Help URGENT>..

 

 This means that the federal portion of your loan has been returned to the HRDC for subrogation (paid back per the guarantee). Once the student loan goes into default, the division process begins. The guaranteed portions go back to the guarantor - and the non-guaranteed portions remain with the originating lender ie bank risk portions.

 The financial data they require is tradition for federal and provincial guaranteed loans. It is a standard financial capacity and assessment form.

 People have gone bankrupt on student loans. It happens. A consumer proposal is bankruptcy none the less. If you choose to entertain a CP, then you will have 5 years to pay the debt, that's all. If you cannot pay the debt, then you will have to make arrangements with your lenders for repayment after the fact. Also, bear in mind the cost of a consumer proposal. You would have to consult with a bankruptcy trustee or adminstrator.  

 

 I think you should really consider which is your best option. Ask yourself the following questions;

 1) Is my financial situation ever going to change for the better?

 2) What are the long-term affects caused by bankruptcy?

 3) Is there anything I can do to avoid bankruptcy?

 4) what are my future financial objectives and goals - and will bankruptcy restrict my success?

 5) will bankruptcy solve my problem?

 I can help you but this is your decision to make. You have to consider costs. Bankruptcy will cost you a lot in fee - and hard costs down the road especially if it is the wrong decision. You have to weigh everything out.

 

 

 

So what other options do i have? I really dont see my situation changing any time soon..I have a new born child and my health is still an issue.. I just cannot handle all these phone calls and threats anymore and really have to do something about it..

And how would one go about consulting with you? Here is a question for you.. If i send the  financial form back to total credit recovery with post dated checks  and ask that they contact me in writing in regards to this do you think this would work i just cant handle the phone calls.. also with the part that is still with RBC if i contact them and also send them post dated checks for say $50 which would be all i could afford have u heard of them accepting something of this sort. I think i would really like to look into a consumer proposal.. However my worry is this.. Once you make the proposal for say about half the amount owed if it is accepted  once the 5 years is up is that IT they are gone or can they come after you again.... my provincial loan is with collectcorp and i had made an agreement and sent them post dated checks and havent heard from them since.. which is good.. I actually had an easy time dealing with them..  THe letter i received from HRDC asked me to call and when i did i got a machine however i am intimidated by them and really would rather just send in what i can afford do you think they would accept that?

sorry to babble  :) and thanks for your help

where are you located ? Halifax?

I usually find the HRDC is more considerate (in my case anyways) than the NSLSC.  When I lost my job a month ago, I called them up and the woman said there was no interest relief, but she could suspend the payments for a few months but the interest would still accrue. 

Then I got another job (better money) and sent them a cheque.  But I quickly realized I had no money in my bank account b/c the Employment Insurance is super-slow with issuing my benefits for the month I was off work (and my paycheck comes in this Friday).  So I called HRDC again and they were very helpful. 

I know, I know.  You wouldn't think I'd ever use the words HRDC and 'helpful' in the same sentence. 

Anyways, they said it is an open-ended loan repayment schedule and they asked if I wanted the monthly payments reduced.  But I am going to pay them more than what they ask for, because I got into this mess because the NSLSC couldn't send a bloody statement, not b/c I couldn't afford it. 

Anyways, it might help to talk it out with the HRDC and take things from there.  Being nice to them and being clear about your situation will go a long ways.  If there's anyone to vent scathing anger to, it's those SOB's at the NSLSC who got you into this mess.