National Collegiate Trust Collecting on Student Loans
I received 4 letters from Weltman Weinberg and Reis on 11/16/15 stated that I had 30 days to verify that the student loans were valid before they took action. The loans total $19,000 but they stated that their client would settle for $16,000 National Collegiate and Trust.
I don not have $16. I work for a mental health center and make $32,000 per year here in Mississippi and have 5 children one is in college.
I contacted the company when I received the letters to attempt to set up payment arrangements and the representative named Vicky would not hear of it she told me that she was done with me and that she was going after the cosigner which is my mother who is 81 years old and now has credit issues herself.
It was 2005 when the loans were first taken out. She told me that she had talked to my mother and that my mother stated she did not know about any loans (she told her this to get her off the phone because she has kidney disease and was not feeling well) she went on to tell my mother to go to the police department and file a report on me for false identity but she told me that she was processing the paperwork to have me arrested as we spoke; which was true?
She went on to tell me to cash in my retirement but with the state of MS you have to retire or resign in order to cash in your retirement which is a no no with me.
Where do I begin in responding to National Collegiate Trust or the law firm collecting?
—Denice
First things first, does Vicky work for Weltman Weinberg and Reis or National Collegiate Trust? My feedback will change slightly depending on the answer.
There is no way a debt collector at National Collegiate Trust (or at the Weltman Weinberg firm) was processing paperwork to have you arrested. Any debt collector making such claims is out of line and can be sued for that.
But, I am getting ahead of myself, until you identify who Vicky works for.
Weltman Weinberg and Reis are Attorney Collectors
Weltman Weinberg and Reis are a debt collection law firm. Their primary business is collecting on defaulted debts, and they often will rely on the courts to do that.
The Weltman firm, at least in my opinion, is much like any other collection outfit, in that they rely on the economy of scale and collection lawsuits to go uncontested so that they can meet profit goals.
The debt collectors you can connect with at Weltman Weinberg and Reis are willing to negotiate settlements. The $16,000 offer may not be as low as you can get. I have seen private student loans settle for under 50% of the balance owed. Can you get creative and come close to raising half the $19,000 Weltman is trying to collect? If not immediately, how long would it take?
Because the Weltman collection law firm is involved, your risk of being sued for the student loans is high. If you do not settle, being sued is part of an all too common progression from here.
If you are sued, you have options. You will preserve your options best going forward after that by defending the lawsuit initially. Your goals in doing so may include successfully getting the case dismissed, or buying the time you need to raise more money to get a settlement through that they will accept.
National Collegiate Student Loan Trust
Regardless of whether the debt collector (Vicky) you spoke to was working at National Collegiate Student Loan Trust or the Weltman firm, I would encourage you to sit down right now and put in writing (to the best of your ability) all that occurred during that phone call with Vicky.
Try to put down things like:
- The date of the call.
- Time of day.
- The caller ID, if you received the call.
- The number and extension dialed, if you placed the call.
- Vicky’s last name.
- Anything offensive or out of line that was said to your mother.
All of those details will come in handy when you post your answers to my questions in the comment section below. You should also make notes about any and all collection calls with National Collegiate Student Loan Trust regardless of who you spoke with.
Besides the questions above, also post answers to the following questions in your comment reply below:
Did you make any payments on these student loans? If so, when was the last payment made?
What state are you in?
Anyone dealing with private student loans with National Collegiate Student Loan Trust, or that Weltman Weinberg and Reis are collecting, is welcome to post in the comments below for feedback. If you would prefer to talk about your situation off line you can reach me at 800-939-8357, option 2 rings to me.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
I am getting sued by national collegiate and they have put a Motion for summary judgment. i have like a week left to respond and i have been desperately looking for anything that can help me. I paid was contacted by waltman weinburg and reis back in 2015. same story as everyone else, and I entered into an agreement with them to pay off my student loan. in 2022 I finished paying it off. felt great. fast forward and im being sued by national collegiate saying I havent payed sincee 2022. I have a letter from waltman saying I finished paying off my debt. I dont know what to do? how can they be saying I still owe? any help or direction on this is very appreciated.
You may want to contact an experienced debt collection consumer law attorney in your state about how to proceed from here.
My mom only got two loan she has been asking for document since 2009 with nothing in return. They put judgment in 2014 in Iowa and now they are saying she has 4 loans and they are sending loans to different places where everything shr get a hold of someone they say another place has it. My mom been trying to get this taken care of since 2009 and now they are trying to do another judgment in tennessee. She also doesn’t have 4 loan instead they took the 2 loans My sister did under her name and put it on mom. We ask where they was cashed at and they said they don’t have to tell her. My mom has talked to miesha davis multiple time and alot of other people. She has told them that she only has two loans and they don’t care. The 2 under the judgment only one is hers. This place has been sued multiple time bc of them doing iT to other people and mom is finally done trying so she is going to take them to court plus she naming everyone she spoke to and taking them to court as well. She has documents from the only bank she had at that time and they said she only cashed 2 check and she has something from my sister saying saying those other loans was her and she has something from the co-signer that she only co-sighned for 2 loans. The student loan only does up to 30,000 and that is it but yet they are saying mom did 66 000 in loan and that makes no sense since no one can even borrow that much. This place is a scam..
Mr. Bovee
I took out a student loan back in 2003 through AES American Education Services, I defaulted and was to a local small claims court. I didn’t show up so I was ordered to pay them back, I had to call the law firm that sued me and was asked to pay half or get into payments which I did. The loan amount was originally 10K but the firm asked for 16K and the court approved it. So I’ve bee paying a monthly payment of $140 since 2013 or 2014. Currently the balance went from 16K to 8K, is there anything I can do at this point I’ve almost paid what the original loan was?
I forgot to mention its now under National Collegiate Student Loan Trust 2003-1
You can try to settle the balance for less than what is still owed.
I typically find you have to be late on the payments you have been making to get them to agree.
That is an issue with a judgment, as they can try to enforce the judgment.
I would want to be ready with the cash to settle quickly in a scenario like this.
I am currently having my wages garnished by national collegiate and would like to know if my federal refund will be garnished as well .
Probably not. NCT is involved in private student loans. Federal loans in default can lead to an IRS refund intercept, but private ones do not.
I have three accounts with Weltman Weinberg and Reis. I wonder if they would settle one of my accounts that I owe 4800 for 2,000? I have been paying on time for several years. I might get close to take with my tax return but not to sure yet.
Did they sue on the account?
Are the other balances with NCT as well, or different creditors, and did they sue on any of those?
all my loans are shown on federal student and navient , which they show my balance etc. Now why is NCT suing me trough gurstel law in az. nct is showing balance of 22,000 but i make all my payment through navient. When I call navient they have no clue who is nct and when I call this law firm they don’t have a clue. Can you tell me whats going on. BS
all my loans are shown on federal student and navient , which they show my balance etc. Now why is NCT suing me trough gurstel law in az. nct is showing balance of 22,000 but i make all my payment through navient. When I call navient they have no clue who is nct and when I call this law firm they don’t have a clue. Can you tell me whats going on. BS
Currently in Ch. 13 Bk and NCT Loans were not discharged. Who do I contact about working a settlement with them as this is loan will still pile up interest???
Does anyone have the contact information for NCT? My servicer has turned my loan over for default, I haven’t heard anything from NCT, and the phone my servicer gave me doesn’t have any of my information. I am concerned that it is stalling so that they can turn around and sue me, when I’m trying to remedy the situation. But I cannot get a hold of anyone.
Thanks for your help.
Hi, please see my comment below with information on how to contact customer service for NCT accounts. It is normal for accounts to take a month or two (sometimes longer) to be transferred to a collection agency after they default. NCT usually sends accounts to a collection agency like Transworld Systems prior to them sending it to a collection attorney.
I specialize in settling NCT accounts, and many borrowers have a lot of trouble trying to negotiate with them directly. They are one of the tougher lenders to negotiate a good settlement with, in terms of both effort and time involved. If you’d like to set up a consultation to discuss settlement negotiation, feel free to dial in to the CRN hotline and press Option 4 to be connected to my office.
Hello Michael,
I am currently trying to move and ran my credit report. The number one item on my report is a collection notice from National Collegiate Trust via collection agency Transworld Sys Inc/926 507 Prudential Rd. Horsham, PA 19044, 888-446-4733, comments were, account assigned to collections reported June 2013 balance $7,197.
When I spoke to them, they wanted full payment, I of course did not have $7k and they took action and garnished my wages. At the time, I worked for Intel Corporation in Folsom, CA. My wages were garnished and my account became paid in full in April 2016.
I contacted Transworld Sys this morning 2/14/2017 at 7:20am PST. They told me they no longer have this account that it was transferred back to NCT and I must contact them. I am having difficulty retrieving a phone or mailing address for them. Then I see all these posts about NCT is fraud.
This of course is showing as a collection on my account that isn’t paid. I need assistance on how to resolve this issue. Can you or someone you know assist me?
Thank you,
Kellee Ross
Hello, NCT is the largest debt buyer in the private student loan industry. The reason you’re having a hard time finding contact info for them is because the National Collegiate Trust is an actual set of trust funds. The company that owns the NCT is called Goal Structured Solutions/Turnstile Capital Management. You should be able to find information on either of those companies and I believe they have an 800 number for NCT borrowers to call into.
You can also request a paid in full letter from Transworld. You may need to provide documentation of the garnishment amounts if Transworld did not properly document them.
Hello,
I can no longer afford my private student loan pmts. Every month about a little bit more than half of my income goes to giving the monthly pmt. I have checked an all the loans I have, list TERI as the guarantor and NCT as the owner. For two of the loans it shows RBS Citizens bank as the owner. If I default on the loans will they sue me right away or try to negogiate first?
Thank you
Perla
There will be quite a bit of time to negotiate, but NCT is the most aggressive private lender in the game and in my opinion, someone doing it on their own for the first time is no match for the seasoned debt collectors they contract with. I regularly settle with NCT and can usually get you a better settlement than what you can get on your own.
If nothing happens within 3-6 months from default, they usually do sue especially on larger balances, so if you hire a negotiator you’ll want to make sure you don’t wait too long. Some attorneys are also beating them in court when they do sue people. If you’d like to call in for a free consult, just call Michael’s Debt Relief Hotline and press option 4 to be transferred to my office, for a free consultation,
I just contacted NCT about my student loan trying to see who I need to pay to resolve this. They said my account was on hold due to me reporting fraud. What does that mean? I did not report this as fraud.
Did you send any written requests of any nature to NCT, or to a credit reporting agency?