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Hi,
I have a loan from 2005. I did not finish school and ended up leaving Canada for over a decade.
I made a few attempts to make payments while overseas but the people I had to deal with over the phone were incredibly unhelpful and I ended up just giving up on it.
I've returned to Canada for now and would like to complete a degree while I'm here. I'm assuming the old loans are going to cause problems getting new student loans. I'm also assuming the loans are statute barred and my credit rating now is doing decently after being blank for so long.
I made a phone call last year when I returned to Canada to enquire about the balances and discuss the options and ended up speaking to what seemed to be a government debt collector in Ottawa. He was possibly the rudest, most unprofessional person I've ever had the displeasure talking to and he straight out threatened me over the phone. I told him to pound sand and haven't bothered with it since. But the lack of a degree is hampering my career and I need to do something about this. I would like to take the least painful route possible.
I would be interested in getting into the loan rehabilitation program, but from memory of the calls I had with them last year, the interest on the balances exploded the outstanding amount to something like $12,000-$13,000. If I remember correctly, any new loan would first require full repayment of the outstanding interest plus payments towards the principal. I wish I had had more financial sense when I was an 18 year old.. Coming up with $3,000 in cash for a payment is going to be a bit tight right now, but I could possibly manage it -if- I could be certain that I would be able to get another student loan and enrol in university again. I cannot afford to pay the interest, reactivate an old debt, be denied a loan and be stuck paying massive payments while also being denied a chance to get a degree. I just cannot afford that and would prefer to leave it alone if that's what's going to happen.
Currently located in Ontario and would like to apply for an OSAP loan if I can move forward with this.
CreditKarma shows both the BCSL and CSL as being closed with a 0 balance.
Canada student loan shows Highest reported balance $5,804, closed Dec 1 2005.
BCSL shows Highest reported balance $3,870, closed Jan 2005.
Last payment for both was in 2006.
Any help greatly appreciated.
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