, she never had to see the inside of a court room.
Act now if you’re facing a student debt lawsuit! These are the top reasons to hire a lawyer for a National Collegiate Loan Trust lawsuit.
Why Hire a National Collegiate Student Loan Trust Defense Lawyer?
Who is National Collegiate Student Loan Trust? They are an entity who buys student loan debt from major lenders, such as Bank One, Discover, Chase, Wells Fargo, Charter One, Banks or America, Union Federal Savings and more. Even though the ownership of your student loan debt changes to National Collegiate Student Loan Trust, you still owe the full amount of your student loan. If your student loan goes into default, then you will most likely be sued by National Collegiate Student Loan Trust. In this case, I offer the Gamez Law Firm top 6 reasons you need a National Collegiate Student Loan Trust defense lawyer:
FIGHT BACK! – National Collegiate Student Loan Trust hires lawyers, usually from the law firm Patenaude & Felix, who do nothing but sue to collect student loan debt. They have NCSLT lawsuits down to a science. To fight back, you will need an experienced, successful lawyer for a National Collegiate Student Loan Lawsuit defense. Make sure you seek the advice of an attorney who offers a free consultation to go over your particular situation.Never pay anyone up front for advice.
VALIDATE THE DEBT – You’d be surprised how many times a NCSLT lawsuit can be dismissed based on incorrect information in the legal documents of your lawsuit. Incorrect information that can get your lawsuit dismissed can include who is the valid owner of the loan, missing or wrong case number, names, amounts of debt owed and/or other information.
PROTECT YOUR MONEY – If you do not respond to an NCSLT lawsuit, then most likely a default judgement will be filled against you. In this case, you could very likely have your bank levied, wages garnished and/or a lien filed against your property or real estate.
DEBT SETTLEMENT – A student loan lawyer can help you reach a debt settlement, which is basically a negotiation between the borrower and the lender that the borrower will pay back usually a greatly reduced amount of the total debt owed in a lump sum or over an extended period of time.
AVOID SCAMS – Unfortunately, there are a lot of people trying to make money off the student loan debt crisis by preying on people already in vulnerable situations. Be sure to do your due diligence when finding student loan debt help. Stay away from “debt relief companies”, as they are often caught up in scams. Plus, if you are sued by NCSLT, you will need a real attorney to represent you, and not a debt relief company.
QUALITY REPRESENTATION – Lawyers are held to ethical standards under the law that other professionals are not. If they try to take advantage of you, their law license will be taken away. A student loan lawyer must put the best interest of their client above all else.
So why hire a National Collegiate Student Loan defense attorney? The bottom line is that the right National Collegiate Student Loan defense lawyer will end up saving you money.
National Collegiate Student Loan Trust Defense Lawyer in California
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
Who is National Collegiate Student Loan Trust? They are an entity that buy trust pools of private student loan debt from lenders such as Chase Bank, Discover, Bank One and many, many more. If you have been sued by them, then you need to take immediate action to defend a National Collegiate Student Loan Trust lawsuit (NCT).
Who Is National Collegiate Student Loan Trust?
Learning first who is NCSLT (National Collegiate Student Loan Trust) will prepare you when facing a private student loan lawsuit.
I often receive phone calls asking me who is National Collegiate Student Loan Trust and why are they suing me if I never took out a loan with them? It can be confusing to receive notice that you are being sued by National Collegiate Student Loan Trust, when you don’t know who they are. The bank you took out your original private student loan with are called the “originators” of the loan. In addition to some of the ones listed previously, NCT also purchases student loans in a trust pool from Charter One Banks, Wells Fargo, Bank of America, Union Federal Savings and others.
It doesn’t matter that you didn’t take out your student loan with National Collegiate Student Loan Trust, they now own your debt and you now owe them. When NCT takes over your lawsuit and if you have kept up with your payments, then American Education Services (AES) will be servicing your loan. If your NCT loan goes into default (more on this in the next section), then they will be transferred to Transworld Systems, Inc. (TSI) for servicing and collections.
What to Do If Contacted by National Collegiate Student Loan Trust
If you are being sued by National Collegiate Student Loan Trust, then they are most likely trying to collect debt that you owe on a private student loan. If you have not made a payment on your private student loan in 180 days, then your loan will be “charged-off” and considered in default. What happens is you default on your student loan? You will most likely face a lawsuit by National Collegiate Student Loan Trust. If you receive notice of a lawsuit from NCT, then you need to take immediate action. Many of the lawsuits brought by NCT are handled by the law firm Patenaude & Felix. Your first inkling you are about to be sued by National Collegiate Student Loan Trust is a demand letter from Patenaude & Felix letting you know that you have 30 days to dispute the validity of the student loan debt in question. After the 30 days, if there is no dispute, you will most likely be served with a lawsuit from NCT.
Contact Attorney for National Collegiate Student Loan Trust Lawsuit
Now that you know who National Collegiate Student Loan Trust is, you need to know what to do if you are sued by them. Regardless of what law firm is representing NCT, you need to seek the advice from a National Collegiate Student Loan Trust defense lawyer. Make sure you find someone with a proven track record of student loan lawsuit defense client success stories. And never pay anyone up front for advice. Make sure the attorney you contact offers a free consultation to go over your lawsuit. A lawsuit from NCT is serious and if ignored can lead to funds being seized in your bank account with a bank levy, your wages could be garnished or you’re a lien can be filed against your property or real estate.
The fact of the matter is, you can fight a National Collegiate Student Loan Lawsuit and win. At the Gamez Law Firm, we have been very successful in defending National Collegiate Student Loan Lawsuits. One example involved a client who owed over $42,000 in private student loans to NCT. NCT was very close to suing my client. Our client had limited income and could not afford to pay this loan, in addition to the $70,000 he also owed in federal student loans. We were able plead his case to the law firm representing NCT, negotiate a debt settlement and NCT ended up accepting $15,000 instead of the full debt amount of $42,000. We saved our client approximately 65% of the total debt due and he avoided a lawsuit from NCT.
If you would like free advice from a National Collegiate Student Loan Trust defense lawyer, then give Gamez Law Firm a call at 858-217-5051 or email me at daniel@gamezlawfirm.com. I offer a free debt relief consultation to go over your particular situation and get you on the road to debt relief.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
