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Michahellis 
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 Topic: Newfoundland Student Loan Question
Posted: 25/April/2013 at 8:22am |
I received a student loan from I believe 1995-1998 or 1999. For various reasons I have never made payments on this loan and have not spoken to anyone about it since about 2003-2004.
At least for a portion/all? of this period loans were given both provincially and federally is my understanding.My question is, if I have not paid or acknowledged in any way, any type of debt in the last 10 years,are my loans subject to the statute of limitations?
I have never had any wages garnished and have never had my income tax or GST cheques taken either.
If my loan is statue barred,then what does this mean?Is it still on my credit rating?Also, if I get a credit report done to see my credit score will this somehow constitute acknowledgement of my student loan debt?
I'm really just ignorant when it comes to these issues, but I would like to try to put all of this behind me,so any and all information would be greatly appreciated.
M
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Michahellis
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Joined: 25/April/2013
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Posted: 25/April/2013 at 11:28am |
Based on what I've read through researching the forum for the last few hours,I think my student loans should be 'stats barred',since it has been at least 10 years or more since there has been any form of acknowledgement on my part.
My intention of course, was not to not pay back my loans.I was put in a difficult position when I was being charged interest while still attending school and sent to collections for that before I even finished my degree.Then a series of events have prevented me form gaining lasting and meaningful employment since,making it virtually impossible to repay my loan.
My financial situation has improved somewhat.My fiance and I want to look at getting a house but I'm still afraid to even get a credit report done for fear that it will constitute some form of acknowledgement of my debt- I don't think it will though, based on what I've read since my original post.
Johhny, what I really want to know is if it's ok to go ahead and get a credit report done without fear of affecting any potential statues barred situation. I would also be interested in working with you to sort all of this out, so I can be sure of the standing of my loans.
Cheers,
Dave
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Posted: 25/April/2013 at 1:08pm |
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Getting a credit report from Equifax or Transunion will not constitute acknowledgement.
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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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Michahellis
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Posted: 25/April/2013 at 1:49pm |
Thank you so much for the reply. I just wanted to be careful. My intention is to resolve my debt but I want to have a plan in place first and have some other things in order as well.
My next step is to find out if my loans are in fact statutes barred and no longer on my report.From there I can move forward and start to rebuild my credit and establish a plan to initiate repayment on terms that I can live with.
I guess John could help me with the information I need. I'm more than willing to pay for his services if he can help.
Cheers,
Dave
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Posted: 25/April/2013 at 4:11pm |
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To be honest, trying to resolve the debt is honorable, but if it is stats barred, let sleeping dogs lie. If you try to pay off the debt you'll be harassed by collection agencies and it wont be pretty. Best to contact John to establish if it is stats barred.
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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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Michahellis
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Posted: 25/April/2013 at 5:51pm |
If I had not been harassed and wrongly placed in collection from the beginning I'm sure things would have never ended up this way.I sent an email on the main site,but maybe I'm better off calling instead.
I intend on going to the local Transunion office tomorrow to request a credit report.I'm hoping that I don't see any student load debt on there.I will try calling John tomorrow as well.
Thanks for everything.Your site is an amazing resource.Until today I thought I would be saddled with the burden of this debt for the rest of my life,now it seems there might be some light at the end of the tunnel.
Thanks again,
Dave
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 26/April/2013 at 12:46pm |
If you are trying to reach me you can call the office and speak with Heather. I am in San Francisco opening an office for the U.S. Call 902-861-1210 or 866-239-7889. If you get the general voice mail just leave a contact name and number and someone will get back to you within a day.
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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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Michahellis
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Posted: 26/April/2013 at 11:35pm |
I didn't get an opportunity to call yesterday,so I guess I will do so Monday afternoon.
Dave
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Michahellis
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Posted: 29/April/2013 at 4:00am |
So I went and got a credit report from Tans Union today.It appears as though I have 'risk shared' portions of loans from Royal Bank showing. It basically says the following:
Opened- Loans run from Sept 01,1995-Sept 01,1999. Last payment for all loans shows as July 01,2000. Comments: paid,student loan Charge off Date: blank First Delinquency: blank Balloon Payment Date: blank Past Due: 0 Balence:0 Charge Off: blank Terms:0(open account)O (too new to rate) Ownership: individual Account Type: 30 Day open Current Payment:0O(same as terms)
I'm just wondering how this looks to potential lenders.Does this negatively impact my credit, or does it not impact it at all?
I have not acknowledged my loans in over 10 years ( for various reasons, unemployment or under-employment,illness etc).My federal loan does not seem to appear at all.My wages,income tax or GST have never been garnished.I'm pretty sure these loans should be statute barred at this point.Should any of this information even be showing on my credit report if they are statute barred?
Any and all help appreciated once again.
Cheers,
Dave
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Michahellis
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Posted: 29/April/2013 at 4:07am |
I should also note the Payment History for the loans which reads like this,
Payment History
30 60 90 #M
0 0 0 (range from 55 for the first loan to 11 for the last loan)
Dave
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Michahellis
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Posted: 29/April/2013 at 5:18am |
In my post I mentioned risk shared portions of student loans.That should just read risk shared loans,since I assume all loans 1995-1999 were risk shared.Sorry for any confusion. Eagerly awaiting any possible interpretation of how this loan appearing on my credit report the way it could affect my credit score.
Dave
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SolveStudentDebt
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Posted: 29/April/2013 at 9:24am |
A lender will most likely ask you about your student loan and what you are doing or have done with it. The report does not detemrine if a debt is statute barred. An examination and discovery does. That is the only way I can help you. Unless you want to live by assumption without fully knowing for certain (?)
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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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Michahellis
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Posted: 29/April/2013 at 1:12pm |
Based on my experience it's never a good thing to assume anything that you are not certain of..lol.I would be interested in talking to you about what an examination and discovery would entail and cost :)
I'll give you a call at the number you listed earlier in the thread and we can go from there. Right now I have very little credit history and would like to start building some.Do you think this loan appearing would be a huge detriment to obtaining a low limit card from a department store etc?Those are usually quite easy to obtain.
Cheers,
Dave
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SolveStudentDebt
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Posted: 29/April/2013 at 5:09pm |
You might wnt to hold off on applying for any credit if you are going to action a limitation exam. If we find that the discovery is positive then the bureau will have to remove any derogatory narratives. There are two limitation issues that we would address here. recoverability and reporting. Once this work is done then I can coach you in product aquisition. Department store cards are higher-risk so therefore they are viewed that way by the financial community. Some people do it, but the greter cost and fitness benefit would be in a more useful product. People seeking credit for re-establishment or are very young and new to it need to pick the right products. This is key for fitness and financvial relationships development. It's a science, man. 
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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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Michahellis
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Posted: 29/April/2013 at 7:04pm |
Would you be able to send me some information regarding what a limitation analysis an discovery would entail, i.e. steps you would take on my behalf,what my role would be.Also,if/when we realize the loans are statutes barred then how does one go about getting them removed.I imagine it would involve sending several disputes to TU and Equifax?
Also, a rough cost breakdown would be good.My fiance has had a number of health issues,so we have been limited to only my income for some time.At times I have had to take time off to care for her and so even my income has suffered.Having said that,I have a pretty good stead,unionized job that I started last fall, so if we can both get back to work at the same time, then we're hoping to look at getting a new car and maybe a house a couple of years down the road.In order to do that it will be imperative that we can place my name on any type of financing.
I guess you can access my email from here if you need to send me anything,or I can provide it if need be.If you think I could really benefit form your services and I am willing to trust you and follow your lead.
Thanks for the replies thus far.
Dave
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SolveStudentDebt
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Posted: 30/April/2013 at 6:12am |
A scope of work, service agreement, and legal attorney documentation will be written up when you are ready to proceed. You can contact me or anyone at th group here to discuss. I cannot access your email or any contact information from here. This is not our site. to contact us you can call 866-239-7889 or visit www.cfwgroup.ca and book an appointment.
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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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Newfoundland Student Loan Question