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Forum LockedCan A Settlement Be Made On A Student Loa

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MarqA View Drop Down
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Joined: 03/August/2005
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    Posted: 03/August/2005 at 10:05pm
Hi,
I read a book lately on getting out of debt and have also talked to a friend of mine who managed to settle a debt for a lot less than 25 Cents on the $ which is what this book says to start off asking for. I called up CBCL who i've been dealing with for the last two years since I've finally been able to make any sort of payment towards my defaulted student loan. I asked if this debt could be settled for another amount other than the $8000 and change that it is. I was told, something to the fact that student loans can not be settled? Is this correct?
All records of the debt have been wiped off my credit report, with only a couple of hard inquiries from CBCL left showing. Now... The reason this has happened is because, I hadn't made a payment since 97 until Two years ago. After I was able to start paying something, I noticed that nothing was showing on my credit report to show others I was paying this. I called CBCL and I can't remember what the excuse was at the time, but was told that in Dec 04 the whole thing would be removed from my file anyway because of the 7 year thing. OK..I keep paying my low monthly payments because if I don't, the debt will return to the file, that's what i'm told and I wait. So now the debt is gone from my credit file and has stayed off so far this year. Where is my money going? I just want to make a deal...$100 a month for what? 10 years?
Can someone help me here? Can you settle a Student Loan?
Thanks
Marc
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tewlz View Drop Down
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Joined: 10/August/2005
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tewlz Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2005 at 1:57pm
I would also like to know - does anyone have any experience with this?
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Observer View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 14/August/2005 at 8:50am
Hey Johnny were are you? Get your tail in here and answer the question...LOL
Retired Collection and Credit Executive
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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: 14/August/2005 at 12:30pm

Student loans rarely settle for that amount (25 cents on the dollar). Some student loans have no provisions of compromise what so ever. For instance, the Guaranteed Canada Student Loans Program. They do not compromise from the third-party collection agency sector. The only way to have the government reduce your debt is to give them a really good darn reason.

From what you are describing, it appears that CBL has carriage of your guaranteed CSL (debt owed to the crown). If they have refused to look at a potential settlement, that would be the fist indication. However, there is no way for me to assist youwithout knowing what and who you owe. Some will settle, and others will not unless it is absolutely warranted.

Contact me if you would like and I will assess this matter for you.

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

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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