Meyers Saxon & Cole Business and Student Loan Debt
Although the rules for vacating a judgment against a business are the same as vacating against a consumer, the burden is more difficult if the business never updated their address. However, a meritorious defense and reasonable excuse may still be enough to vacate the judgment as the courts do favorably view cases being litigated on the merits. It is a common pitfall for many businesses who think that they will simply vacate their judgment just because their actual place of business was not served. Meyers Saxon and Cole commonly obtain judgments against New York businesses in these matters but are usually willing to come to some sort of settlement once we become involved as all parties usually want to avoid prolonged litigation.
Meyers Saxon and Cole often handle private student loan debt matters, specifically for Arrowood Indemnity Co. Arrowood is like the guarantor or insurer of a loan that was originally with a creditor such as AES or Navient. Once the consumer defaults, Arrowood will pay the creditor and acquire the loan to try to recover whatever it can from the consumer through the collection and/or litigation. Meyers often sues consumers on these Arrowood matters and also obtains default judgments commonly. However, our experience has shown that these default judgments can be vacated if the consumer was not served or has a reasonable excuse and meritorious defense, and frequently can be settled for 60% - 75% off of the full balance saving the consumer a good deal of money.