I originally had a loan in 1984 for about $4000.

 

This loan went into default and a Judgement was issued in '89.

 

Over the years I have attemped to settle this, but each time I had to deal with a different agent who gave me different rules that they said I needed to follow. The last one, ageed to a series of settlement payments and would send me a discharge letter. After a series of payments and no letter, I was told that the agent was no longer there and also had no authority to make such an agreement. Eventually I just gave up. This was about 15 years ago.

 

Since then, every year I lose my Income Tax rebate to pay this loan wich was judged at 13% (the rate then). I now have monthly interest of about $50 and over the past 25 years have paid back more than $30,000.

The loan office only contacts me at tax time to inform me that my income tax rebate will be diverted or to notify me of a new "fee" or "interest" that has been added.

 

I recently contacted the canada loan office and was told that I still owe more than $5000.

 

How do I approach this to:

 

1. Have the old debt gone.

 

OR

 

2. Get the interest reduced to a minimize the amount that continues to accrue.

 

Thanks for your insights,

 

Pavel