Pursuant to a settlement with the Bureau of Consumer Financial Protection and certain state Attorneys General, and effective as of October 1, 2020, PEAKS Trust 2009-1 (“PEAKS”) has agreed to discontinue collection and enforcement of the entire outstanding balances of all outstanding PEAKS loans made to former students of ITT Technical Institute (“ITT”) who received private student loans in connection with their ITT education (“PEAKS Loans”).

Borrowers are no longer obligated to make any payments on their PEAKS Loans.

PEAKS and the servicer of the PEAKS Loans, Vervent Inc. (“Vervent”), have discontinued billing, and have discontinued collection of payments, for all PEAKS Loans. There will be no further action by PEAKS or Vervent with respect to any balance previously due and owing on any account.

An account statement reflecting a $0 balance for each PEAKS Loan with an outstanding balance as of October 1, 2020 will be delivered to each borrower of those PEAKS Loans, and these account statements may be used as verification that the  borrowers are not obligated to make  any further  payment  on those  PEAKS Loans.

Vervent will reject or return any payment on PEAKS Loans that it receives after October 1, 2020.

For those borrowers who have recurring or one-time electronic payments through the Vervent payment platform that are scheduled to make any payment on a PEAKS Loan after October 1, 2020, please note that Vervent has cancelled those payments,  and  all future  payments, for PEAKS Loans.

If you were sending payments directly through a bill pay service from your banking institution, you will need to contact your bank immediately to stop the payments on your PEAKS Loan(s). Vervent is not authorized to stop these transactions, as they are sent from your banking institution.

Additionally, for each borrower who had an outstanding balance on a PEAKS Loan as of October 1, 2020, all consumer credit reporting agencies to which PEAKS and Vervent reported credit information concerning that PEAKS Loan will be directed to delete the trade lines regarding that PEAKS Loan.

It is possible that some billing statements or other notices relating to PEAKS Loans were delivered prior to or shortly after the effective date of the settlement. If you receive such a billing statement or notice from PEAKS regarding your PEAKS Loan, you may disregard that document, as it is no longer valid, and payments are no longer required on any PEAKS Loan.

Please note that borrowers may have other types of loans related to their ITT education that are not PEAKS Loans. This notice relates only to PEAKS Loan(s) with outstanding balances as of October 1, 2020, and does not apply to any other student loan (even if serviced by Vervent), including other debts associated with ITT, loans owned by someone other than PEAKS, or loans that once were owned by PEAKS but were paid in full prior to October 1, 2020.

Any questions about this notice or the status of a PEAKS Loan account(s) may be directed to:


P.O. Box 911007

San Diego, CA 92191


Further information about the settlement is available through the Bureau of Consumer Financial Protection’s public website ( and telephone line ((855) 411-2372 or TTY/TDD: (855) 729-2372)).