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Dispute an NCT loan through AES or request title proof for ownership of the loan?

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Dispute an NCT loan through AES or request title proof for ownership of the loan?

In regards to:

http://time.com/money/4862823/private-student-loans-missing-paperwork-lawsuit/

 

 

Has anyone requested copies of the promisary note or title since this hit the news? --without being sued first --

 

I am not in default on my NCT loan, but I am curious if they acually hold my promisary note or not.  I read (below) that they dont have to supply them unless they sue you, and you request it in discovery. I am going to mail a request today and see what they have. I can barely afford this and I just got a pay cut and I am afraid of being sued over this in the future. Do they have to remove this if they lost my documents?

 

 

 

"You can ask your loan servicer to show you a promissory note proving who owns the loans, but the servicer isn't legally required to turn that over, says Robyn Smith, an attorney with the National Consumer Law Center."

Message 1 of 12
11 REPLIES 11
New Member

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

Did you do this? I've been thinking of doing the same. I'm in the same situation: I'm not in default and I'm on the border of the time frame when they seem to not have documentation.
Message 2 of 12
Contributor

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

I tried this last year when I got sued. They had the promissory note alright. Ended up working out a payment plan for way less than i normally would have paid per month. Keeps them off my back and the account was removed from my credit report a few months back so it isn't hurting me anymore(too old of an account now)

10/01/18

12/07/17

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Message 3 of 12
New Member

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

If you don't mind me asking; what year did you initially borrow the loan sold to NCT? The year affects the likelihood of them having the paperwork.
Message 4 of 12
Contributor

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

I took the loan out in August of 2007.

10/01/18

12/07/17

VentureOne - $6250
QuicksilverOne - $500
Citi Best Buy - $2000
Discover It - $1500
Self Lender Account - Paid in Full
American Express BCE - $1000
American Express PRG
American Express SPG - $1000
Toyota Financial 50% Paid
Message 5 of 12
New Member

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

That's exactly when I did mine that they own. I know I did mine over the phone not online so I've been hoping maybe I'm one of the lucky ones they don't have a note for. I don't have the guts to stop paying them though. Have considered consulting with other attorneys to see if we could sue them. The true roadblock is the fact mine isn't in default.
Message 6 of 12
Contributor

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

Hello:

 

Sorry for the late reply to the discussion, however, I will jump in here, to voie my two cents.. I requested the notes from AES, for my private loans that were taken out 2006/2007. Well, they mailed out a manilla envelope of all the original notes.

Message 7 of 12
New Member

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

I'm surprised they even responded. I think I may try the same. Did you have an attornery draft the letter?
Message 8 of 12
Legendary Contributor

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

Each party to a loan contract is responsible for retaining copies of their contract agreement.

You can always request a copy of the contract documents from the other party, but they are not legally obligated to do your record keeping, and can decline.

 

The title of the post is a bit confusing.....

It asks whether you should dispute or request proof of the loan.

What is the asserted inaccuracy that would be basis for any dispute of their reporting?

Do you have an actual issue of the loan not being yours?

Message 9 of 12
New Member

Re: Dispute an NCT loan through AES or request title proof for ownership of the loan?

If you read the article linked in the first post you'll see that Natonal Collegiate Trust has had some issues providing the proper note documentation when they sue borrowers for default. The time frame is loans issued before 2007. It stems from the fact NCT isn't a loan issuer but a collactive that bought loan notes on private student loans from several large banks. They purchased them in bulk and didn't keep the paper trail.

Obviously if you're being sued for a loan you're in default for you answer the complaint and start going through the discovery process. You thus can ask NCT for the note. If they don't have it then they can't prove they own a debt that you own and there's no longer a case (I'd ask for an order saying they debt must be wiped from credit reports as well.)

What the original poster is asking (and what I've been researching since this article appeared in July) is if there's a way to challenge NCT as a proper owner of the note without being in default. Basically using the transactional laws of note possesion in favor of a debtor who hasn't found his way onto court for not paying his debt. .
Message 10 of 12
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