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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Forum LockedWhat’s the alternative to a CP?

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Quin View Drop Down
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    Posted: 30/August/2006 at 4:07pm

Hi everyone,

 

Another newbie need an advice.

 

My wife and I have no student loan. However we are about $72,000 in debt (yeah that bad) you see we got married about 2 years ago and a year after that we bought our house so we exhausted our line of credits as well as credit cards BIG time to pay for the wedding and the house. Our annual income is not bad at all, combined we earn about $110,000/year with no kinds

 

Financially things started to get our of control and we decided to see a financial advisor at Peel family services (They are part of region of Peel services, a government supported services), they checked all our expenses/debt and advise that the best thing to do is to meet a trustee and have a consumer proposal.

 

Reading this forum I felt that might not be the best thing to do so I was wondering what would be the alternative? As far as the financial consultant mentioned our debt can be reduced upto 70%, she also advised us to see more than one trustee as some would be able to reduce 50%, others might get us 65% debt reduction!

 

Can you give me your input? Thanks a million we will really appreciate it.

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2006 at 7:37pm
Quin,
You want to be careful so that you proceed in a manner that does minimal harm to your credit rating. A consumer proposal is almost the same as bankruptcy when it comes to credit ratings...

You will find info on consumer debt at John Leblanc's site at http://www.cfwgroup.ca

He has a consumer debt forum there... and he is a wealth of knowledge... you might give him a call to discuss..

If you do a proposal, I think it will be very hard to renew your mortgage when that comes around... John could clarify this....

Mark
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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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Quin View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Quin Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2006 at 10:30pm

Thanks for the reply Mark,,, Yes mortgage renewal is one of my major concerns, on the other hand I do understand that if you filed to bankruptcy then there is a big possibility of losing the house as well as the car (the car is under secured car loan)

 

The R7 rating is really bad and I understand that but what possible else can be done?
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