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little_J 
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Location: Canada
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 Topic: Debt reduction
Posted: 10/February/2007 at 7:02am |
Hi all..
I've learned a ton by reading everyone's do's and dont's on this board. I've been comming here on and off for a few years now learning more each time.
I will be applying for DR in april of this year after exhausting all means of interest releif. According to the table they have me as making too much to qualify. (even though i am dirt poor and can barely make ends meet).
Student loan payments are approx 170 a month and i make 1760 gross each month (but only take home 1400) Table says max i can make is $1720.
Im wondering is this table set in stone, and has anyone been approved for debt reduction when they have made slightly more?
Any advice would be appreciated. My life is hell until i can get rid of this loan.
thanks guys !
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old hippy
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Posted: 10/February/2007 at 12:56pm |
little J,
That's not how I read it... if it's Canada student loan debt reduction you're looking for and you're single.
Max you can make is 1,827 or thereabouts...maybe more.
Not sure if this is the most up to date table, but it seems more up to date than yours.
Good Luck
P.S. Yes it is set in stone and very unlikely they would give anyone a break. Quite the opposite.
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little_J
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Posted: 11/February/2007 at 10:37am |
Hi old hippy,
thanks for your reply.
Do you know if there is there a debt reduction table for canada loans and one for ontario - canada loans?? I dont get how this all works and of coarse get no where when i call and ask about it....
thanks again,
any additional info would be greatly appreciated!.
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old hippy
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Posted: 11/February/2007 at 12:16pm |
Here's the link:
There's 2 applications and 2 different tables - one for the Canada loan and one for the provincial (Ontario). The Ontario form is online, but you have to call and ask them (the student loan center) to send you the federal one. And remember, if you're approved for debt reduction - it could take a few months before it is actually applied to the loan. I think I asked for interest-only payments while I was waiting .....You have to keep the loan in good standing.
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nago
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Posted: 11/February/2007 at 10:38pm |
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Nothing is set in stone its evaluated case by case
When i applied it said the max was 10k...i didnt know there was a program to get provincial dr as well..
When i applied for both it took me 13 tries but i got 10k off federal and 12 k provincial(my whole prov. loan was wiped out)
I did it the second time and got 6750 knocked off--i then paid 1500 bucks and im out of debt---
1)Bankers are scum
Dont believe anything the banks say to you--
They lie alot...i wasnt told by them that prov. existed...someone here told me, they said i was in default of my loans too long, etc etc. etc.
Ill tell you exactly how to get it
2)Keep a record book for prov and fed DR
keep a log book for both prov and fed debt reduction: make sure you seperate these two sections
--record all convos with whom, what time, their position--
--keep your records in the binder
--organization is the key since you can go i was talking to mary J yesterday and she said they have lost my app? Have you received it? Ok im sending another--remember if you can refer to a record it blows right through their bs--
--write down the sections of law and keep em at the front of your prov./fed dr sections---In case the bankers like to lip off then you can say s.10b of the dr statue says i need this this and this so now can i speak to your supervisor mary ?
3)Document your case: show em why you should get it!!
You got to document your case; provide em with whatever forms they want and write them a letter explaining that you cant pay--
I wrote:
For the last 6 years i made this amount: 35k
Im having problems meeting my monthly payments 450 monthly
And basically, it would be beneficial to both of us (i wrote it nicer though :) since i dont anticipate making a greater amount of money in the future---I did this for both fed and prov.
4)copy your forms:
Also, before you send in your forms: copy them to make it easier to follow up with another application, appeal etc. So what you want to copy is your notice of assessment, your docs (leave the date blank and your sig line blank), all your cheque stubs, monthly statements of your earnings...anything that they require..
5)persistance
--follow up by referring to your log book...ie I called mary at 430 yersterday so get off my back--
--keep trying it took me 13 times so nothing is going to be easy
--dont take no for an answer
---always phone em to see if they received the forms or have sent out the forms ie. yesterday at 4 mary j, supervisor , Dr said she sent the forms--have the forms been sent ? No--Ok ill download em from aved.ca or canadastudentdebt.ca
6)The people in charge:
Ill look up the names of the people on my DR forms tommorrow and right em down so you can bypass the bs--
Gl
Nago
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old hippy
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Posted: 17/February/2007 at 7:33am |
Whoo hoo! I finally found the Canada debt reduction forms on-line and one of them has the income table at the end of it....
go to: Online Tools/Useful Resources/Forms
There's a form for Canada loans issued before Aug. 1/1995 and after Aug. 1/1995. I don't know what that's all about - I have loans from both before and after but only filled out one form for both -
Always call and go over your application with them before mailing it. Could save you time in the long run.
I only had to apply once and got the max for both Canada and Ontario - but my loan is the size of a small mortgage so it was no contest. Every situation is different I guess..
old hippy
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administrator
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Posted: 17/February/2007 at 11:32am |
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Remeber that after Debt Reduction, you can apply later for a further reduction, and then later for a third reduction!
Thanks for the update on the forms and the tables...
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Casey
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Posted: 17/February/2007 at 3:55pm |
 old hippy wrote:
Whoo hoo! I finally found the Canada debt reduction forms on-line and one of them has the income table at the end of it....
go to: Online Tools/Useful Resources/Forms
There's a form for Canada loans issued before Aug. 1/1995 and after Aug. 1/1995. I don't know what that's all about - I have loans from both before and after but only filled out one form for both |
This Link should get you directly to the available forms: http://www.canlearn.ca/cgi-bin/gateway/canlearn/template.asp?a=student&l=en&sc=pay/school/gov_stu_loans/tool/general/forms/nlfo.shtmlor http://tinyurl.com/2rz4xl
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Casey . .
"A student loan is like a bad marriage, a lot easier to get ino then it is to get out!"
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Leah
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Posted: 23/February/2007 at 6:55am |
Hi All....
I was just reading baout the Debt Reduction Program. Can you apply for this if your Federal and Provincial Loan are in collections?....or do they have to still be in default with the Bank?
Thanks!
Leah
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administrator
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Posted: 23/February/2007 at 11:00am |
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not available to you when in default.... this is a rule that needs to change... alot of people get defaulted in the application process!
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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nago
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Posted: 07/March/2007 at 4:12pm |
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yep, mark your right! Its ridiculus that it isnt available to people who are too poor. That kinda defeats the purposeBut it is worth bring your loans up to date..call johnny and he'll do it...If you read my posts you'll see that i got 28k knocked off my loans and i paid 877 to bring em in to good standing
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little_J
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Posted: 03/April/2007 at 1:17am |
Thanks so much to everyone who applied. Apparently I cannot apply until the end of April/07. The lady I spoke with told me I would not qualify anyways, but im welcome to apply. I really dont understand why someone who makes $11/hr and has $175 payment per month would not qualify, considering rent and other monthly bills i have. Im sick to my stomache over this, i cannot afford to pay this loan back and still be able to survive.
Does this seem right to anyone that I would not qualify?
Thanks again everyone for your posts.
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nago
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Posted: 10/April/2007 at 9:37pm |
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the lady you spoke to is lying
Apply and see what happens
They told me countless times that i shouldnt apply and this and that...they are full of it
Next time you speak to someone right their name and position down and lodge a complaint against them if they tell you not to apply
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Susan
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Posted: 23/June/2007 at 12:42pm |
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i know this is silly, but if you get debt reduction, can you take out more student loans? I would assume no, but ive heard of people who have their loans reduced or firgiven and they are back in school - i presume with the help of student loans.
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little_J
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Posted: 24/June/2007 at 11:50am |
Update:
I just finally got news back on my debt reduction application.
$3100 of debt reduction in total on both can-ont and my ont student loans. Not anywhere near what I was expecting, but I guess its' better than nothing. ~ cheers
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nago
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Posted: 22/July/2007 at 9:07pm |
Susan wrote:
i know this is silly, but if you get debt reduction, can you take out more student loans? I would assume no, but ive heard of people who have their loans reduced or firgiven and they are back in school - i presume with the help of student loans. |
susan you cant get more loans until its paid in full --
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Mahrite
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Posted: 10/January/2008 at 10:39am |
Hey Nego,
I just have a question for you. I was on interest relief for the last two years, and I applied for another interest relief faxed them whatever they needed and thought ever thing was good apparently they were missing a document and no one called me to tell me that or even send me a letter. Well unfortunately they send it to collection and I don't know what to do. I have perfect credit now its getting ruined. My question is can i still get debt reduction?? And how??
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masterplanter
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Posted: 25/March/2008 at 6:39am |
Hi Mahrite,
Don't give up. They lie, lie, and lie some more. I am currently in the debt reduction process. My wife was lied to many times but got loans out of collection & back into interest relief when at your point in the process. It required extreme persistence. Later when she attempted the Debt Reduction process she was told she didn't qualify, it doesn't exist, blah blah blah... and gave up. She is very interested now in how I am progressing.
There are so many pitfalls in Interest Relief & Debt Reduction. I will try to relate a few:
Forms are regularily lost & the fax machine is convieniently broken or cuts off the signature etc. Three different call centre employees of Tri-Cura (owned by Resolve?), one for each month may process an application. Regulations & penalties barely motivate to ensure assistance and Tri-Cura really isn't functionally accountable. Even trackable Xpresspost deliveries to NSLC - Pub. Inst. Division, #2 Robert Speck Parkway, Mississauga, ON, L4Z1H8 mysteriously dissapear.
So...
Photocopy everything. Keep copies of all complete application packages for records, resending & to refer to when calling NSLC. Always have photocopies of income (also spousal, spousal st. loan payments) and loan payments made.
Pay the $7.50 and use Xpresspost. Even though you track it as successfully delivered, it may be denied that it arrived. The most you can do is track two packages to them and show due diligence. If an additional package is faxed it can confuse them and mess up the application. Use fax only in last ditch situations and have all documents refer to your SIN number to help them not lose some crucial one.
Phone as many times as it takes. You can phone 3 times for 3 different answers. My wife & I have had to request supervisor calls, and even to speak with an agent able to be recorded. They don't like that, but my poor memory, and dire need to have complete records! When in collection it can be difficult to get an answer to your payments or amount owing if the loans are scattered.
The Interest Relief process of 5 years is broken into two parts. It sounds like you are at the first major hurdle. It is at this point that my wife managed to get her loans recalled from collection and got the second 30 months of interest relief. Collections will tell you its impossible. An application even if months late & the help of a collections supervisor is required. Payment of the interest for the intervening months have to be made. The government siezed her tax refund at this point. Long story short, since she qualified, once the app. was confirmed recieved, loans were recalled from collection agencies, the tax refund covered interest and the remainder returned. The next 6 month application was required immediately. So it is possible with extreme persistence, patience, & record keeping.
As to the next hurdle, the debt reduction process, thats where I'm at now. It seems designed to be non-functional or at contrary to it's name.
To qualify you must complete 60 months (5 yrs.) of UNINTERUPTED interest relief. For people who made $5.00 over the table limit during a period or were improperly denied interest relief and it wasn't backdated, too bad.
During this 60 months you must have not attended ANY schooling. For people whose jobs required upgrading or certification, too bad. For those who were foolish enough to try to better their position or earning power and attended something, too bad.
You have to request and submit a revision of terms for all loans. This extends them potentially beyond old age and slightly lowers the payments. If you request and apply for interest only payments, the process is every six months with all types of loans involved. This progressively raises the remaining payments.
Like you I was repeatedly misinformed, its impossible to count. You have to anticipate the start of the debt reduction process. Though I felt I was well informed, when asking for the end date for interest relief and start of debt reduction, I got three different dates. I can count 5 years. Like my wife I was told it doesn't exist.
Two things to anticipate:
Have money on hand to cover one months payments, another months interest, and a flurry of Xpresspost mailings.
The time pressure on this process is almost impossible. Request the debt reduction package at the CORRECT time. It must be returned within 20 days of the day it was sent and it takes about 7 days to get to you. When it gets to them, all your ducks better be in a row. There is no time for a second expedited/tracked mailing if a holiday is involved. Payments must be current, you may get different answers. The banks are asked if you are current, and can slow the application for the required revison of terms. Banks may also incorrectly assess outstanding amounts or interest owed to make current. So, when the 20 days occur, there are a lot of forms to request, recieve, and be recieved/processed. The revision of terms has to be done when you apply, and this is where I'm at now, waiting on an unresponsive bank, another possible hitch. Wish me luck, I won't go down without a fight.
Oh yeah, you or a spouse cannot have been involved in a bankruptcy.
Thanks for letting me vent, I really hope this helps,
 Masterplanter |
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bandog
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Posted: 27/March/2008 at 3:23pm |
hey Nego - the instructions for filing the debt reduction forms state that one must submit the completed document to the banking institution holding your loan ... if you've defaulted, and the loan has gone to collections ... where do you submit the forms?? 
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Mahrite
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Posted: 28/March/2008 at 7:20am |
Hi Masterplanter,
Thank you so much for your response... That was alot of info you gave me, I am going to do what you told me to do and hopefully it works...I paid $3000.00 to the collection already and they know that I am not working due taking care of my new born baby...but they don't give a damn. They're stressing me out by calling me every single day. Anyhow, thank you so mcuh. God bless!
Mahrite
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Debt reduction