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beck_cee 
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Joined: 07/October/2005
Location: Canada
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 Topic: DR Success!!
Posted: 17/May/2006 at 7:59am |
Wow. It took me several tries, but I got smarter each time, and I actually got debt reduction. Hard to believe. They knocked off about $8,000 (I still don't know the actual amount, because they haven't bothered to send me a letter, it just showed up on my bank account), and, due to a surprise windfall, I paid off the remaining $1,000 this morning and am now Student Loan Free for the first time in 12 years!
So, keep slogging, people. The system does work.
All the best,
R
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nago
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Joined: 01/December/2004
Location: Canada
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Posted: 18/May/2006 at 12:26pm |
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grats,
Guess it was federal loan ?
Thats 2 of us that have succeeded :)
Maybe we should sticky the people who had success ?
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old hippy
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Joined: 20/August/2005
Location: Canada
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Posted: 25/May/2006 at 2:34am |
That's 3 of us!
Just got the approval letter from NSLC Public Institution Division dated May 18/06 - $10,000 (much less than half - close to 1/5th) to be applied to the Canada loans. This covers the small loan they have and the humungous portion (pre-2000?) that's with CIBC NSLC. I applied May 1/06 so I was approved before my first payment was due - much faster than I thought it would be. No word yet re: the Ontario loan reduction - that could be a whole different story.
Not exactly a 'success' as I still can't make the payments - not even with a revision of terms but I'll try to talk them down. It helped to go over the DR app with them before I mailed it...helped a lot because I almost mailed the wrong one.
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Hunter2
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Joined: 23/October/2003
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Posted: 25/May/2006 at 4:39am |
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Congrats on the approval I sure hope your Ontario ones go through as well.
Just a heads up on Revision of terms, it is a beyotch. They would not accept my revision of terms at the 25 a month payment and instead set it at 476 a month, that was just for the Feds. Of course being unnemployed and all they defaulted me and now I no longer qualify for the next round of DR. The way it was explained to me was that they had to set the payments over a certain term and because I owe so much they could not lower the payments enough to reflect the fact I am unemployed.
So anyway I would get the R of T in asap and see what you can do to negotiate the lowest payment that you can afford.
Good Luck :)
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nago
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Posted: 26/May/2006 at 11:27am |
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thats bs
They are bsing you hunter
I had zero income when i first tried to extend it--
orignially when i tried to extend it they said the max is 15 years
but heres what i got I pay 55 a month and my loan was 30k so that like 600 payments ? 600\12= 50 years
Remember this stuff isnt set in stone --we are the test pilots (:
keep pleading your case or just wait for bankruptcy
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old hippy
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Posted: 27/May/2006 at 6:20am |
...yeah Hunter that doesn't make sense - if you have a low income then why wouldn't they accept $25 mthly minimum payments? That's one way this system fails....the reason for the DR in the first place is because you can't afford to pay. They won't give me the minimum $25 mth because I'm not 'poor enough' ..and that remains to be seen, but even looking at their DR income table - my mthly payments are still way higher than what their cut off is for my income. I guess it would make more sense if they used their own table to adjust payments...who knows.
I'll find out what they have to say but for now - the approval letter stated that $9, 018 had been applied to the loan I have at the CIBC NSLC but when I called they had no record of this....I really wish they would get it together. So I have to wait until they send me a letter and then call to lower the payments again....
test pilots yeah...seems like they make some of this up as they go along.
Why don't they just give us all three years worth of DR in one fatal swoop and have done with it? Really get those loans down to a manageable level instead of prolonging the agony...or would the greedy bank be losing too much interest?
I've closed the account that I used for my student loans just in case an automatic payment accidentally goes through..
P.S. What is a 'beyotch'?
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Hunter2
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Posted: 28/May/2006 at 9:19am |
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I know it does not make any sense, but its the only answer I have ever received that came even close. My understanding is they are not allowed to extend it past a certain time period and thats the lowest payment possible(at least thats the way it was explained to me by the Royal).
But who knows maybe they are full of crap. I have been so so busy looking for jobs I have not called John yet but do intend to its just been alot of interviews and test writing lately.
Nago who did you go through to get that amount? I am still dealing with the Royal although they told me yesterday they are sending my federal portion back...no more DR for me I guess. I still hope policy change will come into play and actually help so that income contingency, maternity leave, job market, ect are all taken into consideration. With the way the conservatives are throwing out the baby with the bathwater in terms of thier policy development I am a little concerned about what that could mean for student loans. We shall have to see!
Old Hippy....sorry(DR is a B I T C...H..you get the idea)
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nago
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Posted: 29/May/2006 at 6:03am |
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hunter
The royal bank did it but it took me alot of work and countless calls
Thats why i said call johnny first :)
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nago
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Posted: 29/May/2006 at 12:12pm |
As for test pilots Last year when i applied for dr they said i can get 50% or 10k first time, second five and third try five knocked off I just got my app for round two and now they are saying i can get 10k knocked off the second and 6k the third I cant wait till next years app 
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beck_cee
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Posted: 31/May/2006 at 4:53am |
Nago, Hunter, Hippy;
Just got back from a terrible Vaco, and am now catching up on listservs instead of work!!
Good luck to all of you, I am really happy that mine worked out. It actually took about a year since I ran out of IR, red tape and bullsh*t, but it worked, finally. I am horribly paranoid, though, I have not yet recieved a letter, even though my DR went through and showed up in my account two months ago. I keep thinking they are going to renig.
Here's to no more debt!
Cheers!
Rebecca
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old hippy
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Posted: 01/June/2006 at 4:01am |
Hi beck
Hopefully it's all good...I was kind of wondering if you meant that $8,000 cash was actually deposited to your bank account. If so, I wish they would deposit my $9,018 DR into mine. I got the approval letter but when I called the CIBC NSLC, apparently the amount hadn't been reported to them and they have no record of it (who would have guessed?) - my principal remains the same as it ever was. The rep thought it was a little odd that I would have an approval letter and yet - they have no record of it. I agreed.....but it seems that of course I must have rec'd the letter in error, or I am mistaken (perhaps even a liar?) Oh well, they're like that at the CIBC NSLC and I will wait for the Debt Reduction Analyst to contact me as requested - or I will be calling back today for the next round.... As well, she tells me that DR approval usually takes 5 weeks - I guess they can't handle efficiency...
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Hunter2
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Posted: 02/June/2006 at 5:31am |
Old Hippy
From what I have pieced together from my DR is that the government approves the DR but it can take a few months to actually apply that amount to the loan. It was never deposited to any bank account of mine but was applied directly to the loan. Even though I never received ANY written approval I was told that the feds approved it in October 2005 and applied it in February 2006. They also informed interest accrued on that portion during that time and I was still responsible for it...ahhhh the lovely lovely student loan policies. 
Anyway give it some time it should come through for you and your already a step ahead of where I was in that you have received written approval so it should be all good.
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nago
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Posted: 02/June/2006 at 8:42pm |
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yep, civil servants ==6 weeks and not a day sooner :)
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DR Success!!