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administrator
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Joined: 25/January/2003
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Posted: 17/November/2007 at 5:36am |
Yes, Bateman, I agree with you about S.7 that is our most likely situation where we qualify as a class action. Even the governments info site says that the words 'in particular' mean that they focus on those issues but it is not limited to those issues.
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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christo77
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Joined: 21/November/2007
Points: 1
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Posted: 21/November/2007 at 8:52am |
I have an old loan from RBC which i could pay back, then I began going to school again and have been a full time student since 2003. I have 1 semester to go and I need the student loan for that semester but Allied Consultants has somehow gotten my new student loans frozen until I'm back in good standing with the old RBC loan.
The thing is I tried to get back in good standing with RBC but they required that i pay the interest before i could go on interest free status. I was a student, I had no money to pay anyone anything. RBC suggested that I write a letter asking them to capitalize the interest. I did so and they then demanded the entire loan to be repaid. I stopped dealing with them and they refered my case to Allied. But now Allied is influencing my ability to finish my degree. What do I do? I'm a full time student and have no money to pay anyone anything and am almost done. In 6 months I will be able to pay the entire old loan off with one paycheck. This is rediculous.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 21/November/2007 at 5:45pm |
Was it Royal Bank who told you to cap the interest, or Resolve Corp (their service provider)? It is important to gather names of who you speak with, and their actual location. What did they actually tell you after your application for interest capitalization?
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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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johnstr
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Joined: 28/February/2008
Location: Canada
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Posted: 28/February/2008 at 11:10am |
Hi, I am seeking some answers about CSL, BcSL, and the giant interest rates they are charging. I made a regrettable decision in 2004 to take out a student loan for a 1 year business management course at a local crook oops!I mean community college. I was young and made a bad decision. I graduated the course with good grades considering the condensed courses considering its a 2 year program at the local government college/ university. basically I believe I was goated into taking out a huge and unrealistic student loan for the wage expected after graduation also at the time interest was a very unknown topic for me. I had an issue with the college and the BCSL and CSL, the college told me my repayment start date was later then it actually was so i was screwed before I even started I missed my payments without even knowing they were do. With no interest in making minimum wage i decided to go back to the job i knew would help pay the bills the best ..Roofing . Anyways i had my loan default so i was no longer able to seek any help through the student loans program. So i went back to living every day life trying to make ends meet with a baby to support i stopped thinking about my loan. i recently got in touch with both BCSL and CSL to arrange payments possible to find my loan gained $3000 in interest for BCSL and another $3000 for CSl. I think this is really a criminal thing here how the heck is anyone supposed to pay back that loan and bring down the principle when the interest is so high I should have went to be a doctor to be able to pay my monthly payments. I have not payed them any money and was reading some posts about bankruptcy and getting to a point where they will stop charging interest. any replies with any information would be greatly appreciated and I would also like to say that I'm very pleased that this site is here to help people deal with the almost criminal practices of the governments and colleges and universities who are obviously scratching each others backs and screwing good people out of there future or giving them a future at the price of their future. thank you
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krazybeaver
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Joined: 06/November/2007
Location: Canada
Points: 12
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Posted: 28/February/2008 at 3:54pm |
since nobody here was able to help me i've done a lot of research and talked to the experts. the information i aquired will not please anyone but atleast you know what will happen.... first off, there is NO statute of limitations on student loans... trust me i tried!! secondly bankruptcy will only work if you haven't been studying for 10 years and 1 month...(they are trying to change that to 7 years..) so ... if you don't pay it; it will follow you into the grave!! they put a lean on my taxes so i've stopped filing my taxes. there is a program where you can arrange to pay it off in one large sum... if you pay off like half the debt in 1 payment, they can agree to that! which is the best thing i found!
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administrator
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Joined: 25/January/2003
Points: 1798
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Posted: 28/February/2008 at 5:23pm |
Hi Krazybeaver,
I wish we had been more helpful... just to note that there is no official program to reduce the amount if you pay a lump sum, but some lenders will accept a lump sum... I know that OSAP rarely does that and rarely do do the feds. If its with the banks there might be a greater possibility of that happening..
Make sure that if you do one of these settlements that you get it in writing before you send them the money.
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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krazybeaver
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Joined: 06/November/2007
Location: Canada
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Posted: 28/February/2008 at 5:28pm |
it's called debt reduction repayment (DRR) and here's the link... http://www.hrsdc.gc.ca/en/hip/cslp/debt_reduction.shtml
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administrator
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Joined: 25/January/2003
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Posted: 28/February/2008 at 6:22pm |
Someone has given you incorrect info... the DDR program is only available if you have exhausted all interest relief, and your loans are not in default.
It does not involve making a lump sum payment.
If you qualify for DDR, the government will reduce your loans...but few people ever qualify...
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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Madmorrigan
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Joined: 09/March/2005
Location: Canada
Points: 177
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Posted: 29/February/2008 at 2:47am |
administrator wrote:
Someone has given you incorrect info... the DDR program is only available if you have exhausted all interest relief, and your loans are not in default.
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Incorrect info from the people involved with student loan debt?? Scandalous.
Sarcasm, obvs.
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vanbcguy
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Joined: 18/March/2008
Points: 4
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Posted: 18/March/2008 at 7:38am |
I have a Student Loan debt from 1996 and a small EI overpayment debt (~$2k).. Canada Revenue has garnished my wages @30% without making any contact (in regards to the EI debt). Is this legit? Do they need a judgement, etc for other than Income Tax debt?
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 19/March/2008 at 1:00am |
CRA (Canada REvenue) is power. They can do that if they want to. EI overpayments are treated rather aggressively, just like tax debt.
what are the numbers?
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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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vanbcguy
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Joined: 18/March/2008
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Posted: 19/March/2008 at 1:25am |
Johnny wrote:
CRA (Canada REvenue) is power. They can do that if they want to. EI overpayments are treated rather aggressively, just like tax debt.
what are the numbers?
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The EI overpayment was $2400... they've since garnished close to $1k (3 pay periods). The CSL amount is ~$12k.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 19/March/2008 at 1:49am |
What are your approximate yearly earnings, and what is your family situation?
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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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vanbcguy
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Joined: 18/March/2008
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Posted: 19/March/2008 at 5:03am |
Johnny wrote:
What are your approximate yearly earnings, and what is your family situation?
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$35k.. single. Spoke with the guy yesterday re the garnishment on the EI debt.. says he sent me a form to list my expenses/income.. to determine if 30% is really too much. He mentioned that after the EI debt is dealt with he would deal with the CSL.. I suggested that it's been 12 years, and mentioned statute limits.. he said no such thing.. they can collect anytime.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 19/March/2008 at 5:30am |
No such thing, uh? Well, that is certainly deceptive.
Do you need some help with this? '
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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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vanbcguy
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Posted: 20/March/2008 at 2:00am |
Yeah.. that's what I thought. He advised me to contact a lawyer re any statutes, etc..
What's a good way/time to contact you?
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 20/March/2008 at 10:42am |
You can contact me on Saturday or Monday. Call me @ 866-239-7889.
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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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cayt
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Joined: 28/March/2008
Location: Canada
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Posted: 28/March/2008 at 4:02pm |
Johnny;
When in default of student loans, can they take property, homes, vehicles etc? I know that if I declare bankruptcy, the first 20000 in my home is exempt and my vehicle if owned outright. The reason I am asking is that I am contemplating bankruptcy, I just can't see any other way.
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SolveStudentDebt
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Posted: 30/March/2008 at 9:24am |
It is not possessions tht you should be concerned with. It is whether or not you will be percieved as someone who can contribute towards your student loan. If they do perceive you as someone who can pay, you will be forced to repay. It is that simple. The government(s) will oppose your discharge. This is something that people need to think about when entering or contemplating insolvency proceedings.
If you cannot pay them - demonstrate that to them. If you are not bankrupt then you can't go bankrupt (unless a trustee wants to be creative and make it appear that you are bankrupt).
Johnny
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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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johnjohn13
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Joined: 15/March/2004
Location: Cayman Islands
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Posted: 06/April/2008 at 12:29pm |
CBCL was handling my OSL part of my osap but they aren't handling it any more. i was in alberta for the last six months. got back -Ontario- not long ago. no one has called or mailed me anything. so WHO HAS MY LOAN(OSL) ? Can't understand why they haven't written me yet.
I do have good news though i have a good job now so i look forward to paying this crap off- if i can find out who the hell has it.
to all those who are still fighting- stay strong. i hope to see you on the other side-that's the side were we finally pay off are loans and tell the agencies to kiss are...
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