This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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Forum Locked$6000 in credit debt at TCR - can I be sued?

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madelinewalters View Drop Down
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    Posted: 08/November/2013 at 8:16am
First time here, and terrified... please ease my mind if you can?

I'm 23, recently graduated from university, and have landed a great contract job in my field, but it only leaves me with around $400 per month after rent, bills and living costs. I have no assets. 

Over the summer I was very under-employed, and let my $6000 credit card default. It's now at collections, Total Credit Recovery. 

I am unable to pay it back at this time, for two reasons: I have two other loans I'm trying to keep in good standing which total $50,000 (OSAP and a student line of credit); and, TCR will not accept any kind of payment plan, only payment in full, or other large lump sums I can't begin to afford ($3000). 

I'm not afraid of a poor credit rating or R9 at this point - I don't have much choice, and don't plan on needing a positive credit rating anytime soon - but I'm terrified I'll be sued. Any experience on this? I've heard that they rarely sue people under 25 with unstable jobs and no assets, because the cost wouldn't be worth it for them. But then again, $6000 is a lot... 

Any advice would be much appreciated! I'm considering seeking a judgement proof, but that seems like a lot of work if I'm unlikely to be sued. 

(Last, I should state that I fully intend to pay back this debt as soon as I am able to, even if it's in small increments, or years down the line. It's just absolutely, totally impossible at this time...)


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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/November/2013 at 6:38am
The only way you are judgment proof is if you are bankrupt or the debt is paid. On the more extrme, incarcerated, institutionalized, or deceased.
 
The fact is that they can sue you. If you are having difficulty negotiating or coming to reasonable terms I provide mediation (and more aggressive intervention services) to indivisuals in economic crisis like you are describing. At least then you won't have to fear any more and things will get better as time goes along, and additional savings can happen.
 
So yes, there is help for you if you want my group to assist, Save you the hassle and grief of running into brick walls everywhere you go with this.
 
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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