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20 year old student loans...

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StinkinJoe View Drop Down
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    Posted: 13/May/2016 at 5:30am
Very new here so not sure about protocol - hopefully I'm not making any errors here.

Anyway,

I have some very old student loans and I'm curious about their status. I have a disability and it forced me out of school a couple of years after starting. And, since that time, I have never been in a position to repay them. Needless to say, the loans went into default shortly after I left school, and the collection attempts started. 

That was a long time ago. I haven't heard from any collection agencies in about 16 or so years. I am currently on disability assistance and thus remain in a position that prevents repayment. I called Student Aid BC to find out if the loans still exist and who holds them but the only information they could give me was what I already knew: that RBC was the initial lender. 

If I wanted to find out more about them without triggering an acknowledgement (re: limitations), what should I do?


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StinkinJoe View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 13/May/2016 at 3:52pm
addendum: I looked at my equifax report and my credit rating is over 700, I'm characterized as debt free and all loans with RBC are listed as paid. The reported date is in 1998 and status is listed as "Too New to Rate". 

This seems very odd to me. I suspect, given that all the loans were guaranteed by the government that, upon default, the government paid RBC off and are now, themselves (the govt), statute barred. But why this would produce a functionally debt free credit rating, I have no idea. 

I think I need to find out if I can access the NSLSC site without somehow triggering an acknowledgement. 
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Post Options Post Options   Thanks (1) Thanks(1)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 13/May/2016 at 7:41pm
The loans are likely statute barred.  I would recommend not looking into these as you will waken sleeping dogs  and stir up a hornet's nest.

There is a forum here on this topic...
http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loans
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Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 12:45am
That's been my suspicion. Thanks for the input, it's definitely appreciated.


Oh, one last question: How likely is it that after having foolishly spoken to StudentAid BC that I may have already inadvertently done so (kicked the hive, so to speak)?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 1:20am
OP,  I also have old student loans with RBC as the original lender borrowed at about the same time as you.  As I understand it, not only are these loans statute barred, but they are also legally extinguished.  However, because I returned to school in 2001, they were in good status till about 2004, so I am not 100% confident on their real status. 

You may get a random collector calling on behalf of RBC.  Ignore them!!
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 2:22pm
If your loan originated in Ontario then there is no requirement for a student loan provider to extinguish.  Only two provincial laws carry the requirement to extinguish (loss of legal right to recover). 

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 4:45pm
Thanks for the input. I'll take your advice.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote StinkinJoe Quote  Post ReplyReply Direct Link To This Post Posted: 14/May/2016 at 4:46pm
No, BC. Will that change things?
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2016 at 4:23am
BC law states that the creditor loses all rights to recover the debt after barring. However, the onus is on the debtor to prove that it "is" barred". The BC government takes a very unique position on the limitation chess board, and they make it very difficult for people. They, in the province of BC, consider some activity an admission of liability that differs from what other provinces and federal government constitute as admission (acknowledgment). The BC government has this uncanny way, with the aid of the provincial justice system to call a brown cow a white cow and because they "say" it is so - then it is so.  

If you are communicating with the BC government and they say there is a loan still visible, and it shouldn't be, then you are walking in a very dangerous jungle. The only way to know if your loan is statute barred for certain, and that it can not be revived, is to call them out and force their hand without undermining your own case. This is a professional's work unless you are well versed and knowledgeable about how to go about doing it. 

If you really want to know what loans are barred, you can do what a lot of people do - assume it, or go uncover it to make sure, and of course, bury the bodies of the dead, so to speak. 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2016 at 12:13pm
Originally posted by Johnny Johnny wrote:

If your loan originated in Ontario then there is no requirement for a student loan provider to extinguish.  Only two provincial laws carry the requirement to extinguish (loss of legal right to recover). 


Sorry, I wasn't clear in my last post.  I too had RBC student loans in BC issued at about the same time.  As I understand it, they're extinguished.  However, I was never fully clear on whether or not they were extinguished given that I returned to school and kept them in good standing until 2004.  They are at least statute barred.  However in your case, OP, I would bet strongly that they are extinguished.
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