Who is NCT?
That’s complicated. Your student loan probably originated with a private bank. Over time, the bank transferred the promissory note to the National Collegiate Funding, LLC. National Collegiate Funding, LLC then creates and packages the loans into series of trusts pursuant to Delaware statutory law. They then sell the loans to investors as asset backed securities.
NCT claims to own my loan, but I never did business with them.
You may have never heard of NCT before. That’s typical. However, in order to show ownership of your loan, NCT has to produce the paper trail of assignments. If you’re not in litigation, ask them for copies of the supporting documentation proving ownership of the debt, including the promissory note and assignments.
Now I’m being sued by NCT… HELP!
If you live in New Jersey and you’re being sued by NCT, there is a good chance you won’t have to pay them a cent! But how is that possible? Well… You’ll have to call to find out!