Standing Up For Consumers Against Financial Predators

National Collegiate Student Loan Trust Lawyer in Atlanta

Atlanta Debt Collection Defense Attorney – (404) 879-5226

“What is the National Collegiate Student Loan Trust (NCSLT) and why are they suing me?” This is a question that many college graduates unfortunately have to ask themselves at one point or another. The demand letters from the NCSLT do not do much to provide clarity, either.

Our Atlanta debt defense lawyer from Southeast Consumer Law is here to help you make sense of the situation, as well as protect yourself from an NCSLT lawsuit or collection effort.

To learn more about how we can help, call us at (404) 879-5226 for a free consultation.

Explanation of the NCSLT

If you took a private student loan between 2003 and 2007, it is likely that National Collegiate Funding and at least one of its fifteen trusts are involved with that loan. The NCSLT trusts hold approximately 800,000 private student loans, totaling around $12 billion. More than $5 billion of that debt is in default. The trusts aggressively pursue borrowers in default by filing tens of thousands of lawsuits every year.

The loans were made to college students more than a decade ago by dozens of different banks, like JPMorgan Chase, Bank of America, and many more. The loans were then bundled together by a financing company and sold to investors through a process known as securitization. After the loans are sold to National Collegiate Funding, they are transferred to one of the fifteen trusts and bonds are sold to investors. Each bond entitles the investor to receive distributions from the trust based on the amount of money that comes in from private student loan borrowers.

The scheme is similar to how the mortgage industry functions. Shortly after you take out a mortgage, your lender, known as the “originator,” sells the rights to collect your payments to another entity. Much like the subprime mortgage mess that has plagued consumers since 2008, there is not much of a paper trail involved in the world of private student loans. Therefore, the National Collegiate Student Loan Trusts usually cannot prove that they own the right to collect loan payments nor the correct amount supposedly due on the loan, and many of the lawsuits were filed after the statute of limitations expired.

This is a prime opportunity for you and our debt collection defense attorney. If it can be shown that their records are incomplete or even partially inaccurate, then it might be possible to have the case dismissed.

If you have received notice that you are being sued, you should:

  • Reach out to an Atlanta student loan attorney
  • Verify that you actually took out the defaulted loan
  • Check to see whether your loan was private or public originally
  • Double check their info to find out if you really were behind on loan payments
  • Verify that the amount you are allegedly overdue on is correct

Use the NCSLT’s Mistakes to Your Advantage – Call (404) 879-5226

Due to the NCSLT’s shoddy paperwork and unfair litigation practices, you could end up facing garnishment, a lien against your home, and seizure of personal assets. The key to stopping all of those unjust penalties is fighting the NCSLT. Southeast Consumer Law in Atlanta has defended dozens of student loan borrowers against NCSLT with success. Most cases were dismissed and some settled for about half of the original amount the NCSLT had pursued, resulting in a tremendous win for our clients.

To read about some of our recent cases,

Click Here

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