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35 year old student loan any chance of forgiveness

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SomeOldGuy View Drop Down
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    Posted: 28/July/2016 at 8:24am
I am 58, disabled on ODSP. I will never again have the income again to repay my loan.
It's sitting at a whopping 67,000 dollars.
There has never been a payment made on it. Any tax refunds or reviews of my taxes with a refund have been scooped up. Never get HST cheques, etc Etc.
Been so long that I do not remember original loan info other than part was bank, part was province or federal.
At present it seems to be in the hands of "Employment and Social Develpment Canada" out of British Columbia and payment office in Quebec.
Is there any chance of debt forgiveness? Also have heard if I make 2 payments and apply for forgiveness it can be wiped this way?

Any info would be greatly appreciated.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 29/July/2016 at 10:01am
IF there have been no payments in more than six years (and not an OSAP loan) the loan might be statute barred.

There is no loan forgiveness program....  however there may be some provisions under the Repayment Assistance Program but that usually involves paying off all the outstanding interest and making a number of consecutive payments.

If you make the payments you would lose your statute barred status... so be careful.
Wait for more answers in this forum before doing anything...

Read more in this forum..
http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loans
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Mark O'Meara

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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 02/August/2016 at 9:35am
You make 2 payments and it is rehabilitated. If the debt is statute barred then you will reset the clock. If you are experiencing hardship with those extenuating circumstances to show that you won;t be able to pay it then it is possible to have it closed on that basis. However, very difficult and not something you should do on your own, unless you know the system through and through. 

Now, if there is a limitation issue then they have no ability to collect on it under the federal budget implementation act, or federal limitation of actions and proceedings. 

If you want to seek a limitation issue, or appeal under hardship to have the loan removed and you have a case for it, we can help you. 

Johnny 
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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