This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


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Still_Broke View Drop Down
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    Posted: 26/April/2005 at 10:53am

Hi Board,

Here's the scoop... I have an outstading 2-part Student loan, I owe the fed's around $5K and the provincial part is around $4K. I took the loan out in 1996 and finished school in 97.

I made minor sporadic payments, but nothing that has amounted to much. It's in collections and the last time I spoke with one of my favorite collecotrs she said I could pay $4K and have it all cleared. So, months later now I think I may be able to borrow the 4K from a private source and get it out of my hair for good but I am not sure if this is a pipe dream and maybe they are just working me over?

I would like to pay it off and get it dealt with but my income is still so small.

Anyhow, the new collector has tracked me down and I would like to get her sorter out. Any feedback would be greatly appreciated.

 
Chris
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kwelmm View Drop Down
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Points: 702 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2005 at 11:19am
Chris,

CAs can and will settle.  Each situation is different.  You want to be sure you have written authorization from the lender that they will settle....don't proceed until you have things in writing.

John LeBlanc (cfwgroup) can make sure a settlement is done most effectively!
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Points: 4 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Still_Broke Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2005 at 1:40pm

Thanks kwelman.

So, I dont have to wait until the 10 years and pay the balance like I thought I read here.

 

 
Chris
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Wait 10 years for what??  I'm not exactly getting ya here...
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Points: 4 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Still_Broke Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2005 at 7:51am

Sorry, I thought I read here in administartors reply (link below) that if its a student loan the whole balance at the end of the proposal. Sounds a little like it would defeat the purpose of the proposal to me.

http://www.canadastudentdebt.ca/forum_posts.asp?TID=2461& ;PN=1

Mainly I just wanted to confrim that it is possible for a, sucessful and properly executed proposal to end my grief?

Thanks again!
Chris
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Points: 702 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2005 at 10:06am
I don't know...but maybe Mark could clarify for you what he meant!!

I doubt that a proposal would end your grief...talk to or email John LeBlanc...he will point you in the best direction that will end your grief!!
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Points: 101 		Post Options Post Options   Thanks (0) Thanks(0)   Quote blah Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2005 at 8:13am
You are confusing a settlement with a proposal. Marc (the thread you provide the link for) was referring to a proposal covered within the Bankruptcy and Insolvency Act (BIA).

Reaching a settlement with a CA is completely outside of and unrelated to BIA legislation.
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Points: 212 		Post Options Post Options   Thanks (0) Thanks(0)   Quote nago Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2005 at 11:50pm
what is settlement ? I dont understand ?

I owe 30k can i say i will pay 50% 15 over 50 months? is that settlement

consumer proposal sounds like you get loan from other outside place to pay loan and arrainge it with loan holders ?


see thats why i take psychology

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Points: 702 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 29/April/2005 at 12:24am

A settlement is usually where you pay out the loan at an agreed amount (therefore it is then settled....over and done with...when done appropriately).

A consumer proposal is where you basically combine your debts and propose to your creditors the amount you will pay them each month.  You pay the agency handling the proposal and they divy out the amounts to the creditors.  The proposal can be accepted or rejected by the creditors...just as a settlement offer can be.

They are both negotiation techniques, although, a settlement is far healthier in the end I believe.

Anything to add...Johnny...?
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 29/April/2005 at 5:40am

 

 A consumer proposal is bankruptcy, and a formal offer to settle your debts either in a lump sum or over a period of time (not to exceed 5 years). It is a formal activity that carries the same black clouds and earns the bankruptcy trustee a pile of cash more than traditional insolvency (the you pay $1500 and things dissapear merovement). Consumer proposals cash in and earn a trustee more around 25% of what you pay in total.

 Consumer proposals are not part of a lending scheme. They simply ask your creditors to accept a percentage on the dollar - and the bankrupt will make payments over the agreed upon terms. Or, the offer may be paid in one lump sum to retire the proposal.

 It is a waste of money for people in most cases. It can be done for a lot less with no further damage to personal credit statistics.

 Johnny

 
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Points: 4 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Still_Broke Quote  Post ReplyReply Direct Link To This Post Posted: 29/April/2005 at 8:51am

Thanks a bunch that's a bit clearer now. I tried to contact Johnny a couple times but he is very busy I'm sure.

What type of offers have been accepted: 10% on the dollar :) wishful thinking. I am thinking of making an offer to settle should I lowball them first and go from there like I would in typical negotiations?

Any feedback is greatly appreciated.
Chris
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Points: 702 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 29/April/2005 at 11:40am
Chris,

You can likely negotiate a settlement of the fed student loan--bank risk portion...(don't count on the fed guaranteed portion to be settled if you have such a portion).

The standard most CAs are informed to settle for is 80%.  If you find you can not get a lower amount....consider John to do it for you.  He can likely get you down a lot lower!
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