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blah 
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Joined: 18/June/2003
Location: Korea, South
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 Topic: Charter challenge ?
Posted: 03/August/2004 at 8:51am |
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I'm a bit anxious about the Charter Challenge. It's been over six weeks since the case was heard. I guess there's no way to know how long it will be until a decision is announced, but I'm having a hard time being patient about it. I guess I'm just dealing with my nerves by typing this. Any bets on how this will turn out?
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Friends don't let friends take Arts degrees
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Cammie
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Posted: 05/August/2004 at 7:02am |
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Should be in the fall...I am guessing it goes through with a 2 year waiting period that can be overlooked in extreme cases.
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pmwattshui
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Posted: 05/August/2004 at 7:49am |
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I hope that they are fair minded about this whole thing instead of forcing huge debt on those of us with averege saleries. I have $90,000SL and I only make $33,000/year. I don't qualify for any of the "help offered" When I said I could not afford to pay all I was told to "find it from parents etc" My family is poorer than me. They did not believe me. To protect myself and family from harrasment I went into bankruptsy for a temporary break and to wait for this court case and see any changes that might take place. I can't even pay the interest. Any similar stories out there?
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pmwattshui
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Posted: 05/August/2004 at 8:26am |
Just to add I was willing to pay was I could afford but that was refused. I was required to pay more than half my take-home. It's ironic I'm told by my trustee that part of what I pay them will go to my 3 student loan debtors anyway
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Big Cat
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pmwattshui
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Posted: 05/August/2004 at 8:28am |
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teacherwannabe
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Posted: 17/October/2004 at 7:44pm |
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well what I am wondering is what "near future" means! I recently read that insolvency issues are low on the agenda due to the minority government, and so thing wouldn't be changing in the near future. I finally worked up the nerve to go see a bankruptcy trustee, but I can't AFFORD to go bankrupt. I would be getting rid of my credit cards and that is what is paying my student loan!
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administrator
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Posted: 18/October/2004 at 2:01am |
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I have spoken to the Canadian Federation of students about the results of the challenge. It could be today, this week, or next week, or next month. They dont know when the judge will issue the report. As soon as there is any info, it will be posted on the site.
In the meantime, have a look under "Alexa" in Advocates ... she is the NDP education critic... and has voiced her opinion that if the government does not introduce legislation, she will introduce a private members bill to reduce the 10 year wait to 2 years.
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teacherwannabe
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Posted: 18/October/2004 at 11:59am |
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Unfortunately, historically speaking, private members bills have a very low incidence of coming to fruition. Given there is a minority government - maybe there is a better chance of something passing...........the House of Commons, the Senate.................and another few years pass!
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blah
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Posted: 29/October/2004 at 6:55am |
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Just to clarify for those who might be a bit confused: Any potential changes made to the Bankruptcy and Insolvency Act (BIA) by the government is a separate issue from the Charter challenge.
The former is something that has been talked about but, as the previous poster points out, would probably take quite some time to come into effect. Most people believe that the eventual outcome will be to shorten the 10-year rule to 5.
The latter refers to a pending Supreme Court decision as to whether the current 10-year rule is unconstitutional because it discriminates against Canadians based on their age. If the Supreme Court rules that the BIA is unconstitutional, the outcome will be an immediate reversal of the ten-year rule; my understanding is that no further red tape will be required to implement the change.
My grim prediction is that the Supreme Court will rule that the BIA does not discriminate against young people, but rather discriminates against students of any age. I believe the court will agree that the current act is unfair, but that it fails to meet the criteria needed to constitute age discrimination; it is not unconstitutional to discriminate against students. Older students must adhere to the same 10-year rule as their younger counterparts. Young people who irresponsibly rack up huge debt by traveling the world on their credit cards can and still do go bankrupt without being subject to a 10-year rule.
I sure hope for all our sakes that I’m wrong. But the sick feeling in the pit of my stomach thinks I’m right. I look forward to someone making me eat my words.
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Friends don't let friends take Arts degrees
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Niagara_man
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Posted: 29/October/2004 at 10:07am |
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The CFS-led "charter challenge" is not a "Supreme Court" case. Rather, the case was heard by the Ontario Superior Court of Justice. Further, the ruling will have an immediate impact only within the province of Ontario, though other jurisdictions sometimes (depending on the case) respect an "out-of-province" ruling.
The more important issue to me is that the ruling can be appealed -- first, to the Ontario Court of Appeal, and only then to the Federal Supreme Court. This will be expensive and (worse) time consuming.
Just thought I'd clarify.
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blah
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Posted: 30/October/2004 at 7:12am |
Thanks for clearing that up, Niagara Man. I stand corrected(these weren't the words I was hoping to eat  ). Yikes, this could take a very long time. Why do I have a feeling I’ll be past the 10-year period by the time this is all finished? Four more years for me…sigh…
It’s just such a shame that the feds will waste so much money on this. I’m sickened by the amount of money our government squanders away while taking from the most vulnerable segments of society.
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Friends don't let friends take Arts degrees
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moonlight
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Posted: 02/November/2004 at 10:19pm |
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Hi there, I am not sure what to do?Bankruptcy,debt reduction,a potential settlement or minimum payments...It has been 5 years since school and I was hoping the legislation changed so i could go banko...the judge reservd his decision?til when?timbucktwo?So many things to consider........
Now looking at the guidelines i do qualify for debt reduction in terms of the 5 years(this past august) and having used 30mos of interest relief.However, since May I havent made any pmts or paid any interest and my csl has been assigned to allianceone ltd for collection.It is probably in default.Now I would like to apply for debt reduction if possible but what are the guidelines in terms of income?Will I have to pay the pmts from may to now=$3500 since i am (probably)in default? Which kind of defeats the purpose if so. If i can reduce my csl by $10K then I will attempt to pay the remaining$14K...If not debt reduction maybe a settlment offer?Also if I make arrangement on my CSL will that update my credit bureau with my address so that my PSL knows how to find me? I am hoping that my prvincial st loan will be statute barred next dec at the 6 year mark since I spoke with a collction agency then..IF so this is a reasonable course of action...Being a single mother I have been struggling to figure out what to do with a limited income...I was hoping the bankruptcy legislation would change to 5 years but who knows when this will happen. I would like to resolve this and hopefully rebuild credit in the next few years. I called the AB credit counsellors and they told me with $60k in debt i am not even eligible for any consolidation etc. Is it better for me to send in $25 dollar mo's asap?I do not want them to know where I work and or live. I do not want my livlihood affected by garnishment of wages and the embarassment with that.I do not want my commonlw boyfriend to be harrased and or affected by my debt?If I declare banko I could hope that the legislation changes in the next year or so and I can apply retroactive for student loans but then I have the hardship of 9mos limited income etc and all that goes with that.In addition to no guarantee my loans will come off.I am scared they will find out I am living with someone and demand his income be combined with mine then he will be forced to go into collections because he cant pay his bills!I would move out before that happened.Any help would be greatly appreciated...
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Moonlight
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k2daho
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Posted: 12/November/2004 at 2:50pm |
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Seems like I am not alone int he SLs and bankruptcy issue. I just went to talk to a trustee today to discuss claiming bankruptcy and as the majority of my debt is SL related I was advised to sort of "sit tight" if I could for the next little while and see if a decision comes down from the Chenier case to reverse the ten year rule. She also mention another possible way that the BIA may be changed. I just have no idea how long I should hold out on doing it. If I claim bankruptcy on the rest of my debt and then the ruling comes down and changes the BIA then I will be kicking myself for years...any advice!?
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SolveStudentDebt
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Joined: 05/November/2003
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Posted: 12/November/2004 at 5:07pm |
Did they happen to give you any advice that could help prevent you from filing such a potentially disasterous assignment? Take into consideration your FUTURE financial goals... and check out all of your options before taking this plunge.
The vast majority of people who go bankrupt really do not have to do it. There are other ways to solve financial problems.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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k2daho
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Posted: 14/November/2004 at 5:01pm |
Well Johnny the state that my credit is in at this point and my current financial situation is such that there is really no downside for me to claiming bankruptcy so it's more just an option of when to do it and whether I should wait a while for a potential ruling on the BIA to change it from 10 years to 5 or less.
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SolveStudentDebt
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Posted: 14/November/2004 at 5:21pm |
is this your conclusion - or someone elses?
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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moonlight
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Posted: 14/November/2004 at 5:58pm |
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blah
I thought the whole charter challenge by the Canadian Federation of Students was based on the fact that the legislation was discrimnatory not on age but on students.Jo Blo can open up a small clothing shop,it goes under, they claim banko for over $200k just like that.It is completely discriminatory that a student has to wait 10 years from completing their studies for banko.
Before the 10 year ruling a friend of mine couldn't make his $500 pmts while he was a nurse because of his bills-he was paying $400,the bank started empytying out his bank account,harrassing him like crazy til he was forced into bankruptcy and still had to pay back over half of his student loans-but now he was banko.
I think it is perfectly reasonable to change the ruling to allow students to declare banko and based on their means pay back a portion of their debt and ideally,be able to rebuild their credit quicker if they pay back a portion of their debt.
It is not like WE don't want to pay back our loans,it is that the pmts and interest are too high we cannot afford it.
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Moonlight
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k2daho
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Posted: 14/November/2004 at 6:01pm |
Johnny,
My conclusions. Over the past few weeks I have had meetings with a credit/debt counsellor at the Credit Counselling Society here in BC and also with a bankruptcy trustee to discuss my options of either working out a five year plan to pay off my debt or else claiming bankruptcy. Paying off the debt would be extremely difficult for me with my current income and considering the fact that I am going back to school next year, and as I have no assets at all and am fairly young I don't really see any big downside to claiming bankruptcy especially in the event that it might cover my SLs if the rules are changed. I'm open to more suggestions tho...
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Ferren
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Posted: 14/November/2004 at 7:19pm |
Like leading a lamb to slaughter. 
No offense.
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k2daho
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Posted: 14/November/2004 at 7:31pm |
Ferren,
Was that comment directed at me? If so I'm not sure what you mean and as I said I am here cuz I'm asking for people's advice/suggestions/personal experiences in this matter so why not say exactly what you mean by "leading a lamb to slaughter". I guess I feel I don't have many other choices since I can't actually afford to pay off any of my debt and I'd rather not just ignore it.
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Charter challenge ?