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Statute of Limitations & Bank Risk Student Loans

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reg bridger View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote reg bridger Quote  Post ReplyReply Direct Link To This Post Posted: 14/December/2011 at 1:19pm
For the record, I would suggest my intentions are good due to ill health, little prospect of increased income, and age. Hope I don't sound defensive. :)
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 14/December/2011 at 3:29pm
Not at all! If a student loan  is going to survive the borrower than that is a real life problem and a limitation issue is a benefit to someone that feels hopeless becasue of this, and others that you described.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Chetak Quote  Post ReplyReply Direct Link To This Post Posted: 21/December/2011 at 7:09am
I have a royal bank student loan from 1996 from Nova Scotia that I have not acknowledged for over 10 years, and a collections agency just called me about it.  I'm still not acknowledging it.  As there is no statute of limitation on loans from NS, is there any other avenue to pursue inorder to not pay the collectors?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 21/December/2011 at 7:30am

There are no limitations that restrict the province of Nova Scotia from recovering a student loan owed to it. That does not apply to RBC.

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

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JayElEm Quote  Post ReplyReply Direct Link To This Post Posted: 25/February/2013 at 2:35pm
I just came across this post by chance and i was wondering if you could help me. I currently reside in Nfld and have been unable to make any payments on my student loan as per i was unable to get a job in which i graduated with.  I just filed for my income tax return only to find out that they have a lien on the money, and they never bothered to contact me for 6 and 1/2 years even though my mailing address was the same. Now my question is that I was told that if I wait the next 6 months statute of limitations would apply to me because it would be more then 7 years when i received the loan and they would take the lien off and thus i could claim my income taxes. Is this true or did I miss something?
JoshuaL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mr.o Quote  Post ReplyReply Direct Link To This Post Posted: 25/February/2013 at 5:22pm
Not an expert but Johnny who does this work for people is. My un-expert answer is that as long as you have not acknowledged the loan in no way for the entire period of the statute in your province, if it (a statute on student loans) does exist, then you would qualify by the law that they cannot sue you to get the money back. However, that does not mean they won't continue to take your tax refunds. The only way out there is perhaps they might write-off your loan -they SAID they were going to write a bunch of really old loans off not long ago. The only other way I think to settle and keep income tax refunds is to pay back thru the RAP program. It will cost less than the full amount of the loan. If my advice is wrong, apologies. Johnny is the guy to get.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2013 at 1:09pm
If the loan is federal direct or guaranteed under the first generation program, and it is barred, the tax lien is immediately lifted and the file is closed. It cannot be recovered, nor can the government accept any money to be applied to it unless the borrower waivers his or her legal rights to limitations in writing. That is how iron tight this benefit is.
 
The banks (CIBC, RBC, and scotiabank) take the position that they can still communicate with you it even if it is barred. Their perception is of cource that they are "above the law". What they don't take into consideration is the Criminal Code of Canada. So, if you are a borrower who has risk-shared loans that are barred then they can be forced to abide by the laws that govern them - and also protect you.
 
The provincial guaranteed and direct loans issued by the provinces of Nova Scotia and Ontario are not bound by any limitations. So, any liens anchored in on your income tax by these provinces will remain unless you are able to negotiate them out.
 
Here is what everyone needs to know about the system:
 
The governments and banks are pwoerful organizations and will use force at their every disposal to protect their own best interests. Your legal and human rights mean very little simply because it is all about money and not truth. There is a benefit for the system when interest accrues and money is collected, and their is also a financial incentive individually awarded to those who have targets and are in management and team-leading positions.
 
The student loan providers as we know then not only have access to a broad spectrum of powers, they also have an unlimited source of money to use at their disposal to make things VERY difficult for you.
 
The banks and government all work together, including the National Student Loan Service Center (especially Tricura). 
 
The governments and banks will not give you any tools or intelligence that will restrict them from recovering these student loans. The onus is on the borrower in these cases, and that is where things get extremely difficult.
 
Anyone who wants to enjoy the benefit and freedom provided by a limitation issue should never assume anything. It should be examined and documented to ensure one's own protection and future financial and social security. People who are afflicted by the system financially and socially, are in hardship, and are not able to repay the debt in the nearor distance future,  deserve this benefit.
 
People who are gainfully employed, benefitting from the education, are able to pay, and are not willing to pay, well ... it goes without saying.
 
 
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mcjupto Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2013 at 7:55pm
"Alright so you have CSL1, Ontario guaranteed, and RBC risk shared loans (pre 2000) and you have federal direct post 2000 (CSL4)." -  These are my loan types.

"So, if you are a borrower who has risk-shared loans that are barred then they can be forced to abide by the laws that govern them - and also protect you."

"The provincial guaranteed and direct loans issued by the provinces of Nova Scotia and Ontario are not bound by any limitations. So, any liens anchored in on your income tax by these provinces will remain unless you are able to negotiate them out. "

SO what this all means is that the ONLY LOAN I MAY HAVE IN ACTIVE RECOVERY would be the Ontario guaranteed loan?  The RBC risk shared, CSL1 and CSL4 would fall into an UN-recoverable state until "acknowledged" ?  Am I understanding this right?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote mcjupto Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2013 at 8:12pm
Also if I was to start making payments on the Ontario loan, how do I find out the status of the other loans 'risk shared, csl1, csl4'? 
When I do my taxes can I request the lien go towards Ontario student loans?  Or do they apply any liens against your income taxes, and those payments to your loans randomly"  Or do they apply income tax lien payments on a first loan taken out, first loan paid back sort of system?

What I would like to know is, if I can just pay off the loan that is in active collections and leave the others in their catatonic state?  And find out what state they are in?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2013 at 7:39am
Originally posted by mcjupto mcjupto wrote:

SO what this all means is that the ONLY LOAN I MAY HAVE IN ACTIVE RECOVERY would be the Ontario guaranteed loan?  The RBC risk shared, CSL1 and CSL4 would fall into an UN-recoverable state until "acknowledged" ?  Am I understanding this right?
If your federal guaranteed, direct, and risk loans are barred then the answer is yes.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2013 at 7:47am
Originally posted by mcjupto mcjupto wrote:

Also if I was to start making payments on the Ontario loan, how do I find out the status of the other loans 'risk shared, csl1, csl4'?
 
If you do not know how to do your own limitation exam and discovery seek professional help. I can walk you through it from start to finish but that is going to take quite a few hours of time. If you want to invest that is your call. If you are looking for something like this for free then I am afraid I can't help you.
 
Liens are applied in accordance to provincial and federal rules. If you owe both federal and provincial then your income tax is applied by whichever division is described in the legislation. If you only have an OSL (and no federal) outstanding then the income tax rebates they seize are applied to the OSL portion.
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mcjupto Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2013 at 4:27pm
Can someone explain to me the difference between a Canada-Ontario integrated student loans, and a Ontario Student Loan.

Or is it as simple as what the words mean?  Are both of these loans actionable/collectabe indefinitely since they both are provincial in nature?  What legislation would these fall under?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mcjupto Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2013 at 4:59pm
Im trying to connect some dots here.  On my equifax credit file, under the heading " Credit History and/or Banking Information";  there is a couple of loans.

First loan is CDA STUDENT LOANS PR (888) 415 4514 -  It says last activity was 2007/02/00  Highest credit on account was $11594 -  This account was opened in 2004/10/00

Second loan is CDA STUDENT LOANS PR (888) 415 4514 - It says last activity was 2007/02/00  Highest credit on account was $4345 -  This account was opened in 2004/10/00

CLEARY these two loans are Canada student loans/federal loans which are bound by stats barred legislation after 6 years.  Correct me if I'm wrong please.
-----------------------------------------------------------------------------------------------------------------------------
The next two loans under the heading "Public Records and Other Information"

These two loan collections were reported by ACCTS RECOVERY CORP. 
Reference: MCTU STUDENT SUPPORT.

Are these two MCTU STUDENT SUPPORT loans, Ontario/provincial loans?  Or am I, identifying them wrongly?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote upright12 Quote  Post ReplyReply Direct Link To This Post Posted: 25/July/2013 at 12:30pm
My story is this I had a federal and Ontario student loan from 1996 became a heroin addict while in school. I entered a recovery program 1n 1998 was in a in house treatment program for 10 months got out of program in 1999. Worked until 2001 when doctor put me on long term disability. When I filed my taxes that year was told everything was going to be taken by the CRA because of loans. My doctor filled out the form from CRA saying I had a long term disability and was on ODSP.
I contacted CRA every year regarding my loan and was told it's still under revue and they where still taking any taxes that where owed to me.
In 2007 I was told the loans no longer outstanding and my tax benefits I would be receiving and I did.
Now in 2013 I applied to go back to school through OSAP. I was informed that I could not receive OSAP because of outstanding loans. I contacted CRA and they told me that they could not find any out standing loans.
I then contacted the Provincial Government Central collection unit and was told that my balance was zero on any loan and was sent a letter saying so.
Then I tried to contact CSLC and was told I can't contact them directly you have to go through canlearn and they do an assessment first which I did and was transferred to CSLC. After explaining my story to them they told me that my student loan went into a Indorment file in 2007 and was still having interest put on it from the original loan which was $8,381.78 and now is $21,952.29 not to say this stunned me. I asked why hasn't anyone told me this considering I have been in contact several time with the CRA and was told something different.
I asked to see all records regarding my file and was told that I'm not allowed to have excesses to the file.
My question is this do I have any recourse in any way be it limitations or something else. Any info would be great full Thank-you
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Post Options Post Options   Thanks (0) Thanks(0)   Quote upright12 Quote  Post ReplyReply Direct Link To This Post Posted: 25/July/2013 at 7:36pm
anyone
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 26/July/2013 at 3:54pm
All they did was take you off a calling list and placed your account in a hold section likely because you had no ability to pay. What you should have done was appealed for loan removal, but they probably didn't offer that as a benefit to you because it is counterproductive for them.
In any event, if you owe money to the Canada Student Loans Program, and the debt is in default, you are restricted from accessing further funding until the old debt is paid. 
 
In a case of limitations the same applies. You cannot borrow more unless they approve it on the condition that you agree to waiver your rights and repay the old debt. The government of Canada can no longer pursue you for money owed after a prescribed period of time expires, however they will not fund you for future studies.
 
If they told you that you are not allowed to have access to the file then that is crazy. However, what they want is for you to write to them with a request in the hopes that it will cause the debt to survive limitations. Be aware and beware is all I can tell you.
 
I wish I could be the one to give you great news but based on your situation and requirements this is the harsh reality. The only other option would be to negotiate somehow to either reduce the debt or a set of terms that works for both sides. That is not something I would recommend you do without professional guidance and some intervention because of the risks involved, such as those I described above. You can consult with and hire The CFW Group Inc or perhaps some other group that specializes in this sort of area.
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote upright12 Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2013 at 6:32am
Just as I taught and no they never told me I was able to apply for loan removal.
I was told to pay all the interest which is just over $14,500 + 2 payments of $1 and I receive my loan of $8000. Yea that makes sense. I'm not writing them anything.
I have no other debts. I contacted a Trustee and they want $i800 + one year of my tax returns to file for bankruptcy. The system is crazy.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote upright12 Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2013 at 6:41am
Sorry just another question. They have told me that they would negotiate. So if I was to hire you to negotiate would this mean the file would survive limitations and what if I don't agree to the number they want those this mean the file is open again.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 27/July/2013 at 9:47pm
It would not survive no.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote demakasha Quote  Post ReplyReply Direct Link To This Post Posted: 05/September/2013 at 6:39pm
I have a question, been going through my and my commonlaw husband debt. He has a $6600 CSL4 Student loan from BC that he has never paid anything back to, he got this loan in 1999ish. I pulled up both of our credit reports and his is spotless with no student loan on it, mine has my student loan on it. Has his loan disappeared? I don't want to call and find out incase this is "Acknowledging" the loan.
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