Contents
Introduction
National Collegiate Student Loan Trusts are a collection agency, which includes fourteen trusts that purport to hold 800,000 different student loan contracts valued at over 12 billion dollars. None of the trusts hold any promissory notes or other contracts establishing that debts exist, or were assigned to them by anyone with authority to transfer them.
They usually sue based on records retained by collection agencies involved in collecting prior debts on behalf of financial service companies which may themselves not actually own the debt that they are suing on.
National Collegiate Student Loan Trust is a corporation formed under the laws of the state of Delaware.
National Collegiate Student Loan Trust is a corporation formed under the laws of the state of Delaware. It was formed in 2002 in the state of Delaware as a private company to serve as a “bankruptcy remote” funding vehicle for student loans.
The trust is comprised of individual trusts or series that have been created to pool certain types of student loans into separate entities that are then sold as bonds with cash proceeds being used to purchase certain types of student loans on a portfolio basis.
It was formed in 2002 in the state of Delaware as a private company to serve as a “bankruptcy remote” funding vehicle, where funds could be deposited, and student loans could be funded without fear of one trust going into bankruptcy.
It was formed in 2002 in the state of Delaware as a private company to serve as a “bankruptcy remote” funding vehicle, where funds could be deposited, and student loans could be funded without fear of one trust going into bankruptcy.
As such, it has no physical presence or employees other than its trustees. It is managed by an administrator (Nelnet) and trustee (Prudential).
Originally it took loans that had not been paid on time.
Originally, the trust took loans that were not paid on time. In fact, it became notorious for being unable to prove its ownership of student loans via promissory notes, or other documents proving that it owns the loans. The loan sharks had become the ones who owned these bad loans and now they get to collect on them!
The trust however has become notorious for being unable to prove its ownership of student loans via promissory notes, or other documents proving that it owns the loans.
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As such many debtors have successfully sued them in both state and federal courts.
In addition to the many debtors who have successfully sued CSLT in state and federal courts, the trust has been sued by debtors in federal court. In those cases, the court found that because CSLT can’t prove its ownership of any debts (which is required by law), it should not be able to collect on those debts. The trust has also lost several cases in which it claimed ownership of student loans but couldn’t prove it owned them.
Recently, there has been an investigation into the practices of National Collegiate Student Loan Trust by New York Attorney General Eric Schneiderman.
Recently, there has been an investigation into the practices of National Collegiate Student Loan Trust by New York Attorney General Eric Schneiderman. The investigation was launched in 2015 and is ongoing. The investigation is looking into the practices of National Collegiate Student Loan Trust, which owns student loan debt from hundreds of thousands of people across the country.
As part of the investigation, New York Attorney General Eric Schneiderman’s office sent letters to 44 companies that collect debt on behalf of NCSLT and other lenders with similar structures asking them to provide information about their own practices regarding servicing and collecting student loans.
National Collegiate Student Loan Trusts are a collection agency, which includes fourteen trusts that purport to hold 800,000 different student loan contracts valued at over 12 billion dollars.
National Collegiate Student Loan Trusts are a collection agency, which include fourteen trusts that purport to hold 800,000 different student loan contracts valued at over 12 billion dollars.
The trusts have been criticized for their lack of transparency and for the fact that they often sue borrowers who have already defaulted on their loans. In 2014, the Consumer Financial Protection Bureau sued National Collegiate for its collections practices in South Carolina.
None of the trusts hold any promissory notes or other contracts establishing that debts exist, or were assigned to them by anyone with authority to transfer them.
As a result of this, none of the trusts can collect on these debts.
They usually sue based on records retained by collection agencies involved in collecting prior debts on behalf of financial service companies which may themselves not actually own the debt that they are suing on.
National Collegiate Student Loan Trusts are a collection agency, which include fourteen trusts that purport to hold 800,000 different student loan contracts valued at over 12 billion dollars. They usually sue based on records retained by collection agencies involved in collecting prior debts on behalf of financial service companies which may themselves not actually own the debt that they are suing on.
Conclusion
The bottom line is that National Collegiate Student Loan Trusts are a collection agency, which include fourteen trusts that purport to hold 800,000 different student loan contracts valued at over 12 billion dollars. None of the trusts hold any promissory notes or other contracts establishing that debts exist, or were assigned to them by anyone with authority to transfer them.