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Good advice on old student loans

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kcsige View Drop Down
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    Posted: 26/April/2014 at 8:26am
Its been a while since I posted on this sight and here is what has happened to me in the mean time. My situation was as such that I had already paid off my put back portion to the CRA/hrdc and as soon as that happened the bank was all over me. Anyway this was 5 years ago and in total 20 years after i left school. So it was status barred for sure. In consulting with my lawyer he advised me simply to repeat that the statue of limitations had passed and my loans were paid in full and then to simply hang up the phone. They eventually stopped calling. Then about year ago they started making inquiries on my Equifax account. To which I then contacted Equifax and official requested that their inquiries be either denied or not posted. This is your right to do so. What this does is not effect my credit rating as it was a out side collections agency on behalf of a bank making the inquiries. The more inquires you have from collections agencies on your Equifax account the less likely you are to get credit when others legally check your file. So once again it pays to have access to your Equifax file. I pay a monthly fee for them to also watch my file and they notify me monthly to report any changes or when my score goes up or down. So that put an end to that. Every once and a while I get something in the mail, which at the advice of my lawyer I do not open and send back. Over the years these things have decreased. Unfortunately this is all we can do. The truth is they are seeking to cause fear and panic in hopes that someone who doesn't know the law will pay up and I think many do. I will say however that loans that are still with CRA/Hrdc are government, not banks and they can with hold tax returns/GST rebates etc. and this effects your credit rating.   It may not be right from a lawyers perspective but they do it and taking on the government is not advised. I would suggest paying this portion back. All this to say, consult a lawyer, know your rights and watch your Equifax file…I strongly advice paying the monthly fee to have Equifax watch your account for you. Good luck!
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kcsige View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kcsige Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2014 at 8:26am
Its been a while since I posted on this sight and here is what has happened to me in the mean time. My situation was as such that I had already paid off my put back portion to the CRA/hrdc and as soon as that happened the bank was all over me. Anyway this was 5 years ago and in total 20 years after i left school. So it was status barred for sure. In consulting with my lawyer he advised me simply to repeat that the statue of limitations had passed and my loans were paid in full and then to simply hang up the phone. They eventually stopped calling. Then about year ago they started making inquiries on my Equifax account. To which I then contacted Equifax and official requested that their inquiries be either denied or not posted. This is your right to do so. What this does is not effect my credit rating as it was a out side collections agency on behalf of a bank making the inquiries. The more inquires you have from collections agencies on your Equifax account the less likely you are to get credit when others legally check your file. So once again it pays to have access to your Equifax file. I pay a monthly fee for them to also watch my file and they notify me monthly to report any changes or when my score goes up or down. So that put an end to that. Every once and a while I get something in the mail, which at the advice of my lawyer I do not open and send back. Over the years these things have decreased. Unfortunately this is all we can do. The truth is they are seeking to cause fear and panic in hopes that someone who doesn't know the law will pay up and I think many do. I will say however that loans that are still with CRA/Hrdc are government, not banks and they can with hold tax returns/GST rebates etc. and this effects your credit rating.   It may not be right from a lawyers perspective but they do it and taking on the government is not advised. I would suggest paying this portion back. All this to say, consult a lawyer, know your rights and watch your Equifax file…I strongly advice paying the monthly fee to have Equifax watch your account for you. Good luck!
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administrator View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 30/July/2014 at 7:45pm
Lawyers don't want to seem to take these things on....but know your rights and watch your Equifax and transunion file...
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Mark O'Meara

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Post Options Post Options   Thanks (0) Thanks(0)   Quote chloeinontario Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2014 at 12:59pm
Hi Kcsige -- I just posted question in "help", and after reading this post of yours, I wonder if you could offer insight? It appears our situations may be similar? (I am unclear if your very old loans, too, were sent to a collections agency from the bank? And that it is the "inquiries" from the collections agency that can cause such problems on a credit report? but that there is a way to deal with these inquiries so they aren't damaging?) What about R9's?
 
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KimM View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote KimM Quote  Post ReplyReply Direct Link To This Post Posted: 13/November/2016 at 8:15am
Haven't posted for many years on this site but given that I am experiencing credit problems I thought I would share. My loans were from the 90s in Ontario. I stopped paying because I argued lack of fair play in the institution. Since this time I was approached by many collectors and my income tax and hst are now being taken. Today I got a transunion report that showed the student loan collection agencies inquiring 33 times on my account these past 12 months alone. My score is only 653 but I pay everyone on time. I have very good ability to pay according to transunion even though I carry credit card balances. I am pretty sure I could get a high interest credit card anywhere. However when I apply for a Home Depot credit card to take advantage of their no interest 12 months arrangement it's a big no. Did I really read a headline somewhere this year that they were going to step up collections?
Nehemiah 5:7 Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact usury, every one of his brother. And I set a great assembly against them.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2016 at 9:26am
Every government is stepping up their collection efforts. The Ontario government especially with older loans whereas limitations actually do apply but act and deceive the population as if they do not. 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fossil Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2017 at 10:13pm
I have a student loan that is nearly 10 years old and I'm very confused...

My first question is isn't this information supposed to be removed from my credit report after 6 years? I've also read that student loans are never removed. Can someone clarify?

Secondly, the amount owed still shows on my CRA account. However, Transunion shows a "closed" & "transferred" account from 'Government Student Loans', no open accounts. There is also something in collections from MAESD-STUDENT SUPPORT. That was opened in 2015 (the date of the first delinquency was 2008). I've also had CRA contact me and ask me to send them back a financial questionnaire. So why is the CRA trying to collect on a closed account? Also if it has been transferred to a collection agency shouldn't it no longer be the CRA's problem? If I paid the CRA and the collections agency I would be paying thousands more than what I owe.

Third, the amount of money owed to the collections agency is way lower than what is owed to the CRA.

Any help would be appreciated. I'm also looking for a lawyer who may be able to help keep the student loan off of my report, because this process is very confusing and it doesn't feel like I'm going to be taken seriously without a lawyer. Any recommendations?

Thanks in advance if anyone is able to help.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 28/March/2017 at 12:16pm
If a student loan is legally unrecoverable then it has to be removed. 

If CRA is communicating with you then it is either a tax debt, or non-tax issue. It could be barred and they are trying to trick you into acknowledging it by filing a financial declaration (?). I have to see what is going on and assess if you want a solid assessment. CRA does not use collection agencies any more. 

No point in spending potentially thousands on a lawyer until you first establish what it is, and if it requires a legal approach. 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote jtv Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2017 at 1:03pm
Hello,

I had recently finished paying off my OSAP loan through HRSDC (or ESDC as it is now). When filing my taxes this year I noticed I still had 8K owed. In going through my past notices of assessment, I noticed a portion of my returns was going towards the federal portion and some to provincial. I assumed it was all going to the portion i was paying, which i thought was the whole loan. I called the number associated with it and it goes to NCO Financial. I talked to them and found out the file was transferred to them in 2011 for the provincial portion and they want me to make a payment (either payment plan, or lump sum).
After talking to them, they said they would take some money off for interest charged since i wasn't aware of the loan (I had to ask for this). They had an old address on file and i wasn't aware of this portion of the loan at all. HRSDC had reached out to me and i started paying them back. After paying back HRSDC, I had a credit check done and nothing came up on it.

My only contact with NCO so far has been on the phone.

I guess my questions are:
1. How is it that i owe this money but nothing is showing on my credit report?
2. If i pay NCO now, will that have a negative impact on my credit?
3. If NCO has the loan now, and it's not OSA, is there a statute of limitations on it?

Thanks,
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Post Options Post Options   Thanks (0) Thanks(0)   Quote omar1175 Quote  Post ReplyReply Direct Link To This Post Posted: 21/October/2017 at 8:47am
Hi
I am new to this site, and looking for advice on what to do about a student loan that went to collections. My student loans go back to between 2000 and 2003 in New Brunswick I am currently living in Ontario. CSL wants me to take it out of collections and send it back to them as I was looking at trying to go back to school but my gut tells me that's a mistake. I have decided that attempting to go back to school is a waste of my time, as i'm low-income and having a hard time finding any job without having a certificate or diploma from college. The struggle is real, and I am not sure what to do. If anyone could please give me some advice on this it would be greatly appreciated. 

AOMar
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