Recently, a large number of lawsuits have been filed by an entity identifying itself as National Collegiate Student Loan Trust, LLC. I have received several phone calls from people who were surprised and upset to learn that they had been sued by National Collegiate Student Loan Trust, LLC. None of these people understood who this company was and the basis of the lawsuit.
As I have explained to the people who call me, National Collegiate Student Loan Trust, LLC is not a lender but, instead, is a debt-buyer that is in business to purchase private student loans from banks at a very cheap price. Anything collected on these loans means very large profits for them. The loans they have purchased are private student loans, many of which do not appear to have been guaranteed by the federal government.
An example of the type of call I get is someone I will call Mary Jones. The Sheriff just came to Ms. Jones's house and she not only doesn't understand that she is being sued but does not recognize the name National Collegiate Student Loan Trust, LLC. She becomes upset and does not know what to do. Ms. Jones then goes on the Internet, does a search, finds my name and calls me.
After listening to her, I explain that her case is similar to many that I have defended. The typical fact pattern is like hers - Ms. Jones applied to obtain student loans to help her pay for her college education. Her mother provided a co-signature. However, due to the complicated world of the student loan industry, she believed that they had been making timely payments on a regular basis. Like so many other students, she had several different loans, which became fragmented and difficult to keep track of. It seems that one may have possibly fallen through the cracks. She only became aware of this situation when she was suddenly sued, without any prior notice, by National Collegiate Student Loan Trust, LLC.
As a Trust, National Collegiate Student Loan Trust, LLC, must adhere to certain regulations dictated by the SEC. Although, this information is not provided in the initial documents filed in Court against my clients, we have been able to access the Trust information filed with the appropriate government agencies. This helps us to defend these cases, since National Collegiate Student Loan Trust, LLC is a Trust and must strictly adhere to the particular laws regulating Trusts. Depending upon various factors including which state laws govern the Trust, if the Trust does not comply with those laws, the Trust may have difficulty prevailing in its case. In other cases we have defended, we have found that the Trust does not always have the proper documentation required to prove its case.
Since, we are consumer lawyers and we do this every single day, we know where to find the defects in these cases. When Creditors bring lawsuits against debtors, they have to prove it. Our clients are always surprised to find that there are strong strategies that we use to assert their rights. A common mistake that our clients make is that they always assume that they are in the wrong. Often, by the time they call us they are at their breaking point.
Like Ms. Jones, my clients are usually relieved to know that they have a better than fighting chance to defend themselves, which they did not know was a possibility, until they spoke with us. If you are being sued by this entity, you might even be able to turn the tables on them if we find that they violated the Federal Fair Debt Collection Practices Act ("FDCPA") If that is the case, you could become a plaintiff and sue them for damages you may have incurred. If you call us, we will give you a free evaluation of your case and answer questions you may have about these lawsuits.
Recently, a large number of lawsuits have been filed by an entity identifying itself as National Collegiate Student Loan Trust, LLC. I have received several phone calls from people who were surprised and upset to learn that they had been sued by National Collegiate Student Loan Trust, LLC. None of these people understood who this company was and the basis of the lawsuit.
As I have explained to the people who call me, National Collegiate Student Loan Trust, LLC is not a lender but, instead, is a debt-buyer that is in business to purchase private student loans from banks at a very cheap price. Anything collected on these loans means very large profits for them. The loans they have purchased are private student loans, many of which do not appear to have been guaranteed by the federal government.
Upon gathering information from the many calls we received, the fact patterns in each case were very similar. Each person applied to obtain student loans to help her pay for their college education. A parent provided a co-signature. However, due to the complicated world of the student loan industry, the person believed that they had been making timely payments on a regular basis. Like so many other students, each person had several different loans, which became fragmented and difficult to keep track of. It seems that one may have possibly fallen through the cracks. Many of these people only became aware of the situation when they were suddenly sued by National Collegiate Student Loan Trust, LLC.
As a Trust, National Collegiate Student Loan Trust, LLC, must adhere to certain regulations dictated by the SEC. Although, this information is not provided in the initial documents filed in Court against my clients, we have been able to access the Trust information filed with the appropriate government agencies. This helps us to defend these cases, since National Collegiate Student Loan Trust, LLC is a Trust and must strictly adhere to the particular laws regulating Trusts. Depending upon various factors including which state laws govern the Trust, if the Trust does not comply with those laws, the Trust may have difficulty prevailing in its case. In other cases we have defended, we have found that the Trust does not always have the proper documentation required to prove its case.
Since, we are consumer lawyers and we do this every single day, we know where to find the defects in these cases. When Creditors bring lawsuits against debtors, they have to prove it. Our clients are always surprised to find that there are strong strategies that we use to assert their rights. A common mistake that our clients make is that they always assume that they are in the wrong. Often, by the time they call us they are at their breaking point.
My client are usually relieved to know that they have a better than fighting chance to defend themselves, which they did not know was a possibility, until they spoke with us. If you are being sued by this entity, you might even be able to turn the tables on them if we find that they violated the Federal Fair Debt Collection Practices Act ("FDCPA"). If that is the case, you could become a plaintiff and sue them for damages you may have incurred. If you call us, we will give you a free evaluation of your case and answer questions you may have about these lawsuits.