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bandog
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Joined: 02/April/2005
Location: Canada
Points: 3
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Posted: 11/April/2008 at 3:10am |
As per my previous message below - does anyone have any information about this?
Thanks!
hey Nego - the instructions for filing the debt reduction forms state that one must submit the completed document to the banking institution holding your loan ... if you've defaulted, and the loan has gone to collections ... where do you submit the forms??
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administrator
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Joined: 25/January/2003
Points: 1798
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Posted: 14/April/2008 at 2:40pm |
If you are in default, you are apparently not eligble. A stupid program that doesnt help those who need it the most.
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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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bandog
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Joined: 02/April/2005
Location: Canada
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Posted: 14/April/2008 at 11:01pm |
wow ... that's so hard to believe ...
what about things like illness - physical or mental - does anything like that make a difference to these people (using the term "people" loosely here)?
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nago
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Joined: 01/December/2004
Location: Canada
Points: 212
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Posted: 12/June/2008 at 2:13pm |
ye u got to bring it into good standing ...then do the dr
i did that and it worked....
always with everything...jot it down and follow up...
jobs, dr everything....
they all just like to pass the buck so they dont have to do any work....make em work for you...not the other way aroud
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scortpus
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Joined: 29/July/2006
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Posted: 03/August/2008 at 4:51am |
This is something I've been wondering for a while. I have 2 student loans. One is a Canada-Provincial loan with NSLSC and the other is a Canada loan with CIBC.
When I have applied for interest relief in the past, that application to the NSLSC was good for both loans. If I apply for debt reduction is this application to the NSLSC also applicable to both loans? Or would I need to apply separately to both NSLSC and CIBC?
Also, from what I gather the reduction could be up to $10,000. Since I have two loans is this $10,000 overall for both loans (ie: $3500 off one and $6500 off the other) or is it up to $10,000 off each?
Thanks
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nago
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Joined: 01/December/2004
Location: Canada
Points: 212
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Posted: 24/December/2008 at 8:51pm |
banddog
not sure...
you got to have them in good standing, exhaust ir, and revised terms...
like the other guys have said they try everything to screw you out of it.
here's the gameplan again
1)photocopy everything place it in a book. one section fed one for prov. Put everything in there. in order. including the rules of Dr , rules of interest relief. Titles + cards of the person at the banks.
2) make sure you meet the reqs above good standing, -ir, and revised
3)follow up constantly. every time you hand it in ask if they received it. If it has been sent --so forth. Write down names + gets cards and tell them your recording this information. ie. I'm bloody writing this down. Can i have your name title etc.
4)never say never --you got to fight for everything in this process. Too revise the terms of my loans i had to pretty much threaten them...course they didn't receive my papers, missed a form, i was allowed to revised since it isn't an option till i paid my loans in full, was sent to collections so they have it.....you get it the run around.
5) don't take no for an answer--took me 13 times just to get the dr...but i got 28k knocked off.
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nago
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Joined: 01/December/2004
Location: Canada
Points: 212
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Posted: 24/December/2008 at 8:54pm |
oh, you have to apply for fed and provincial seperately...for each loan--
you can get prov dr. I got my whole provincial knocked off --
fed is a pain the max is 10 but you got 3 tries.
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gigatron
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Joined: 27/December/2008
Points: 5
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Posted: 27/December/2008 at 7:11am |
I'm frustrated and confused... i don't know where to start, your posts made me more confused.
If my wife is in school now but not taking loans she can not apply to debt reduction!?.......
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Broke Canadian
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 28/December/2008 at 8:12am |
You cannot apply for debt reduction until you have exhausted all of your interest relief time, and are entering repayment.
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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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lemmy33
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Joined: 17/December/2009
Location: Northern Ontari
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Posted: 17/December/2009 at 3:16pm |
Wow, I'm really surprised to hear of the problems people have had with the debt Reduction, maybe I was fortunate or just plain lucky to have requested the forms, filled them out along with the photocopies of a year's worth of paystubbs and received a letter a few weeks later stating I had $17, 000 chopped off my loans, it was really quite simple. The new RAP program has worked equally well with no hitches as of yet. I hope everyone else has a better outcome like I did.
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Syne
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Joined: 19/February/2009
Points: 57
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Posted: 23/February/2010 at 3:14pm |
nago wrote:
susan you cant get more loans until its paid in full -- |
Are you sure about this? I've been on consecutive terms of interest relief, and I was able to go back to school in order to stave off repayment. Why is debt reduction different? Is RAP also like this?
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administrator
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Joined: 25/January/2003
Points: 1798
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Posted: 24/February/2010 at 7:12am |
If the loans are in default you cant get more funding.... Syne, if you are on IR you are not in default... hence you can get more funding...
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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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highland
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Joined: 28/May/2009
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Posted: 09/May/2011 at 12:55pm |
Why did this program get axed? Are there any exceptions or is the new best case scenario that the gov't pays 100% of your monthly payments once you get RAP granted? This has to be reapplied for every 6 months for 15 years???
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NasirJ
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Joined: 06/August/2013
Location: London
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Posted: 06/August/2013 at 7:58am |
Hi Nago, can you please post here if the Loan Reduction program is still intact. If yes, then can I apply for it even I am on interest relief program.
Thank you
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 06/August/2013 at 1:29pm |
Debt Reduction in Repayment has been replaced by RAP, the new repayment assistance program.
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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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