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Ontario Loan Rehab Program

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jjunket View Drop Down

Joined: 07/February/2017
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jjunket Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 1:02pm
Hi All,

Since my last post, I have successfully completed the rehabilitation of the Ontario portion of my defaulted student loan - for those that are curious, here is my experience, and results:

I called the collection agency who held my account directly and requested the rehabilitation program.  The agent confirmed my details and then mailed out a package which outlined the amounts of the 6 monthly payments I needed to make. I was given the option to pay the total of the 6 amounts in a lump sum and just wait out the 6 month period, or, to pay monthly.  I elected to pay the 6 amounts monthly as it was easier on my budget.  I opted to do this by sending in 6 post dated cheques which were all made payable to the Minister of Finance (I also had the option to do pre-authorized debit but this made me uncomfortable so I did cheques instead).  I sent in the cheques along with my signed and returned the rehabilitation agreement.

Shortly after the conclusion of the 6 month period I was mailed a notice from the NSLSC which confirmed that my loan had gone back to them.  The balance was simply added to my existing federal loan account.  A second package also arrived in the mail from the collection agency which confirmed the same.

The only thing outstanding at this point was the collection item on my credit report, which I had been assured would drop off after rehabilitation, but was honestly the one thing I doubted they would come through on.

I called the collection agency to inquire about the credit reporting after I received the final letters and they stated that it takes between 30 - 60 days for all of the information to get updated to the bureaus after the matter is closed.  

After the 60-day mark, I followed up with the agency by phone again, and they were kind enough to expedite the removal process, which removed the collection line from both Equifax and TransUnion (which I verified by requesting my reports).

So, it turns out that the agency held true to their word in my case.

If anyone else is looking to go down this road, some tips that helped me:

- I downloaded an app on my phone that allowed me to record all of my calls about the matter so that I could easily reference our conversations and retain proof of everything stated.  This made it easier to review details and dates of the calls.  I never needed to confront anyone with the recordings but it made me feel better to have them.

- I took detailed notes on every call and made a plan and todo reminders so that I didn't get behind on any essential steps I needed to complete.

- I followed up with everyone I spoke to at every deadline - this sucked and kind of felt like I was chasing people but with these systems, even the smallest hiccup can cause consequences so I made triple sure that I understood everything and that everything was moving along between the organizations as planned.

So that's a wrap for me - both my federal and provincial parts are back in good standing and treated just like any other loan.  One other thing I did after everything was done was request receipts for interest paid for my taxes - the federal parts (NSLSC and EDSC/CRA) mailed this out automatically but I had to mail out a request to a government office for receipts for the provincial part (I also requested prior years).  The collection agency had this address on file and gave me instructions about it when I asked.

I'll try to swing by this board periodically if anyone ever has questions - but I tried to be detailed enough to help anyone that might be searching.

Thanks again to the community here for giving me the confidence to tackle these loans!  There is a light at the end of the tunnel!
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administrator View Drop Down
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Joined: 25/January/2003
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 10:29pm
Thanks for the detailed process. It will help others....


Mark O'Meara

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