Subscribe to our mailing list

X

National Collegiate Student Loan Trust Settles Loans for 39% of Balance

By on June 29, 2017
Interest rate negotiation can result in a lower interest rate than you are paying now.

A case out of California by attorney Greg Fitzgerald’s firm Fitzgerald & Campbell caught my eye. In this case NCSLT settled a $38,918 debt for $15,200 and allowed payment interest free over 9.5 years.

It always amazes me the number of time NCSLT sues consumers over debts only to have people give up and lose by default. There are plenty of NCSLT wins and even some for higher settlements at times.

The hardest part is not if there are good opportunities to settle student loans but that it is very hard for people to find an attorney who is experienced in this area.

I asked Greg for some feedback on the case. He said, “They hired us and we naturally beat all that back and ultimately settled. Attached is the stipulation for judgment where the terms are $132.18 per month from 6-20-17 to 11-20-26 and a final payment of $131.18 (that’s $15,200 interest free over 9.5 years!)

The thing about these NCSLT cases is that we actually think we can win them. The problem is, we naturally can’t guarantee that. So when an offer such as this comes along, the client has to decide: do they try the case, hoping for a victory that I cannot guarantee, or do they make the very affordable interest free payment on a reduced amount? Most people acknowledge they owe something and actually want to pay something. Most times the only reason they defaulted in the first place is because the private student loan lender is totally unreasonable on the payment amount (let alone the total balance due amount). This is why I generally encourage consumers default on private student loans if they cannot afford the payment (which needs to be fixed) and/or have no definitive term (# of payments).”

Geg stands behind his position on strategically defaulting with a plan. He’s also the same attorney who contributed Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan.

READ  Why is National Collegiate Student Loan Trust is Suing Me?

And besides settlements as the result of a court case, settlements are available for private student loans without being sued. You just need to know what to do.

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

%d bloggers like this: