Hi Everyone!
It’s been over approximately ten years since the end of my last study date. I had received a provincial and federal student loan during my studies. Over the years I suffered set backs and was not able to consistently commit to paying the sum back. I never made a single payment....
At one point during this period I called the national office about my federal portion to inquire about it going to collections as I started to receive letters. I realized my loan had defaulted at that point. I believe that was around four years ago.... I still didn’t make any payments.
Now I’m trying to get back on my feet so I went to a lawyer who can write a lump sum proposal for this debt, they said that I need to contact them find out my current totals and get other paperwork together.
I did contact the provincial to find out that my loan was forgiven and Would not have to pay anything back. I realize there are consequences to this but it’s done nothing I can do about it!
I then call the federal offices and find out that that loan is “not in active collections, but still owing” still acquiring interest daily... and essentially just sitting there forever.
I’m wondering if when I called four years ago, and now for the matter did I just restart this whole thing to never be deleted? I’m fine with the consequences of having it written off as that’s already happened anyway with my provincial loan I don’t understand why it didn’t happen to my federal portion.
If I wait six years will the federal loan be forgiven? Is calling hem preventing this from happening? I feel like such an idiot if so.
Should I just go forward with a consumer proposal? Apparently this loan I have with the federal does qualify for that according to the agent I spoke with. The federal amount is around 12,000
Please help me I have an appointment with the lawyer soon and I’m not rich by any means just trying to figure out how to get out out of this mess considering I basically wasted my time at school, accomplish nothing there, and went on my merry way to owe a substantial amount of debt.