National Collegiate Student Loan Trust Lawsuit Defense

Have You Been Sued by National Collegiate Student Loan Trust? At The Debt Settlement Lawyer, we have solid experience in National Collegiate Student Loan Trust Lawsuit Defense. 

Who is National Collegiate Student Loan Trust?

Who is National Collegiate Student Loan Trust?” is often the first question I receive. When you take out a private student loan, the bank that you take the loan out from (Bank One, Discover, Chase Bank) funds the loan. Within a short period of time, your loan is then put into a trust pool. Those trust pools are sold to National Collegiate Student Loan Trust prior to payment becoming due. These loans are serviced during repayment by American Education Services (AES) unless your payments go into default, at which time they are transferred to Transworld Systems, Inc. (TSI) for servicing and collections. At this point, National Collegiate Student Loan Trust is basically a debt collector. And they will come after you for payment on the student loan debt with their vast resource of attorneys.

 

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Is National Collegiate Student Loan Trust a Debt Collector?

According to the Fair Debt Collection Practices Act (FDCPA), a debt collector is a person or entity who collects debts from others. Although NCT may claim it is not a debt collector, it actually is according to the FDCPA. The fact that NCT buys delinquent debts and then goes after the borrowers for repayment, qualifies them a “debt collector”.

So I can still be sued by National Collegiate Student Loan Trust even though I did not originally get my student loan from them?

Yes. If NCT bought your defaulted debt from the original issuer of your student loan, then they now own your debt and can legally collect it from you. If you continue to not pay the debt, then they can (and most likely will) file a lawsuit against you to collect the debt.

 

Can I ignore the lawsuit that National Collegiate Student Loan Trust has filed against me?

Ignoring the lawsuit is a terrible idea. NCT will use the law and its extensive resources to go after you for the debt that you owe.  They will attempt to collect the debt by obtaining a judgement so they can then seize the funds in your bank account with a bank levy, wage garnishment, or filing a lien against your property or real estate.

Do I have any options if I am sued by National Collegiate Student Loan Trust?

You can fight back if you are sued by National Collegiate Student Loan Trust.  First, I highly recommend consulting with a debt relief attorney with experience negotiating with NCT.  These larger entities trying to collect debt are more likely to negotiate with a trusted attorney who they have worked with in the past. NCT has vast resources at their fingertips to execute lawsuits against thousands of borrowers.  You want to make sure the attorney you chose has specific experience in student loan debt relief.

How can my debt relief attorney fight back against National Collegiate Student Loan Trust?

First, your debt relief attorney will make sure the lawsuit that that NCT has filed against you is valid by:

• Proving that you, the student loan borrower, did actually take out the loan;
• Proving that NCT is the legal owner of the loan and, therefore, has the right to collect on the loan; and
• Proving that the actual amount of the loan that NCT claims that you owe is correct.

If these facts cannot be proven by NCT, then your debt relief attorney could possibly have the lawsuit dismissed.

What if the Lawsuit National Collegiate Student Loan Trust Has Filed Against Me is Valid?
If the lawsuit filed against you by NCT is valid, then your debt relief attorney can pursue a negotiation with NCT for a debt settlement. A debt settlement is when the two parties involved in the lawsuit reach an agreement that the borrower will pay back less than the original amount of the debt.  Usually a negotiation can be reached where the debt is paid back over time with a payment plan over a number of months. Most creditors would rather you pay them a reduced amount in a debt settlement rather than trying to chase you down with a judgement where they may get little to nothing through a bank levy or wage garnishment.

What’s My First Step if in a National Collegiate Student Loan Trust Lawsuit Defense?
Thousands of student loan borrowers are being sued by NCT or are receiving collection calls.  If you are one of them, then contact me for a free debt consultation. I have established good working relationships with NCT contacts and have been very successful in fighting back against National Collegiate Student Loan Trust.  This is a decision that could mean savings of thousands of dollars on your private student loan debt.