Someone called me today with the NCT student loan debt horror story.
Well, OK, I buy student loan horror stories nearly every day.
This guy received a private student loan from Chase, serviced by AES.
Meaning, they have always sent the payments to AES. ?Interest only reserved for five years.
Then, he lost his job. So, went for, and received forbearance.
Then, out of the blue, NCT calls, claiming he could be in default on $30,000 of figuratively speaking, but they will settle for $23,000, if paid in 48 hrs.
Or something like that.
The NCT collector said he was current on his Sallie Mae school loans, why 12 months in default with NCT?
Should You only pay Based Only On A Telephone call?
The people who make these threatening calls ought to be in the fire in the picture above.
But, they could be recycled.
This guy was terrified, meaning, the NCT collector achieved her goal.
IF it actually was NCT.
Who knows? ?Could have been me or you will calling, having gotten a hold of a credit report.
If NCT acquired a student loan from Chase, there has to be something in writing.
If NCT acquired trainees loan servicing rights from AES, again, there should be documentation.
DO NOT PAY SOMEONE BASED ONLY On the PHONE CALL!
This guy checked his credit report, and, lo and behold, one of those showed NCT as 12 months in default.
So, I advised him, write the dispute letter, to NCT, along with the credit reporting agency.
Enclose a copy of your report with the incorrect information, highlight that, assuring it is incorrect, you owe NCT nothing, send me a corrected copy.
Can NCT Make Threats?
If NCT acquired the financial loan when it was in default, or, if it\’s collecting on a debt owed to a person else, the Fair Debt Collection Practices Act applies, and, a number of what they told this guy violates that law.
We shall check if NCT can document anything, and in case the credit report gets corrected.