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My parents credit are bad and I need a cosigner

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BCaviator View Drop Down

Joined: 15/June/2016
Location: Vancouver, BC
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    Posted: 15/June/2016 at 12:47am

I am in need of some advice. I am an aviation student in a 4 year BBA - Aviation program and am relying on gov't student loans to pay for my tuition and flight training. Because flight training is very expensive and has very tight regulations on hour requirements and time restrictions, I need to finish certain phases of training by certain dates. Due to being from a low income family, my family can't help and I can't wait until the next school year for gov't funding as certain deadlines are coming up. 

Recently I went to apply for a student line of credit at TD bank and upon doing a credit report on my father (who cosigned), they found he has 2 actions against his credit. I have already payed one off as it was a small amount but the second one is quite significant. My father had canceled an old TELUS account a few years ago and the agent he spoke to didn't cancel the service properly and charged us for service equipment... TELUS won't help us resolve it. My dad being a stubborn air head doesn't want to pay it off and says "I don't care if they put it on my credit, I'm never going to need a loan", but what he doesn't get is that I NEED THE LOAN TO FINISH SCHOOL! He's fully willing to leave his credit in terrible condition. I however want to clear his credit so I can get my student loan approved. Even though we own our own home and have decent income, the bank won't approve it because their regulations on approving loans are based on credit.

The debt has been transferred to CBV Collections and is for approximately $1400 but the only way I can pay it off is if I use a credit card... (-_-' ) I'll have to take on a small loss to prevent a big one I guess...

My question is, is there any way to get the amount reduced?

Any help would be immensely appreciated. This ordeal has been extremely stressful and I haven't been able to sleep for a week.. I just want someone to trust in me and help me out with the loan but none of the banks can help and even my own family can't help... hopefully someone here might be able to; or at least steer me in the right direction.

Thank you in advance for your consideration!

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