Transworld Systems Student Debt Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

Transworld Systems, Inc. (TSI), Weltman, Weinberg & Reis, Blitt and Gaines, NECO Financial Systems (EGS Financial Care, Inc.), and other National Collegiate Student Loan Trust (NCSLT) entities have agreed to settle a lawsuit alleging that they violated state and federal laws in the process of trying to collect student loans. For the purposes of this settlement, NCSLT includes the following trusts:

  • National Collegiate Master Student Loan Trust-I
  • National Collegiate Student Loan Trust 2003-1
  • National Collegiate Student Loan Trust 2004-1
  • National Collegiate Student Loan Trust 2004-2
  • National Collegiate Student Loan Trust 2005-1
  • National Collegiate Student Loan Trust 2005-2
  • National Collegiate Student Loan Trust 2005-3
  • National Collegiate Student Loan Trust 2006-1
  • National Collegiate Student Loan Trust 2006-2
  • National Collegiate Student Loan Trust 2006-3
  • National Collegiate Student Loan Trust 2006-4
  • National Collegiate Student Loan Trust 2007-1
  • National Collegiate Student Loan Trust 2007-2
  • National Collegiate Student Loan Trust 2007-3
  • National Collegiate Student Loan Trust 2007-4. 
Docket Number:

15-CV-7755

Company: Transworld Systems Inc.

Filing Deadline: April 2, 2018

Objection Deadline: April 2, 2018

Exclusion Deadline: April 2, 2018

Final Approval Hearing: April 25, 2018

Proof of Purchase:

No, but the settlement is presumably relying on defendants’ records.

Eligibility:

You may be eligible if defendants’ records show

  • You have an address in the state of Illinois,
  • You owe on a defaulted NCSLT loan, and
  • Your loan’s date of delinquency or last payment was made less than ten years before the date of this agreement.

Settlement awards are not cash payments; they include the deletion of credit report entries for the loan, reduced or limited interest rates, a temporary suspension of interest charges, and the ability to enroll in the Higher Education Loan Program (HELP) for additional assistance.

Typical Settlement Amount:

Settlement awards include the deletion of credit report entries for the loan, reduced or limited interest rates, a temporary suspension of interest charges, and the ability to enroll in the Higher Education Loan Program (HELP) for additional assistance.

Total Settlement Amount: Unknown

Class Representative Proposed Incentive Fee:

$1,500

Law Firm:
Edelman Combs Latturner & Goodwin LLC

Claim Form: Transworld Systems Student Debt HELP Enrollment

Case Name: Eul, et al. v. Transworld Systems Inc., et al.

Settlement Website: Transworld Systems Student Debt Website

Claims Administrator:
Dahl Administration

Claims Administrator Contact Information:

Emiliya Gumin Farbstein
20 South Clark Street, Suite 1500
Chicago, IL 60603;
Telephone: (312) 917-4504
Facsimile: (312) 419-0379

Tags: Student Loans, Unlawful Debt Collection