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National Collegiate Student Loan Trust - Defending Student Loan Lawsuits - YouTube
Channel: Consumer Warrior
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hey everybody john skiba here and in
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this video i'm going to discuss
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student loan debt collection lawsuits
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specifically
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those lawsuits that are brought against
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people who have private student loans
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namely by the national collegiate
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student loan trust but if this is your
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first time here to my youtube channel go
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ahead and click subscribe
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that way you'll be notified each and
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every week when i put out a new video
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that'll help you
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deal with your serious debt problem all
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right let's talk about the national
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collegiate student loan trust
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if you have a private student loan and
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it's gone into default
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and you're getting sued chances are
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you're getting sued by the national
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collegiate student loan trust
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you may have received a letter from them
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or some paperwork and you're probably
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wondering
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who in the world are these people i
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didn't enter into any type of agreement
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with them
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i didn't enter into you know when you
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have a promissory note or agreement to
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pay
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and so the question is why are they the
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entity to suing you
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if you're being sued by the national
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collegiate student loan trust it's
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likely because you would
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some point took out a private student
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loan either with jpmorgan chase charter
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one
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bank bank of america rbs citizens
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or the union federal savings bank i do a
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lot with these in my law practice
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and often those are the promissory notes
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that we see those are likely the banks
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that you took the loan out with well
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what happens is
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after you take out that student loan
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through a series of transactions
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the national collegiate student loan
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trust is saying that they received
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this these particular accounts and they
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uh essentially they're alleging they
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purchased them for
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pennies on the dollar and then they sue
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on them
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their whole goal is to get a default
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judgment against you so they can start
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garnishing your wages and taking money
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out of your account so in this video i
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want to talk about some different
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strategies you can take if you've been
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sued by national collegiate student loan
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trust and the reason why this is
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important
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these are different than even our
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typical junk debt buyer cases
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because the original loan was a student
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loan
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these are loans that typically don't go
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away in a
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chapter seven bankruptcy or even a
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chapter 13 bankruptcy
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these are debts that you either are
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going to have to settle pay off
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or contest in these types of lawsuits
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and so it's important to know these
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strategies if you've been filed
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if they've sued you because bankruptcy
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is usually not an option in getting rid
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of these debts
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okay let's talk about some of the issues
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that pop up in these cases
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if national collegiate student loan
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trust is going to defeat you
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and get a judgment against you in a
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court proceeding they've got to prove
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three things
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they've got to prove who the original
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creditor was and they've got to prove
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that you had a contract with them
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they have got to prove that somehow
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national collegiate student loan trusts
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got this particular account
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not just any account but your account
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they've got to prove that
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and then third they've got to show how
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they calculated the amount owed
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show the proper credits were made for
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payments that kind of thing
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so you know you're thinking hey they
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filed this suit they probably can prove
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all three of those things
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you would be wrong on that because the
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national collegiate student loan trust
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has a horrible reputation for filing
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lawsuits and not being able to prove
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what it is that they're alleging
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so much so that the consumer financial
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protection bureau the federal agency
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actually has sanctioned them for filing
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suits that they either couldn't prove
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or that they couldn't show proof of
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ownership and they're running into all
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kinds of problems
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not only that when they file lawsuits
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they don't have anybody from the
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national collegiate student loan trusts
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appear to um you know as a witness or to
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provide testimony
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and the reason is there's no employees
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in the trust
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so they have these professional
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witnesses um that
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work for a company called trans tran
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systems world inc tsi tsi has also been
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sanctioned by the consumer financial
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protection bureau
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and in one of the most damning orders
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i've seen
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they sanction them for providing false
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testimony
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in live open court proceedings as well
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as providing false testimony
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in written affidavits these are
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important to you because these are the
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witnesses that are going to be trying to
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establish
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that you owe likely tens of thousands of
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dollars to the national collegiate
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student loan trust
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so let's go over a few of the documents
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you're likely going to see
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if you find yourself being sued by
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national collegiate student loan trust
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typical documents they have is like this
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first one here
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this is just a general letter with u.s
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bank national association
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showing the u.s bank is serving as the
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special servicer for the account
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um as well as trans was transworld
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systems inc now one thing you're going
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to notice here
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is you're not going to see your name
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you're going to see your account number
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you're not going to see anything that's
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connected to you
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and that's a common theme throughout all
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their documents they're going to provide
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you with a big
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you know thick stack of documents to try
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to say hey we've got all the evidence we
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need
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but when you actually start digging
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through those documents you'll see
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there's not a whole lot of information
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there let me show you one of the other
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documents you're likely going to receive
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this is what's called a pool supplement
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agreement or pool supplement document
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now if you look in this document under
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the purchase and sale
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portion of it it talks about the
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accounts
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that are going to be transferred to the
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various agencies
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and the one thing you're going to notice
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again is you're not going to see your
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name your account number you're not
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going to see anything on there
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the references that your specific
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account was transferred
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if you look down here through about the
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midway through that paragraph under
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purchase and sale agreement
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you're going to see that they're
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claiming that each of the student loans
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set forth on the attached schedule one
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those are the documents that are going
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to be transferred
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let's take a look at schedule one
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astounding
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there's nothing on there it says it's on
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file with fmc
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fmc stands for first marblehead
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corporation who's yet another entity who
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they're alleging was involved in these
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various transactions
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so when you start getting down into the
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details of their documents
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there's just not a whole lot there it
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looks like it is as you know from a
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distance
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it's got that you know that you're
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thinking boy there's got to be something
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in all those papers
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but when you start digging through the
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documents you're going to see that
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there's nothing that really ties the
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national collegiate student loan trust
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to you and that's what you need to point
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out to the court
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if you're fighting in a trial or a
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motion for summary judgment
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that's the problem they have with their
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case and when you paint that
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with the background that they've been
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sanctioned on multiple occasions
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as well as their witnesses trans world
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systems inc tsi
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you start to see that there's a real
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problem with these types of cases
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and so my recommendation for people who
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have been sued by national collegiate
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is to contest the suit make national
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collegiate prove
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that your specific account was
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transferred between the entities
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and sometimes actually you do need to
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get an attorney i handle these cases in
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my law practice
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these cases can be a little bit more
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complex than your typical
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run-of-the-mill debt buyer case because
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there's a lot of documentation and it's
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actually a confusing
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you know roadmap that they try to allege
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as far as how they got this account
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and you really need to be able to get
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into the details of it to show
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why it is that there's no proof that
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your specific account was transferred
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not only that then you get into damages
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can they prove that a specific dollar
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amount is owed
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can they show if payments were made can
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they show that they were accredited
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properly they have difficulty doing that
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because they don't have anybody
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from any of the original creditors like
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chase bank of america charter one
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you're not going to ever see those
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witnesses appear and testify
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in a proceeding like this so i know
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that's just kind of the you know
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higher view of uh how to deal with
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national collegiate student loan trust
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lawsuits
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but i always say if you're going to get
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sued the silver lining is that to get
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sued by
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by someone like national collegiate
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because their cases are generally a mess
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and it's something that definitely can
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be you can either get a low settlement
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on or even win
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if you do the steps correctly in making
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them
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prove their case i hope that was helpful
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today if you haven't subscribed to my
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channel please go ahead and do so
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thanks for watching today
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