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Loan from '99

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gozonuts View Drop Down

Joined: 13/June/2008
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    Posted: 27/August/2014 at 7:05am
I have a student debt load of about 50 grand, more than half of that is interest accumulated since. I have not made serious efforts to repay, ever, and when I did make payments, they were about $100/month. I have not made a payment since 2010 and I have the last communication from Minist√®re de l'√©ducation des loisirs et du sport' was March 2012 and that threatened 'LAST NOTICE'. 
Where those idle words? I can't help wondering if they can't really do anything legally as the loan is so old - does that matter? The loan was a guaranteed loan from CIBC and when I defaulted, it reverted back to the gov agency. Could it be possible that this loan is untouchable? 
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Johnny View Drop Down
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Joined: 05/November/2003
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 29/August/2014 at 9:54am
The letter you received is a final demand notice from the office of the Ministerie de Finaance (Quebec).  These final demand documents extend the limitation period for another 5 years on top the previous 5. If they issued it in time then your limitation period is a total of 10 years.

They can initiate legal proceedings at any time of their choosing. If there is an avenue for them to explore an execution order to force you to address it then you need to be aware of that.  If you have no ability to repay the loan now - or in the future for any particular reason then you can appeal to have it removed, providing your appeal and demonstration is accepted.

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
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