By: Robert J. Nahoum
National Collegiate Student Loan Trust (NCSLT) is a unique “junk debt buyer” that few people have ever heard of. NCSLT is in the business of buying defaulted student loans and suing the borrowers.
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.
According to the New York State Unified Court System, NCLST filed 520 New York student loan debt collection lawsuits in 2016. NCLST debt collection cases are unlike traditional credit card and medical bills cases because the amount of the debt is usually much much more.
NCSLT and their debt collection lawyers are notoriously accused violators of federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA) and is sued regularly by consumers for these violations. The FDCPA is a federal law that regulates the collection of consumer debts. It precludes third party debt collectors from using false, misleading, deceptive and harassing debt collection tactics.
If you need help settling or defending a debt collection law suit, stopping harassing debt collectors or suing a debt collector, contact us today to see what we can do for you. With office located in the Bronx, Brooklyn and Rockland County, the Law Offices of Robert J. Nahoum defends consumers in debt collection cases throughout the Tristate area including New Jersey.