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Equifax Negative Collections Report after 12 years

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Educatedbutindebt View Drop Down
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    Posted: 20/April/2016 at 4:12pm
I have student loans dating back to 2004. I have been paying the federal portion monthly payments for years. Income tax refunds have been going towards loans for years. Which loans I'm not exactly sure. I paid the Scotiabank portion off years ago as they garnished my wages for approximately 5 years until it was paid. I knew I had provincial loans outstanding as at one point I was speaking with Nordon Collections or possibly ARO. It was all extremely overwhelming for years. At one point the collection calls stopped. I knew my credit was severely impacted and just resigned myself to that fact. About three years ago my credit card company (which I've had since 1997) increased my credit limit substantially. I checked my credit score and was shocked that it was almost 700. I bought a car and have been working extremely hard to attain an excellent credit score. Last week I finally hit high 700's. I check my credit score frequently with the unlimited updates option through equifax. This week I was shocked that my score dropped to 631 (fair). There are two collections accounts registered by Ministry of Finance by EOS Canada with a last payment date of 02-2016. Can they put old 2004 loans on my credit report?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 20/April/2016 at 7:13pm
Be careful with any letters you might  send.... sometimes the collection agencies do this to trick you into acknowledging a stats barred loan
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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: 21/April/2016 at 8:43am
Who told you that? Wink
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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Educatedbutindebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Educatedbutindebt Quote  Post ReplyReply Direct Link To This Post Posted: 21/April/2016 at 2:33pm
I haven't sent any letters regarding student loans. I'm just curious if the collection agency is following the rules. Is there not a seven year time limit from the date of default for this to post on my credit report?
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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: 25/April/2016 at 2:53pm
Since when do collection agencies follow the rules? LOL They'd never be able to collect money if they followed the rules, or didn't abuse a little power, although it is in very small quantities.

From what you described it is Ontario student loans (OSAP) that you owe. If your loan applies to the old limitation law, the one that cites 6 years limitation period, then it does have to purge. However, if your Ontario loan falls within the new limitation law that came into force in April 2004, then the Ontario government can report it for as long as the debt remains unpaid. 

If you are out seeking and gathering credit privileges with student loans outstanding in collection, you are putting a target on your back.  They see what you are doing so therefore they know how to push your buttons, 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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Educatedbutindebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Educatedbutindebt Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2016 at 6:29am
How do I determine if they are stats barred? I'm not sure how I should proceed. I contacted NSLC and they advised me that I could go through the loan rehabilitation program to bring them out of collections. I called to have the paperwork sent for the rehabilitation. I was optimistic that I could finally deal with this. That was short lived as I received the paperwork today and there is no way I can afford the type of payments they want. Any suggestions on how I should proceed would be greatly appreciated.
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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: 26/April/2016 at 12:58pm
If you choose to rehabilitate them then there would be no limitations, if this is the case. You'd be resetting that clock upon rehab.  If they are barred, and you cannot pay them - or afford it, then limitations are your best exit if you have a case for it.  However, this is something you clearly need professional help with and there are costs. I do this professional service, and I have to assess whether or not you have a good case for it, and of course - risk. Benefits and opportunities need to be identified, especially if it is NOT statute barred. There needs to be a "plan B". 

Limitation issues are complex in many cases. It is not so "black or white". 


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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Educatedbutindebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Educatedbutindebt Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2016 at 5:31am
Hi Johnny.  I will set up a analysis and assessment through your website.  You seem to be extremely knowledgeable in this field and so far the only person who seems wiling to help people dealing with this issue.  It gets extremely frustrating when you try to do the right thing but get pulled in several different directions and end up getting no where with it.  Thanks again!
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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: 27/April/2016 at 2:13pm
Talk soon. 
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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