WXYZ just posted probably one of the best pieces on why National Collegiate Student Loan Trust loans are such a tragedy. I watch people every single day who get sued by National Collegiate Student Loan Trust and loose because they never fight back.
If they did, they might be able to get their National Collegiate Student Loan Trust student loans wiped away.
As the story says: “The National Collegiate Student Loan Trusts are no different than a piece of paper that’s filed in Delaware somewhere! They don’t have any employees, no officers, no directors, no managers, they don’t have a door,” says McCarthy.
The trusts belong to First Marblehead, the initial purchaser of the loans. So, why wouldn’t they notify borrowers? McCarthy points out, defaulted loans are insured.
Meanwhile, the trust entities try to collect in court the loan, plus interest, plus late fees etc., often without paperwork to back the enormous financial claims.
McCarthy says the court documents are flawed at best. For example he discovered numerous notarized legal documents supposedly signed by ‘legal case manager Dudley Turner’ that each have vastly different signatures.
“You don’t need to be a handwriting expert to know that 3 completely different human beings provided these signatures,” says McCarthy.”
Please click here to watch the story.