NAS COAL is likely an acronym that relates to the collection of an unpaid court order or levy by a debt collector. NAS may stand for National Account Services, a Minneapolis-based collection agency, the company's website shows. It could also refer to National Attorney Services LLC, a California-based debt collector, indicates Leagle. COAL stands for court actions and levies, shows LiveCareer. COAL is used by JPMorgan Chase bank, but may also be an industry term.Continue Reading
When a borrower defaults, the creditor can seek a judgment from a court, indicates Nolo. A judgment is a written decision by a court finding that the borrower owes the creditor money. Creditors enforce judgments by garnishing the borrower's wages, placing liens against the borrower's real property, or obtaining levies against the borrower's personal assets. A levy is a court order that authorizes law enforcement to seize and sell the borrower's property and turn over the proceeds to the creditor. Levies can also be used to authorize banks to freeze and seize funds in a borrower's deposit account.
In some states, debt collectors may also pursue judgments against borrowers, according to the Consumer Financial Protection Bureau. In these states, a debt collector can obtain levy once it has a judgment against a borrower and can pursue repayment directly from the borrower's bank account.Learn more about Bank Accounts