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Provide interest relief even if defaulted

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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 Topic: Provide interest relief even if defaulted
    Posted: 27/September/2006 at 10:45pm
Many of the defaults are because of NSLC or bank mistakes.. Its wrong to deny these people interest relief!

Furthermore, people who are in default need help the most. Why deny them help? This rule makes no sense!

How bout allowing people to qualify for interest relief if they have only been in default less than three times.... and use the six months interest relief to rehabilitate their loan....

By the way, it should be PAYMENT RELIEF not just interest relief!

Mark
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Mark O'Meara

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Teri Smith View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Teri Smith Quote  Post ReplyReply Direct Link To This Post Posted: 23/February/2007 at 8:31pm
Interest relief is not useful to someone who has 0 income. Payment relief offers a period of serious relief and the ability to come back and be treated like the decent people they still are. We are not lower species because we face hardship. I vote for payment relief. Thumbs%20Up
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Post Options Post Options   Thanks (0) Thanks(0)   Quote benny Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2007 at 10:47am
The thing that gets me with defaulted student loans is, I graduated and had a difficult time finding employment for about a year. Then finally get a good job and have full intentions of paying back the loan. Now the minimum payment isnt good enough every month. I get harrasing collection calls, even though i have been paying back huge payments consistently every month for 2 years.
I can understand collection agencies coming after someone who doesnt pay anything, but why come after someon who makes the minimum payment every month?? And why after having trouble paying and going into default does the goverment collection agency expect that you are going to be able to come up with the full amount? And after it becomes a debt to the crown instead of a student loan, i cant claim the interest paid on my income tax, how does that tackle the issue of rising student debt???? ?????
I think everyone shoudl write their MP's MPP's and ask them to have a look at this site and read some of the horror stories, most politicians dont know whats going on.
I cant beleive the collection agencies harrases me so much even though i make my payments on time regularly.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sirjammer Quote  Post ReplyReply Direct Link To This Post Posted: 18/October/2007 at 5:35pm
Well...it's finally happened. My loan i applied for intrest relief for about 4 times is in the hands of HRDC/collections. I am in the "administrative appeal" process which takes 5 business days. I apparently did everything accurate except provide an income for July of 2006 (but did provide the 2 out of 3 months normally requested). I became homeless in March of 2007 and by the time i got resetup somewhat in another location, i was and am in default. I really did try, i really wanted some help and to get IR, i suspect they will not recall my loan, and it will stay with collections.

The options i had included paying collections while this is already on my credit file (the notes she said were for life) and the rest of course for 7 years. There was a lot of problems between meshing the royal bank loans and CSL/provincial and a lot of documents etc that i navigated sccessfully but i am positive i was given some sort of misinformation regarding my proof of income. I flat out asked the girl "how many times have you seen this?" "She replied, so many times its sad". Yes it is sad to think that we want to pay our loans back but the government is extremely willing to throw us under a bus (we=credit because we all know what bad credit does to you) sad that we=a credit score.

Basically i told her well the damage is done...if they deny me and the loan stays in collections then i asked her whats the point...they destroyed my credit...and now want to be repayed huge amounts of money through foul mouthed people with intrest...sounds like a fresh start in a new country is needed...i am bitter because when someone owns up to try to make things work and do what is right...the system had to be made extremely hard to do so...especially for those of us who started school in 1999...hmmm lets see 2 bank loans and 2 government loans all of which requiring seperate minimum monthlies....that was well thought out...almost as well as hiring a 3rd party call center to handle government business and have an agent that makes 10$ an hour give you mis-information.....sigh....

What really bothers me is that i would like to get over the student loan hump, i would like to further my education and get my M.A. but this will not be accessible to me either based on my loan issues...so i guess i just wanted to see if you all had any options or opinions or anything...

Thanks for reading my long winded rant,

SJ
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sirjammer Quote  Post ReplyReply Direct Link To This Post Posted: 31/October/2007 at 8:02pm
Well....Government rejected to take my loan back...im not sticking around until 37 years old to start a family and have a house and a good life....oing to become an expat in the next 3 months...sad state of affairs that no compassion is had for such a difficult loan system that forces good young people to other borders and lands to pursue happiness....farewell Canada!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote thundercat Quote  Post ReplyReply Direct Link To This Post Posted: 10/March/2008 at 12:51am
I to have had trouble with student loans.  It is one thing to make an almost impossible system but to hire people who don't speak english is another!!.  I defaulted on my loan because I applied 7 times for interest relief, each time I got a call saying it was denied because I didn't include some piece of information.  I would re-fill it out, send it in, then they would get the new piece of information but not the rest, even tho it was all in the same envelope. 

Secondly, once it was defaulted, I then attempted to work with the company or collection agency (after speaking to student loan people) about a rehab type program, which would allow me to get back on interest relief or attempt to goto school again.  Well, I kept up my end of the terms, then the company did not keep up their end of the bargin.  They never shipped my file back to the govt or anything, they took the money, waited a few months and then called me saying that I had to start over.

Does anyone know if I can literally sue the govt on this one?  I have been trying to put a case together about this.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mack10 Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2008 at 12:34pm
I really dislike the fact that they use your gross income to assess whether you should be eligible for interest relief.  Why not use your net income?  Thats the income we have to work with each month, surely that makes the most sense?
Another thing, they don't take into consideration that you have other large bills that you have to pay each month to keep you at work...for example DAYCARE. 
 
Really I think there should be an easier way to pay back your student loan.  Instead of this revision of terms and interest relief, it should be means tested once a year and a realistic payment should be set.  If something major arises a review can be done. 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Freya Quote  Post ReplyReply Direct Link To This Post Posted: 19/November/2016 at 9:08am
I, SO, agree with you! There needs to be massive class action taken against this punitive system.
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