Getting sued by National Collegiate Trust? You aren’t alone.
Who or what is National Collegiate Trust?
- National Collegiate Trust is a Delaware Statutory Trust that has been suing people all over the United States for past due student loans. They have now come to Michigan and are sending lawyers to courts all over the state to sue student loan debtors. All of the student loans National Collegiate Trust is trying to collect originated as private loans from banks.
- Because National Collegiate Trust isn’t the original lending party, they got the loan from another bank, usually the original lender. In order to sue on the student loan debt, they have to show that they are now the legal owner of the promissory note.
What if I do nothing with this lawsuit?
- If National Collegiate Trust is suing you, they are counting on you to do nothing. If you do nothing, a default judgment will be issued against you and National Collegiate Trust will try to collect the judgment against you by property liens, garnishment of your paycheck and/or bank account, execution upon property, or taking your tax returns.
- If National Collegiate Trust is suing you, chances are that you owe a lot of money on your student loan. Sitting on it and doing nothing will result in you owing the full amount. Fighting it, on the other hand, may yield way more favorable results.
Should I bother fighting the lawsuit?
- Fighting the lawsuit will force National Collegiate Trust to prove that they lawfully own the loan. They have to account for the debt, and prove that you are legally liable for the debt.
- The amazing thing is, many times, National Collegiate Trust does not have the paperwork or other documented proof. Other times, the debt is beyond the statute of limitations. There are documented cases all over the United States of National Collegiate Trust lawsuits being thrown out of court because they cannot prove their case.
- If you fight back, you might be able to get the lawsuit dropped, or the case can be settled for a low monthly payment or lump sum figure. By fighting, you can often get a better deal than if you do nothing.
Ok, I want to find out more. Now what?
If National Collegiate Trust is suing you, you have a limited time to respond to the lawsuit. Call our office immediately at 586-979-5000 for a free consultation to see what your options are.