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Brondago
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Topic: Old student loan in collections Posted: 11/July/2016 at 9:29pm |
Hi,
I've read through quite a few of the posts on here and could use some advice. I have old csl and bcsl from the royal bank that were taken out during 1996-2000. I went back to school and graduated in 2006. And recently went back to school (2014) to become an RN. I have paid my monthly payments when I could over the years. I had asked the royal bank to switch them back to student status (not sure of the correct term) and it never happened. I was paying the monthly payments for awhile but then it just became too difficult and I avoided the calls and now it's in collections. I finally called them back yesterday. They say the loans are from 2006 which doesn't make sense to me, but also that they want payment in full ($22k). He called back and said that maybe I should write a letter stating my hardship and request a buyout at 50/1.00. After reading all these posts, I'm a little scared and confused. How do I know if there are other loans that will pop up years from now? It's difficult to pay but I can come up with some money but not that much. Being a full time student with parents with disabilities, it's not easy to make these large monthly payments. Any advice?
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Posted: 12/July/2016 at 5:43am |
DON'T WRITE ANYTHING until you research this. Was your last payment more than six years ago? If so, these loans are likely statute barred. You are actually dealing with a collection agency... You must not acknowledge the debt, otherwise you will lose your statute barred status. Read up on the statute barred forum here.. http://canadastudentdebt.ca/forum_topics.asp?FID=90&title=collection-of-old-stats-barred-loansand then post further questions here....
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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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Brondago
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Posted: 19/July/2016 at 7:51pm |
Hi,
Thanks for your reply. I'm pretty sure the statute barred doesn't apply to me. I have been making payments over the years with my last payment being last December. There are no loans with the CRA. I've called around to find out if they were split and it seems my entire loan is with collections. The bank did not put me back on student status 2 years ago when I went back to school and I couldn't continue paying so that's why they are now in collections. It's a risk shared loan with the royal bank. I don't know if I don't negotiate or pay anything what will happen? I mean I am a full time student with zero income. Or should I be trying to pay out an amount? Any help would be appreciated. I wonder if a letter requesting debt forgiveness to the bank would ever be successful? What happens if I don't pay and it stays in collections? Thank you....
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Brondago
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Posted: 19/July/2016 at 7:53pm |
I've made monthly payments for years so the loan has gone down some...
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Posted: 20/July/2016 at 12:59pm |
The banks will not forgive these debts... however if you had a lump sum payment that could be offered they might accept it. Who are you making payments to? Collections agency or the bank?
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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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Brondago
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Posted: 20/July/2016 at 1:26pm |
Collections agency. They say they are working on behalf of the bank and have not bought out the loan
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 21/July/2016 at 3:48am |
what collection agency is it?
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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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Posted: 21/July/2016 at 3:35pm |
Affglo
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Posted: 21/July/2016 at 4:28pm |
I'm wondering about what to offer them...if anything...and what will happen if I wait a year while I finish school. Any advice would be appreciated. :)
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SolveStudentDebt
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Posted: 22/July/2016 at 8:06am |
Affinity Global, I see. The old Global Collections co with a new face. All I can really say is be careful what you say to them, and the manner in which you communicate with them. Collection agencies are changing nowadays. Collection agencies handling the old bank-risk model of student loans will try whatever they can to illicit or "trick" you into an admission of liability, especially if there is a limitation issue. Global Collections was forced to make changes likely because of their attorney and some unsavory business practices not too long ago.
I am no longer offering free advice, analysis, or assessments on this website/forum. If you want some general guidance though you can find us on Facebook and seek answers to some of your questions.
You can find us on Facebook here:
https://www.facebook.com/The-CFW-Group-Inc-122160921144125/?fref=ts
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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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SolveStudentDebt
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Posted: 23/July/2016 at 8:14am |
Offering them, as in a payment plan or a settlement?
If you are wanting to set up a repayment plan then you have to be careful with the information you provide them. You can make an offer of a payment per month but in all likelihood they will want you to fill out a financial information form. If they feel that you can pay more than what you are offering they will use that financial information form against you. So, be careful what you put in it. If they "see" money or opportunity to collect more they will do so.
If you want to make an offer to settle then the same thing applies. You have to provide disclosure, and if they "see" more money or opportunity to get more than what you are offering, they will do so.
Just remember, collection agencies and creditors don't care so much about you and the truth. They care about money. Everything hinges on your approach and how well you are at overcoming their objections in the same manner in which they work to over come yours, and of course negotiating.
This should help you in going forward. You can find us on Facebook too. Just search for The CFW Group Inc.
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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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