If you’re wondering how to stop a bank levy by a private student loan lender, such as National Collegiate Student Loan Trust, then you are not alone. National Collegiate Student Loan Trust purchased your student loan a very short time after the loan funded and prior to any payments becoming due. The loans are serviced by AES until the go into default, at which time they are transferred to Transworld Systems, Inc. for servicing and collections. If you are in default on your private student loan, then National Collegiate Student Loan Trust or the debt collector who now owns your loan will come after you for payment by filing a lawsuit against you.  You need to know your debt collection rights and take swift action if this happens.


Stop Bank Levy By National Collegiate Student Loan Trust

If you chose to ignore the lawsuit, then your lender wins automatically and will have several options to come after you for the money, such as a bank levy or a wage garnishment. Contact an attorney who offers a free debt consultation to go over your options.  My San Diego debt relief law firm helped a client get back 75% of her paycheck that her creditor had taken in a bank levy.  The key to this success was that the client contacted me in enough time that it was within the deadline to oppose the bank levy. In a bank levy you can claim an exemption of up to 75% of income from wages earned within the 30 days prior to the bank levy. The Court should order the sheriff to refund that 75% to you if you can prove that the money seized by the sheriff is from income received within the last 30 days.


I have another client who had a judgment entered against him on his private student loan debt that did not get discharged in his bankruptcy. With post-judgment interest accruing, the judgment increased to $18,988.17. Much to his surprise, the lender went after a joint checking account with a bank levy. Unfortunately, the account had more than enough money to cover the balance due on the judgment. Within 24 hours of being retained, we were able to negotiate with the creditor’s attorney to release 100% of the levied money back to our client. In exchange, our client agreed to make a one-time lump sum payment of $9,000.00 to fully settle this judgment. We saved our client $9,988.17. Now our client can continue saving money for the down payment on a home without worry that the account will be hit with another bank levy on this judgment. 


National Collegiate Student Loan Trust Bank Levy Help

The Courts recognize that there are certain necessities of life that you need to pay for and they do not want to bankrupt you to satisfy the debt. If you act within the timeframe permitted by the law, then you have a chance to stop a bank levy by National Collegiate Student Loan Trust or whomever is trying to collect on your 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, CA. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated with the latest debt relief tips by following on Facebook and Twitter!