By: Robert J. Nahoum
National Collegiate Student Loan Trust (NCSLT) is a very busy company that few people have ever heard of. Much like the mortgages involved in the financial and foreclosure crisis of just a few years ago, private student loans are packaged together as investments and sold on Wall Street. Those packages of loans are held in trust and managed by NCSLT. When a particular private student loan borrower falls behind on a NCSLT managed student loan, NCSLT is the one who sues the borrower.
In most traditional debt buyer cases, debt buyers have trouble proving their cases because they often lack the paper worked and evidence needed to demonstrate that they were assigned ownership of the debt and that the consumer owes what they claim. This is often the case in NCSLT cases. Even though NCSLT regularly has trouble proving their cases, settlement is often the optimum solution when the terms are favorable.
In one recent such case, a client of The Law Offices of Robert J. Nahoum was sued in New Jersey by NCSLT for a defaulted student loan. What’s worse, our client’s loan was guaranteed by a relative who was also sued. After lengthy litigation and negotiation, we reached a settlement of the case which not only lowered the monthly payments far below what the borrower had been paying before the default, we also negotiated a significant reduction of the principal on the debt.
If you’ve been sued by National Collegiate Student Loan Trust in New York or New Jersey or if you just have questions about them, we urge you to contact The Law Offices of Robert J. Nahoum, P.C. today by calling 845-232-0202.