This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


  New Posts New Posts RSS Feed - 1992 CSL and OSL situation
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum Locked1992 CSL and OSL situation
 Post Reply Post Reply
Author
  Topic Search Topic Search  Topic Options Topic Options
Hehuan View Drop Down
Newbie
Newbie


Joined: 11/February/2010
Location: Asia
Points: 1 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Hehuan Quote  Post ReplyReply Direct Link To This Post Topic: 1992 CSL and OSL situation
    Posted: 11/February/2010 at 10:24pm
My situation is that i have been living in Asia for over 14 years. I attend university in Ontario, which I left due to medical reasons in late 1992 (I did not graduate). I have never made a payment on the loans I incurred from 1990-1992. I did try on a few occasions to start payment plans but was refused based on what I offered them. I was then contacted in Asia about 10 years ago by a collection agency which I again offered a payment (I proposed growing payment over a few months with a smallish lump sum up front ), they refused my option so I asked what they wanted they asked for over 50% total owed payment right away then monthly payments of about 3-4 times what I offered. At that time I offered the absolute maximum I could afford, they told me their offer was the best they could do. It was impossible for me to do what they asked and asked for another offer they would not budge. I again reiterated that I could in no way come up with the sum they were asking let alone the payment they wanted (I could have made those payments a few months later but not at that exact time, I told them this and they said no right now). I then said well when you can change your offer then I might be able to reach their demands, they replied with some abuse and hung up. I never heard from them again. Well this has ended up in a blind spot (I know I should not have done this but I have please I understand the morals here and what I should do, I am trying to figure out how best to deal with it). I returned to Canada for a nine month spell about 2 years ago and worked a little. I filled my tax return late last year for 2009 with a result of almost a $2000 return on under $10K income. I received a letter stating they will retain money for a past debt and send me any that might be left over(I know there is none left over if it is for my student loans).

So my questions are?

Please realize I am not trying to avoid these now, I have no idea how to approach this situation as to limit future damage as I proceed forward in dealing with them. This tax situation has woken me up and I wold like to start dealing with it.

1) Since my loans are pre 1993 and I have had no contact are they stat barred? (even the Ontario one). I understand that loans become stat barred if no payment, application of new loans or written confirmation is received from me. I also have read that Ontario loans have no Statute of limitations, but I heard that was for loans after the end of 1992(not sure of this however)

2) If I call Revenue Canada to see if this is the reason they have withheld my tax return will this in anyway remove stat barred from them (assuming they are stat barred)

3) How can I find out the outstanding balance of these loans and who actually holds them now. I honestly cannot remember the collection agency that called me 10 years ago. And I can't remember which institution issued them in 1990-1992. I know I have the original documents in Canada but I am not there and they are not accessible to me right now. I know this is vague but as I mentioned I am trying to find a way to progress the situation sooner not later and I do not know when I will be back in Canada next. I think one of them is from CIBC originally but not 100% sure also if I call CIBS could this change the stats barred situation?

4) Also I have gotten a copy of my credit report and it showed no student loan debts, this report was about 18 months ago and I guess since the loans are way past 7 years they do not show up, is this true?

I am a little worried about removing the stat barred (if there is one) before I am in a position to pay them back. I do not want to wake the beast too soon :-)

Any advice, links, ideas or experiences are appreciated.

Thanks in advance
Back to Top
Sponsored Links


Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 15/February/2010 at 3:41am
1. This is not something that can be determined over a public web forum. This is something that requires a fair amount of investigation. NO contact does not mean anything. Each case is so unique.
 
2. If they have gaffed an income tax and/or GST rebate then they are actively recovering the debt.  They will state that the loan is not barred. Calling them does not cause the acknowledgment. Just be careful in your approach.
 
3. Call CIBC and Canada Revenue Agency (Non-Tax Directorate).
 
4. Traditionally, debts are limited to their reporting of bad debt. However, each case is unique and I would have to see what you are dealing with to detemrine a yes or nbo response. You see, these types of questions are not general. They require specialized assistance to answer. I can do that but you need to be a client of ours.
 
What you need is for the loan providers to demonstrate that the loans are statute barred. If you ask them, of course they are going to say no.
 
Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.