Being Sued by the National Collegiate Student Loan Trusts? WE CAN HELP.

By January 28, 2016 March 28th, 2020 No Comments

If the National Collegiate Student Loan Trusts (e.g., “National Collegiate Student Loan Trust 2005-3,” “National Collegiate Student Loan Trust 2007-2,” etc.) entered a default judgment against you but you were never served with process, if the National Collegiate Student Loan Trusts had your bank accounts restrained or your wages garnished, or if the National Collegiate Student Loan Trusts are suing you for a debt you have no recollection of or believe isn’t yours, we can help you.

 Contact us for your free consultation today. We can help stop the harassing phone calls and letters, force debt collectors like Rubin & Rothman, LLC and the National Collegiate Student Loan Trusts to prove in court that you owe the amount claimed, and make them prove they are legally entitled to collect the debt. We are not bankruptcy lawyers, we are litigators. We fight backIf the National Collegiate Student Loan Trusts and Rubin & Rothman, LLC cannot legally establish that you owe the debt, your case will be dismissed and you will no longer be financially liable for the debt.

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We are on your side. Contact us right now, and speak with a lawyer about your case FOR FREE: (631) 747-0356. If you prefer contact via email, please fill out our contact form, and one of our lawyers will respond to you shortly.

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To learn more about the debt collection lawsuit process, including how much a lawsuit defense will cost and other frequently asked questions, please visit our Debt Collection Defense page.

More About The National Collegiate Student Loan Trusts

The National Collegiate Student Loan Trusts (e.g., “National Collegiate Student Loan Trust 2005-3,” “National Collegiate Student Loan Trust 2007-2,” etc.) are investment vehicles created by First Marblehead, a Massachusetts company that concentrates on education lending. From 1996 through 2007, First Marblehead purportedly bought student loans from lenders including Bank of America, JPMorgan Chase, and a bank now owned by Citizens Bank.

It then transferred the loans, in batches, to trusts, like the ones named above, that it created – of which there are known to be at least twenty four. These trusts then sold bonds that were backed by the student loans to bondholders. The trusts would collect the loan payments from the various student-borrowers and would pay interest to the bondholders. In 2013 Moody’s Investors Service, a recognized bond rater, said it expected losses to reach as high as fifty percent in fifteen of the National Collegiate trusts it examined. (Does any of this sound like a Ponzi scheme of some sort?)

National Collegiate trusts have reportedly been among the most active in suing student-borrowers. Since 2011, they have filed thousands of lawsuits in several States (averaging several suits filed each day). They have now set their sights on student-borrowers in New York State, utilizing the notorious debt-collection law firm, Rubin & Rothman, LLC, and have begun suing student-debtors here.

The combination of an apparently exploitive outfit like the National Collegiate trusts with a law firm like Rubin & Rothman appears to be a recipe for disaster. Student-debtors in New York have already begun complaining that they have received collection notices from Rubin & Rothman seeking payment of a debt allegedly owed to one of the National Collegiate trusts, only to learn immediately thereafter that Rubin & Rothman had sued them – allegedly without ever having served them with process (Rubin & Rothman, like many debt-collection law firms, has been embroiled in legal problems stemming from “gutter service,” a term describing a process server’s intentional act of fraud by swearing that papers were served when in fact they were not) – and default judgments were entered against the unsuspecting student-borrowers.

Student-debtors are challenging the National Collegiate trusts in court, and judges in Ohio, Florida, and Kentucky have already found that the trusts have failed to prove they even own the debts. In California, a group of people are seeking class-action status for a law suit against National Collegiate trusts for suing them to collect on student loans without identifying the original lender, a violation of California debt-collection law. National Collegiate has denied the allegations in court filings. Litigation can be expected to follow in New York, both against National Collegiate and Rubin & Rothman, if the preliminary reports are correct.

If you have been contacted by Rubin & Rothman, LLC, about a debt allegedly owed to one of the National Collegiate Student Loan trusts, you may have already been sued and a judgment may have been entered against you. Law firms specializing in consumer defense, like the Murtha Law Firm, LLC, are standing by to help. Call the Murtha Law Firm, LLC, today at (631) 747-0356 for a free consultation, or if you prefer, fill out the contact form below and to learn how we can help protect your rights.

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