Archived Urgent Help Needed Posts - Help with OSAP/Collection Agency

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Help with OSAP/Collection Agency

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Topic: Help with OSAP/Collection Agency

Posted By: sosa
Subject: Help with OSAP/Collection Agency
Date Posted: 23/April/2008 at 1:55am

Hi,

I would appreciate any help with my situation. Here are the specifics:

I owe around $5,000 for an OSAP loan I took out in 2001-2002
I left the country for two years, so the loan was sent to a collection agency. I got back to canada in 2004, and the government has been contacting me since with monthly statements (no direct contact from collection agency).
Over the last three years, my income tax refund has been confiscated to pay towards the loan (around $2000).
I am currently a full-time student in Quebec.
To my surprise, my credit report says that I paid back my OSAP loan as agreed! (the score is L1, if I remember correctly)

I am not able to pay back my loan now, and the minimum payment they are asking for is $500/month.

Is there anything I can do to improve my position?

Given the fact that my credit score is not hurt, am I losing anything by just ignoring the loan for a while (except accumulated interest, of course)?

Thank you very much for your help!!

Replies:

Posted By: sosa
Date Posted: 11/May/2008 at 7:45am

Can anybody help please?!

Posted By: SolveStudentDebt
Date Posted: 13/May/2008 at 6:19am

The loan that was paid sounds like it was paid by the govenrment guarantor. That is a process called subrogation. TO inporve your position, you have to deal with this the right way. No one here can help you without knowing the ins and outs of you and your situation. If you want our help, you will have to sign up and become a client because there is a lot of work to do.

Johnny

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

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: sosa
Date Posted: 13/May/2008 at 6:47am

Thanks Johnny.

Yes, I believe it was paid by the government guarantor. What does that mean though? Will it ever purge from my credit report? Can I just ignore it and slowly pay it off from my income tax credits (which I almost get every year)? What are my risks here?

I understand that you do this on a professional basis, but I really can't afford to sign on as a client FOR NOW. That is why, I would appreciate any input.

Thank you very much.

Posted By: SolveStudentDebt
Date Posted: 13/May/2008 at 6:55am

Items purge from your credit history every six years, unless there are cicrumstances that warrant longer exposure, such as bankruptcy or legal proceedings. Inquires remain for 3 years. Public records information is the standard six years.

I will not advise you to ignore anything. That is counter-productive. Ignorance causes problems to escalate and compound.