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Our firm has defended a number of student loan lawsuits brought by National Collegiate Student Loan Trust over the past 5 years. I’ve also spoken about the company at a number of bar events around the country, and teach graduates of The Student Loan Law Workshop how to understand the issues presented by private student loan entities.
Given how vocal I’ve been about National Collegiate, a LOT of people from around the country have found this site and think our law firm is the right place to serve National Collegiate Student Loan Trust with legal papers. In fact, over the past 5 years some of the things I’ve received include:
- Chapter 13 bankruptcy trustee checks;
- Letters from borrowers addressed to National Collegiate;
- Notice of Commencement of bankruptcy cases filed by people who owe money to National Collegiate;
- Subpoenas to appear in courts around the country on behalf of National Collegiate; and
- Complaints filed by borrowers, consumer protection lawyers, and government entities against National Collegiate.
I Do NOT Represent National Collegiate Student Loan Trust
I am a student loan lawyer who helps people with their student loan problems.
My office defends lawsuits brought by companies such as National Collegiate Student Loan Trust, Navient, and the US Department of Education.
We represent people who need to file for bankruptcy protection.
We help people resolve their federal student loan problems and provide advice about consolidation, rehabilitation, loan forgiveness and discharge, income-dependent repayment options, and other administrative remedies.
We are not National Collegiate Student Loan Trust, and we do not have any connection with this entity. You should not send us any legal papers with the expectation that they will get to National Collegiate.
Where to Send Papers to National Collegiate Student Loan Trust
National Collegiate Student Loan Trust does not have a single office location; rather, the entities are governed and controlled by different companies. I recommend that you send any documents to all of the following places to maximize the likelihood that your mail goes to the right place:
The National Collegiate Student Loan Trust
c/o Wilmington Trust Company
Rodney Square North
1100 N Market St
Wilmington DE 19890
The National Collegiate Student Loan Trust
c/o Goal Structured Solutions, Inc.
402 W Broadway Suite 2000
San Diego, CA 92101
U.S Bank NA, Indenture Trustee
The National Collegiate Student Loan Trust
One Federal Street
3rd Floor Boston, MA 02110
Transworld Systems, Inc.
507 Prudential Road
Horsham PA 19044
Transworld Systems, Inc.
PO Box 15630
Wilmington, DE 19850
Odyssey Education Resources LLC
800 Corporate Drive
Ft. Lauderdale, FL 33334
American Education Services
P.O. Box 2461
Harrisburg, PA 17105-2461
This is the best list that I have right now, but it may be incomplete or incorrect. Do not rely on this list, and don’t get upset with me if any of the addresses are wrong.
You are responsible for tracking down the correct addresses for National Collegiate Student Loan Trust. My goal is to keep my staff from spending more time dealing with misdirected mail.
Thanks for getting in touch - now check your email for some very important information.
Do You Owe Money to National Collegiate?
Enter your information below. We'll get in touch to set up an appointment with one of our student loan lawyers.
There was an error submitting your subscription. Please try again.
Your First Name
Your Email Address
Your Cell Phone Number
YES - I Need Help!
The post National Collegiate Student Loan Trust Address appeared first on Shaev & Fleischman P.C..
Our firm has defended a number of student loan lawsuits brought by National Collegiate Student Loan Trust over the past 5 years. I’ve also spoken about the company at a number of bar events around the country, and teach graduates of The Student Loan Law Workshop how to understand the issues presented by private student loan entities.
Given how vocal I’ve been about National Collegiate, a LOT of people from around the country have found this site and think our law firm is the right place to serve National Collegiate Student Loan Trust with legal papers. In fact, over the past 5 years some of the things I’ve received include:
- Chapter 13 bankruptcy trustee checks;
- Letters from borrowers addressed to National Collegiate;
- Notice of Commencement of bankruptcy cases filed by people who owe money to National Collegiate;
- Subpoenas to appear in courts around the country on behalf of National Collegiate; and
- Complaints filed by borrowers, consumer protection lawyers, and government entities against National Collegiate.
I Do NOT Represent National Collegiate Student Loan Trust
I am a student loan lawyer who helps people with their student loan problems.
My office defends lawsuits brought by companies such as National Collegiate Student Loan Trust, Navient, and the US Department of Education.
We represent people who need to file for bankruptcy protection.
We help people resolve their federal student loan problems and provide advice about consolidation, rehabilitation, loan forgiveness and discharge, income-dependent repayment options, and other administrative remedies.
We are not National Collegiate Student Loan Trust, and we do not have any connection with this entity. You should not send us any legal papers with the expectation that they will get to National Collegiate.
Where to Send Papers to National Collegiate Student Loan Trust
National Collegiate Student Loan Trust does not have a single office location; rather, the entities are governed and controlled by different companies. I recommend that you send any documents to all of the following places to maximize the likelihood that your mail goes to the right place:
The National Collegiate Student Loan Trust
c/o Wilmington Trust Company
Rodney Square North
1100 N Market St
Wilmington DE 19890
The National Collegiate Student Loan Trust
c/o Goal Structured Solutions, Inc.
402 W Broadway Suite 2000
San Diego, CA 92101
U.S Bank NA, Indenture Trustee
The National Collegiate Student Loan Trust
One Federal Street
3rd Floor Boston, MA 02110
Transworld Systems, Inc.
507 Prudential Road
Horsham PA 19044
Transworld Systems, Inc.
PO Box 15630
Wilmington, DE 19850
Odyssey Education Resources LLC
800 Corporate Drive
Ft. Lauderdale, FL 33334
American Education Services
P.O. Box 2461
Harrisburg, PA 17105-2461
This is the best list that I have right now, but it may be incomplete or incorrect. Do not rely on this list, and don’t get upset with me if any of the addresses are wrong.
You are responsible for tracking down the correct addresses for National Collegiate Student Loan Trust. My goal is to keep my staff from spending more time dealing with misdirected mail.
Thanks for getting in touch - now check your email for some very important information.
Do You Owe Money to National Collegiate?
Enter your information below. We'll get in touch to set up an appointment with one of our student loan lawyers.
There was an error submitting your subscription. Please try again.
Your First Name
Your Email Address
Your Cell Phone Number
YES - I Need Help!
The post National Collegiate Student Loan Trust Address appeared first on Shaev & Fleischman LLP.
I've defended hundreds of lawsuits brought by National Collegiate Student Loan Trust over the past 7 years. I've shared my insights by writing countless articles about the company, and have spoken at dozens of bar events around the country in an effort to teach people about how National Collegiate works. Beyond that, I helped Read the article
The post Here’s how to get in touch with National Collegiate Student Loan Trust appeared first on Shaev & Fleischman P.C..
Our February post on taxi medallions and their significant loss in value generated much reader interest. In this month’s email, we’ll update readers on taxi medallions and related issues.
The New York Post reported earlier this month that a taxi medallion recently sold for $241,000-a new low. As recently as three years ago, taxi medallions were selling for $1,300,000-a drop in value of over 80%. And there are approximately 50,000 Uber drivers in NYC vs. approximately 13,587 yellow cab drivers.
With just 13,587 yellow cabs on New York City’s streets compared to about 50,000 cars from black cab and app services, New Yorkers now have more transportation options than ever before. In New York City, people took fewer trips and spent less on taxis during the first half of last year compared with 2015, according to a November securities filing from lender Medallion Financial Corp.
According to an article in Skift, 81 percent of Capital One's $690 million in loans for taxi medallions are at risk of default. The share of taxi medallion loans Capital One thinks its borrowers won’t be able to repay in full has nearly tripled over the past year, to 51.5 percent. Another 29 percent of Capital One’s loans are to stressed borrowers who could be at risk of default. And BankUnited told its investors in November that nearly 59 percent of its loans secured by taxi medallions were under water. Close to 95 percent of BankUnited’s loans were to New York City borrowers.
Many readers have asked us what the banks that loaned money to medallion owners can or are doing. Their options are as follows: 1. Close and go out of business; 2. File for chapter 7 or 11 bankruptcy and liquidate or attempt to reorganize; 3. Sell their non–performing loans to third parties such as hedge funds; 4. Restructure their loans from third parties; 5. Seek capital from third parties; or 6. Work to restructure their loans to medallion owners. Which strategy is optimal? The optimal strategy depends on the facts of each case.
For medallion owners whose loans exceed the value of the medallions, the question remains as to what their strategy should be. The key issue for a medallion owner is whether to continue to own and make payments on a medallion loan, where the value of the medallion is far below the loan balance. For those medallion owners seeking specific advice, please see our post here. Any course of action chosen by a medallion owner involves NYS debtor/creditor law, bankruptcy law and tax law. Medallion owners are advised to seek legal counsel and to proceed with caution.
Many readers have also asked about timing. Assuming the bank or fund that made them the loan is in financial trouble, are they better off negotiating a settlement now or waiting to see what the future holds? This author has negotiated with buyers of distressed debt (defaulted or written off credit card debt) and often those creditors can be more difficult to deal with than banks.
However, in this author’s opinion, taxi medallion prices will continue to decrease in value or remain at these low levels, and taxi medallion owners need to develop a strategy to address these issues based on their own facts and circumstances. To discuss your situation regarding tax medallion ownership, please contact Jim Shenwick.
Our February post on taxi medallions and their significant loss in value generated much reader interest. In this month’s email, we’ll update readers on taxi medallions and related issues.
The New York Post reported earlier this month that a taxi medallion recently sold for $241,000-a new low. As recently as three years ago, taxi medallions were selling for $1,300,000-a drop in value of over 80%. And there are approximately 50,000 Uber drivers in NYC vs. approximately 13,587 yellow cab drivers.
With just 13,587 yellow cabs on New York City’s streets compared to about 50,000 cars from black cab and app services, New Yorkers now have more transportation options than ever before. In New York City, people took fewer trips and spent less on taxis during the first half of last year compared with 2015, according to a November securities filing from lender Medallion Financial Corp.
According to an article in Skift, 81 percent of Capital One's $690 million in loans for taxi medallions are at risk of default. The share of taxi medallion loans Capital One thinks its borrowers won’t be able to repay in full has nearly tripled over the past year, to 51.5 percent. Another 29 percent of Capital One’s loans are to stressed borrowers who could be at risk of default. And BankUnited told its investors in November that nearly 59 percent of its loans secured by taxi medallions were under water. Close to 95 percent of BankUnited’s loans were to New York City borrowers.
Many readers have asked us what the banks that loaned money to medallion owners can or are doing. Their options are as follows: 1. Close and go out of business; 2. File for chapter 7 or 11 bankruptcy and liquidate or attempt to reorganize; 3. Sell their non–performing loans to third parties such as hedge funds; 4. Restructure their loans from third parties; 5. Seek capital from third parties; or 6. Work to restructure their loans to medallion owners. Which strategy is optimal? The optimal strategy depends on the facts of each case.
For medallion owners whose loans exceed the value of the medallions, the question remains as to what their strategy should be. The key issue for a medallion owner is whether to continue to own and make payments on a medallion loan, where the value of the medallion is far below the loan balance. For those medallion owners seeking specific advice, please see our post here. Any course of action chosen by a medallion owner involves NYS debtor/creditor law, bankruptcy law and tax law. Medallion owners are advised to seek legal counsel and to proceed with caution.
Many readers have also asked about timing. Assuming the bank or fund that made them the loan is in financial trouble, are they better off negotiating a settlement now or waiting to see what the future holds? This author has negotiated with buyers of distressed debt (defaulted or written off credit card debt) and often those creditors can be more difficult to deal with than banks.
However, in this author’s opinion, taxi medallion prices will continue to decrease in value or remain at these low levels, and taxi medallion owners need to develop a strategy to address these issues based on their own facts and circumstances. To discuss your situation regarding tax medallion ownership, please contact Jim Shenwick.
You should complete your Chapter 13 bankruptcy case before you apply for new credit. You should wait the 3-5 years while the case is running since you are holding off your current creditors. In some cases, a vehicle can be purchased and financed after filing, provided a proper motion is brought before the court which+ Read More
The post Credit After Bankuptcy appeared first on David M. Siegel.
You should complete your Chapter 13 bankruptcy case before you apply for new credit. You should wait the 3-5 years while the case is running since you are holding off your current creditors. In some cases, a vehicle can be purchased and financed after filing, provided a proper motion is brought before the court which+ Read More
The post Credit After Bankuptcy appeared first on David M. Siegel.
You should complete your Chapter 13 bankruptcy case before you apply for new credit. You should wait the 3-5 years while the case is running since you are holding off your current creditors. In some cases, a vehicle can be purchased and financed after filing, provided a proper motion is brought before the court which+ Read More
The post Credit After Bankuptcy appeared first on David M. Siegel.
Judge Saundra Brown Armstrong of the U.S. District Court for the Northern District of California recently ruled that pending Chapter 13 bankruptcy cases do not need to be included on credit reports. The decision pertains only to cases in progress, and does not affect the inclusion of cases which have already been discharged or dismissed. Our Roseville bankruptcy attorneys examine the court’s decision, explain how long a dismissed or discharged Chapter 13 bankruptcy will remain on your credit report, and discuss how Chapter 13 impacts your credit score.
CA Judge: Pending Chapter 13 Cases Not Required on Credit Reports
California resident Daina Reckelhoff filed for Chapter 13 bankruptcy on April 30, 2015. Her plan of reorganization was approved by the bankruptcy court 33 days later, on June 2, 2015.
Lasting anywhere from three to five years, the reorganization plan is the central feature of every Chapter 13 bankruptcy case, not only in California but throughout the United States. Absent from Chapter 7 bankruptcy, which instead involves liquidation of assets, the Chapter 13 reorganization plan allows debtors to keep their belongings, their vehicles, and even their homes in exchange for monthly payments, which are structured so that secured debts (such as mortgages) and priority debts (such as child support) are paid first.
A Chapter 13 bankruptcy cannot be discharged until the debtor has completed his or her reorganization plan, a process which can take anywhere from 36 to 60 months. Until then, information about the pending case need not be disclosed on the filer’s credit report, as Judge Armstrong recently ruled in Reckelhoff v. Experian Info. Sols, Inc. (2017).
Reckelhoff, claiming damages under both the federal Fair Credit Reporting Act (FCRA) and the California Consumer Credit Reporting Agencies Act (CCRAA), brought the action against Experian after discovering that information about her pending case was absent from her credit report. However, the court dismissed the lawsuit after pointing out that filing for bankruptcy did not necessarily guarantee a future discharge.
Writing the opinion for the court, Judge Armstrong noted, “[T]he mere confirmation of a payment plan is insufficient to alter the legal status of a debt; this is so because if a debtor fails to comply with the Chapter 13 plan, the debtor’s bankruptcy petition can be dismissed – in which case the debt will be owed as if no petition for bankruptcy was filed.”
It should be quickly noted that residents of the Roseville, Sacramento, or Folsom areas will generally file for bankruptcy in the U.S. Bankruptcy Court for the Eastern District of California, which has jurisdiction over Placer and Sacramento Counties, among more than two dozen others. The Sacramento Division processes bankruptcy cases at the Robert T. Matsui United States Courthouse, which is located at 501 I Street in downtown Sacramento. The Sacramento Chapter 13 attorneys of The Bankruptcy Group can make sure that your bankruptcy documents are filed in the right place in a timely fashion.
How Long Does Chapter 13 Last on Your Credit Report?
Regardless of whether the case is ultimately discharged or dismissed, a Chapter 13 bankruptcy will generally remain on your credit report for a period of seven years. Fortunately, the seven-year period begins counting down from the filing date, not the date of discharge (which may fall anywhere from three to five years after the filing date). While the length of time is the same for dismissed cases and discharged cases – seven years, in either situation – case dismissals should be indicated on the credit report.
Each of the three major credit bureaus – TransUnion, Equifax, and Experian – should remove the bankruptcy from your credit report automatically after a period of seven years has elapsed (or, in the case of a Chapter 7 bankruptcy, after a period of 10 years has elapsed). However, it is still a good idea to check your credit report for accuracy. Regardless of when or whether you have filed for bankruptcy in California or elsewhere, you are entitled to receive one free copy of your credit report per year, upon request, from each of the credit bureaus.
Your Credit Score After a Chapter 13 Discharge
The bad news is that Chapter 13 bankruptcy will initially cause a drop in your credit score. The good news is that the drop is only temporary – and furthermore, with many of your debts now manageably restructured thanks to bankruptcy, you will be better able to build and maintain good credit going forward. Though the timeline varies from person to person, most debtors in California are able to establish good credit within approximately two to four years of receiving a bankruptcy discharge.
Bankruptcy Chapter 13 Attorneys Serving Roseville, Sacramento, and Folsom
Proudly serving Folsom, Roseville, and Sacramento, the California bankruptcy lawyers of The Bankruptcy Group have extensive experience helping individuals, married couples, and sole proprietors restructure their debts, save their belongings, and end creditor harassment by filing for Chapter 13. To schedule a free and confidential bankruptcy consultation with our Folsom Chapter 13 attorneys, contact the law offices of The Bankruptcy Group at (800) 920-5351. Alternately, you may wish to speak with our bankruptcy Chapter 7 attorneys or Chapter 11 bankruptcy attorneys.
The post California Court: Credit Reports Not Required to Include Pending Chapter 13 Bankruptcy Cases appeared first on The Bankruptcy Group, P.C..
Being Sued for a Debt? Just Follow These 3 Steps:
STEP 1: Enter your information below.
STEP 2: Talk with one of our attorneys to review your options.
STEP 3: Commit to a plan of attack.
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If a debt collector like LVNV Funding sues you for money, you may be able to win the case. You just need to be willing to stand up for yourself and remember some simple advice.
In a story heard on This American Life, reporter Jake Halpern interviews a Georgia couple who got sued by LVNV Funding for an old credit card debt. They’d never heard of LVNV, so they decided to go to court and try to make some sense of the lawsuit. LVNV told them the debt had originated from American Express; though the couple didn’t deny the fact that they’d fallen behind on that account, they had no idea how LVNV Funding fit into the picture.
Standing before the judge, they demanded that the lawyer for LVNV show evidence of their ownership of the debt. In response, LVNV’s attorneys (who had previously not been particularly helpful to them) dropped the case.
The couple needed to use two magic words to make LVNV leave them alone.
Who Is LVNV Funding?
According to the company’s website, LVNV Funding LLC, (“LVNV”) buys past due debts from banks and finance companies. LVNV then hires Resurgent Capital Services LP (Resurgent) to manage that debt. Resurgent may try to collect the debt from people, but most often the company will hire collection agencies to handle the day-to-day collection activities.
LVNV is a wholly owned subsidiary of Sherman Originator LLC. Sherman Originator LLC, in turn, is owned by Sherman Financial Group LLC.
Resurgent is owned by Alegis Group LLC and Sherman Financial Group, LLC. Alegis Group LLC is also a subsidiary of Sherman Financial Group, LLC.
According to court papers filed in a Maryland case in 2011, Sherman Financial Group LLC is a company that buys and services portfolios of consumer debt in default that it acquires at a large discount, and in originating and servicing credit card receivables. The company buys, services, resells and secures consumer debt that includes credit card receivables, telecommunications receivables, student loans, mortgage deficiencies, and all types of bankruptcy debt. SFG consists of numerous asset holding and operating entities throughout the U.S. and Mexico City, Mexico. As of December 31, 2006, SFG reported total assets of $1.204 billion and net income of $347 million.
Sherman Financial Group, LLC is owned by Sherman Capital, LLC.
If you’re interested, here is a corporate disclosure statement in a class action filed against Sherman.
This setup is intentionally confusing, with the organizations intertwined in such a way as to keep people from understanding who funds the purchase of such large amounts of consumer debt.
Why Can’t LVNV Prove the Case?
When you make the collection company prove the case, that means you want the other side to provide you with the following:
- you signed the application
- the entity suing you purchased the right to collect on the debt
- the balance claimed as being due is calculated properly
- the loan has not been rendered unenforceable due to the expiration of the statute of limitations
For companies such as LVNV Funding, meeting this minimal standard should be easy – after all, the company buys old debt for a living. But the company’s business model relies on buying debts for as little as possible, thereby enabling it to maximize profits on collection. To get rock bottom pricing on the accounts it purchases, LVNV gets the bare minimum amount of information needed and in the most cost-effective format.
That format takes the shape of a simple computer file containing the name and address of the cardholder, the original account number, the balance due and the last date of use. LVNV has the option of buying additional documentation and information, but it comes at a steep price.
Spending the extra money may make business sense on a single debt, but not when the company is buying thousands of accounts at once.
Being Sued for a Debt? Just Follow These 3 Steps:
STEP 1: Enter your information below.
STEP 2: Talk with one of our attorneys to review your options.
STEP 3: Commit to a plan of attack.
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.ck_form.ck_naked.width500 .ck_subscribe_button {
width: 100%;
float: none;
margin-top: 5px;
}
.ck_form.ck_naked.width500 input[type="text"], .ck_form.ck_naked.width500 input[type="email"] {
width: 49%;
}
.ck_form.ck_naked.width500 input[type="email"] {
margin-right: 0px;
width: 50%;
}
/* max width 400 */
.ck_form.ck_naked.width400 .ck_subscribe_button, .ck_form.ck_naked.width400 input[type="text"], .ck_form.ck_naked.width400 input[type="email"] {
width: 100%;
float: none;
margin-top: 5px;
}
.ck_slide_up, .ck_modal, .ck_slide_up .ck_naked, .ck_modal .ck_naked {
min-width: 400px;
}
.page .ck_form.ck_naked {
margin: 50px auto;
max-width: 700px;
}
/* v6 */
.ck_slide_up.ck_form_v6, .ck_modal.ck_form_v6, .ck_slide_up.ck_form_v6 .ck_naked, .ck_modal.ck_form_v6 .ck_naked {
min-width: 0 !important;
}
.ck_form_v6 #ck_success_msg {
padding: 0px 10px;
}
@media all and (max-width: 403px) {
.ck_form_v6.ck_modal .ck_naked {
padding-top: 30px;
}
}
@media all and (max-width: 499px) {
.ck_form_v6.ck_modal .ck_naked + .ck_close_link {
color: #fff;
top: 10px;
}
}
.ck_form_v6.ck_slide_up .ck_naked + .ck_close_link {
right: 10px;
top: -5px;
}
@media all and (min-width: 600px) {
.ck_form_v6.ck_slide_up .ck_naked + .ck_close_link {
right: 35px;
}
}
LVNV Doesn’t Care If It Loses
Remember that Sherman Capital LLC made $347 million in 2006, the last year for which I’ve been able to locate documents. LVNV, which is just one of many companies owned by Sherman Capital, files thousands of lawsuits each year. Even if the company paid $0.50 for every $1.00 of debt, it would need to win only half of those cases in order to break even.
The reality of the debt buyer’s business model, however, is far more profitable. In fact, the US Federal Trade Commission estimates that companies such as LVNV win nearly ninety percent of debt collection cases because people don’t respond to the lawsuit. This failure to respond, called default, lets LVNV and other debt buyers get a court judgment without providing any proof of the debt.
That judgment allows LVNV to freeze bank accounts, take part of a consumer’s paycheck through wage garnishment and, in some states, put a lien on real estate and automobiles. LVNV’s lawyers can also collect legal fees, court costs and interest on the judgment, which makes this a profitable business model.
When someone fights the lawsuit, LVNV can spend the time and money to fight back or use those resources to pursue default judgments. In many cases, it makes more economic sense for the company to drop the case because it can make more money chasing people who don’t take action to protect themselves.
Defend the Lawsuit on Your Own, Or Hire a Lawyer?
You may not need to hire a lawyer to represent you in court against a debt buyer, but it’s a good idea to speak with one before making a decision.
When the debt is small relative to the cost of representation, bringing an attorney with you may be overkill. After all, it doesn’t make financial sense to spend $2,500 for a lawyer to defend against a $3,500 lawsuit. If you’re struggling with a number of past due debts then it may make sense to consider other options such as bankruptcy as a way to resolve all your financial problems at once. These factors will help you decide on your best course of action, and the best way to achieve your long-term financial goals.
Don’t Lose Your Rights Due to Inaction
You get only a short time to take action once you receive the lawsuit papers. Miss your window of opportunity and the debt collector will get an automatic judgment against you for the full amount of the debt.
Talk with a lawyer, decide on your best course of action, and move forward from there. You get only one chance, so be sure to make the most of it.
The post Defeat LVNV Funding Lawsuits With These Magic Words appeared first on Shaev & Fleischman P.C..
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