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Got myself into a big sh*tstorm

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canadian_ski_bo View Drop Down
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    Posted: 15/March/2004 at 7:09pm

Good evening, I am very happy that I stumbled upon this website this evening as I am getting desperate for good advise.

Here is a brief history of my situation,

I joined the military in 1995 right out of high school and stayed about 3 years until I was discharged due to a medical condition that I eventually grew out of.  When discharged, I had absolutely nothing, no college education, no money, no car... no job... nothing. There was a period of 3 months where I had 0 money. If it wasn't for the generoscity of my girlfriend's parents, I woudl have been out on the street. I found a part time job and was sort of able to make ends meet, paying off my bills etc. Then, my previous cell phone provider decided to take me to collections for cancelling my contract, even though I was on an armed forces plan and the agreement was if I left the forces the plan would be cancelled. I was young and stupid, and didn't get it in writing.

That summer, I applied to college and got accepted. :)  I took out a rather large student loan, and used a portion of it to pay off my cell debt. The following winter, my GF had a major falling out with her parents and we were forced to move otu on our own, and using some of our student loan money and credit cards, we purchased some furniture, and house hold goods that we needed.

Again being stupid, during my 2 years of college, my credit card and student loan debt piled up. After graduation, we moved to Calgary Alberta for work and I began to pay off some of my debt. I figured I was paying 700 a month to debt. Money was tight.

While in Calgary, we moved and signed a lease in a DT apartment where we lived for a while. Unfortunately, my GF left me due to issues we couldn't solve over the last 5 years. I was left with a lease on an expensive DT apartment, and 25,000 in debt. I decided to file for bankruptcy.

I moved to Ontario that June, and in my new career I was forced to go away for 6 months.

My bankruptcy was supposed to expire iN January but it was stayed for 60 days as my trustee opposed my discharge, until I can get my trustee some information they require including a T4, a few montly expense forms and some missing pay stubs. If I don't come up with this stuff with in 60 days, the court will adjorne the trustee and re-instate the rights of the credictors, and I will still be bankrupt. If these creditors, including banks, collectcorp, etc decide to sue me, how does this work? What process do they go through?

I have a car that I paid 3,000 for, and some furniture/household appliances. Will I lose my car (I need it for work)? Will they garnish my wages? Will the judge allow them to take my furniture? I take home 2300 a month, living on my own. How much would they take from me?

Honestly, I don't know what to do and I am very depressed. My blood pressure is sky high and I am very stressed. Other then my car, my job and my pride, I have nothing. WHat should I do?

james

 

 

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markomeara View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 7:45pm
What would stop you from getting the info to your trustee? That sounds like the most reasonable thing to do...   Any reason why you cant provide that info? I mean if you provide it and its legit, then it takes care of things for now right?

Mark
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canadian_ski_bo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote canadian_ski_bo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 7:56pm

Good point... I am definitely working on that and I am able to get most of this info to the Trustee. I may not be able to track down one of my T4 slips on time. Lets hope so!!! But what would happen if I didn't and the Trustee proceeded to close my file and the credictors were re-instated?

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BigFatherA View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFatherA Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 9:20pm
The main thing to remember here is that your trustee must act as an officer of the court in this case. Opposing a discharge from bankruptcy is not the same as being liable to your creditors.

You need to sit down with your trustee and work out the paperwork. The main reason for opposing a discharge is:
1. Surplus income. They need to know how much you made
    and when.
2. Court fees and taxes. These MUST be paid first

Since you need these forms for your taxes (your trustee will claim your tax returns while you are bankrupt), there should be no problem with making arranements to deal with your trustee. Remember your trustee is also paid (by you) to work on your behalf.

If you feel you are being treated unfairly, you can appeal to the court yourself, as well as file a complaint with the superintendent of bankruptcy.
BigFatherA
Priest & Teacher
non carborundum illegitemi est
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canadian_ski_bo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote canadian_ski_bo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 9:48pm

I have paid the fees to the Trustee of 1260 dollars. I have completed both required counselling sessions. I have forwarded all the T4 slips I have, and all pay stubs I received.  I was missing 3 pay stubs, and I may not be able to produce these. One would think the T4 slips would state the income anyway.

But my earlier questions, what would be the procedure for creditors to come after me if they are indeed reinstated? Would I lose my car and possessions? Wage garnishee?

The Trustee is KPMG if anyone was wondering

 

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missboo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missboo Quote  Post ReplyReply Direct Link To This Post Posted: 15/March/2004 at 10:15pm
I don't know, didn't even realize they could reinstate the previous debts.
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canadian_ski_bo View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote canadian_ski_bo Quote  Post ReplyReply Direct Link To This Post Posted: 16/March/2004 at 3:36pm
Yes they sure can... it is even stated on the court order.
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Guests View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2004 at 1:45pm

Hi There, it sounds like I joined this group just in time.

Canadian_Ski_Bo, You can only lose your car to the creditor that has the lean. This means if you have a car loan you are behind on they can repo it as part of your contract with them. if you own this car you are ok and no one can take it.

Collection agencies and creditors CAN NOT TAKE YOUR FURNATURE!!! Collection agencies have to have a contact with thier clients "The Creditor" where the have Blanket permisson to sue. Most creditors do not issue this now a days. In order for the agency to sue you, they need to put togther a case for their client showing you have not attempted any type of payment and you are refusing to pay. All creditors want to work with you and take some payment, agencies use the leverage of their reputation to scare you.

Did your banko actually cover your student loans?

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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2004 at 1:53pm

 

 The only way a creditor can enforce an execution order against property, whether it is real property or tangible assets, is to determine such provisions by the PPSA (Property and securities act). For student loans, this really wouldn't apply. It is a different type of enforcement. For consumer debt, then the rules and regulations are within the guidelines of the PPSA.

 After one full year of holding judgment, if it is determined that there are attachable assets, then the creditor can motion for the discovery in aid of execution to be sure.. and then proceed. does it happen? Only for cars, homes, or real property really.

 High risk finance companies do the nasty when they are forced to sue. They will try to take whatever they can. The PPSA only allows creditors to acquire a certain amount of seizure and that is it. They can't take everything, only what is deemed acceptable by the PPSA throught he courts.

 Johnny

 

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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diana View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote diana Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2004 at 2:28pm

I have had collection agencies tell me they will search for any asset that i own and rip it out from underneath me. They have called my home, hung up on my children, harassed me at work, and contact my next of kin listed on my OSAP app. The CA will not listen to reason, they are not interested in the mistakes made by the CIBC. They remind me of vultures swarming around an injured animal just waiting for the weakest point enabling them to strike. I will not deal with them.

diana
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Post Options Post Options   Thanks (0) Thanks(0)   Quote foreverindebt Quote  Post ReplyReply Direct Link To This Post Posted: 20/April/2004 at 1:07am

I'm getting two calls a day on my answering machine from CollectCorp.  "It's really important that you call us", "you can't hide from your obligations" - oh and my favorite: "I have some options for you".  (yeah right)

I don't plan to respond, I have no job, no income, and no money to pay them.  I probably owe $40-$50 grand (and growing with the huge interest charges racking up).  I have no chance in hell of ever paying it off because I'll never find a job with enough income to pay them $900 to $1,000 per month for ten years.  You want to hear a laugh?  Over the past 6 years I've had to live from temporary job to temporay job and I got paid the same or less than before I got my degree in 1998.    Some of them paid what I earned at jobs in the late 1980s!  I went back to school in 2000 hoping that some additional courses would help, but they just added to my debt. If the class action is successful and they change the rules to five years instead of ten for bankruptcy on student loans, that will be the only way my daughter and I can survive. 



Edited by foreverindebt
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Post Options Post Options   Thanks (0) Thanks(0)   Quote debtsucks Quote  Post ReplyReply Direct Link To This Post Posted: 05/November/2004 at 11:34pm

hi all,

 

Gotta say this whole situation is simply disgusting! Thank you Mr. Martin and the banks for "F" ing us students over!

Let's go after the most marginallized people in our society, they won't be able to defend themselves anyway! I bet that is what those government scum were saying when they changed the Bankruptcy and Insolvency Act back in '98 or '99 to ten years from two with NO public consultation and after 3 years of talking with experts in the field as to what would be fair. This is what my trustee told me in a disgusted tone.

This is really unbelievable that some rich government bureaucrat and Member of Parliament is sitting having dinner in their warm paid for house laughing at people like us who are totally discriminated against because of their actions in getting the law changed. If there is any justice in Canada the Bankruptcy and Insolvency Act must be changed!!!!!!

"F" the Government for what they have done to us all!

 

The best to all of you,

 

RC

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redjenn View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote redjenn Quote  Post ReplyReply Direct Link To This Post Posted: 01/March/2005 at 7:03pm
T4 Slips can be gotten from Revenue Canada. Just call your local place
and give them your info, they have it all there and can print it out to give
you. You don't need to track down an old employer...
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hunter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 01/April/2005 at 1:18pm
Nope, it does not work like that.
Due to privacy you will get nothing done on the phone.
You have to go down to their office in person and present them information.
They want your birthday and your earnings from the last tax year that you filed.
Once this is verified, they will then print you a copy of your T-4.

And just to add, CRA also known as Revenue Canada know every T-4 that you have ever received, so you better claim them all.
At the tax office where I work p/t people come in all the time and try not to claim all of them. But the computer tells me different.
This is not saying that you are doing this, it is just a general statement for information to the others on the board.
When this happens CRA is not nice to you at all.
I have seen where they make enormous penalties on your tax refunds.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote lind Quote  Post ReplyReply Direct Link To This Post Posted: 23/April/2005 at 7:10pm

If you dont file Canadian taxes, don't reside there - are you legally bound to CSL??

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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2005 at 2:59pm

 

 Lind,

 If you owe money for student loans, you are legally bound to pay them, yes. Just because you are not living in Canada doesn't mean that you do not have to pay.

 If people can pay - then they shoudl do so.

 

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote lind Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2005 at 5:44pm

Thanks Jonny for your reply - please allow me to elaborate a bit, then you can let me know if I may aquire your help/services:

It took me quite a while to get on my feet after graduation and being out of the country I was  not eligible for interest relief. The $ owing was rising. I had no place to live and no job back "home" and I was allowed to stay at a friends house out of the country until I got back on my feet with a job. I attempted to contact CSL (Mr.Linders at the time) on how much I could afford to pay to start off (to show intent) but it was not acceptable. Every request I made on how much I could pay was denied. Now I owe a lot more than I started out owing and I cant afford much at all (all I can afford now is food and rent). I don't know how to approach them now and I don't want them to have my address (they're scary people). I will send them money but I don't know how to start becasue they expect it all in full now. They have started to call me at work. If I lose my job I'm back to living out of my car again.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2005 at 6:05pm

 

 I can help you, most certainly. I can also solve your crisis, put you back in control of things, and minimize your stress over this taxic (and barbaric) vice.

 Thanks for elaborating. I would enjoy the opportunity to act on your behalf and protect you.  

 Let me know when you are ready.

 Johnny

 The CFW Group

 www.cfwgroup.ca

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote virgo*girl Quote  Post ReplyReply Direct Link To This Post Posted: 17/August/2005 at 12:29pm

Here is my sh*tstorm.

My loans are dated from 1996-1999. Once I left school I got what I thought was an awesome job with lots of oppertunities and great pay (LOL) I bought a small truck and went on with my life. After the 6 months grace period I got the call about how much I would have to pay per month and my head exploded. I panicked and thought okay I can do this with some help on daily financial  obligations from my then fiancee but it was too much and he proved to only be there for himself, so I struggled with my loans getting interest releif making tiny payments and just being sweet. After doing this for 3 or 4 years they (RBC) sent my loans to CBCL. At that time I was working as a temp. making next to nothing (in the hopes that a full time position would pan out which it did eventually) during this time I tried to placate the vultures by missing truck payments to pay them which had a ripple effect cause than I got behind on rent and insurance and my truck actually went to the collections part of my loan company while trying to prevent my "credit from being damaged" . I made some payments once I got hired and other debts squared away this made them happy but than I  screwed up and missed payments. Once I got on speaking with them again they wwere telling me that they would only accept a full payment and nothing else and they also recommended a specific loan agency to "help" me out and that they would have "No Problem" giving me a loan, by this time I was pregnant with my son so I just wanted to get this all put behind me I went and saw this lady from the loan group. She was very nice and looked at my credit and said that because of my credit she was really sorry and wanted to know who had recommended her and why they were so sure that I could get a loan with them. Now the stress from these financial worries were part of the reason I went in to preterm labour landing me in the hospital while there they continued to call so my partner spoke with them but they would not heed his request to leave me alone for even a few days. Now that I am on Mat. leave I am home to receive all of these phonecalls and now I am being threatened with wage garnishment income tax something? and some other thing I am so stressed I am even considering going back to work after being off for only 2 months which is also causing problems with my partner he really wants me to stay home for the year which I also want but I can't handle this anymore. Any Suggestions?

Thanks  

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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 17/August/2005 at 2:55pm

virgo*girl.....

Most importantly...take care of yourself first!!  DO NOT let these CAs scare you into going back into the work force short of your entitlement to maternity leave...

You don't have the financial means to pay...it's that simple...really...the CAs will try to pressure you, even mislead you (God forbid!!) and probably even lie to you.....

Wage garnishment requires the courts involvement; the creditor has to approve a referral for justice for this to happen.  And, chances are that you being on mat leave will not look attractive or worthy for the creditor to go after since mat leave is not employment.  They like to throw this at you as a psychological threat in hopes you will find the money and pay.

The income tax bit of info they threw at you is in regards to the federal government putting an income tax lein against your income taxes meaning if you will be getting a return...it will go directly to the government to go towards your student loan.  And this is all depending on which type of student loan you have.

Hope this helps....  Take care of yourself first and foremost!!!!

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