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.


  New Posts New Posts RSS Feed - R7 on credit report after CP
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedR7 on credit report after CP

 Post Reply Post Reply
Author
HamishG4 View Drop Down
Newbie
Newbie


Joined: 25/November/2004
Location: Canada
Points: 13
Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishG4 Quote  Post ReplyReply Direct Link To This Post Topic: R7 on credit report after CP
    Posted: 30/March/2009 at 4:30pm
I completed a consumer proposal in Fall 2006.  I know that each debt gets reported as R7 during the proposal.  I was wondering:

If the debt ends with the completion of the CP, when does the R7 go away;

If the debt continues after the proposal (as two of my student loans did), I assume the R7 is still there.  My credit then should be empty apart from the R7 of my remaining loan.

Is this correct?
Back to Top
Sponsored Links


Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 31/March/2009 at 12:22am
3 years. I am unsure if R7 is still used by the bureau. From what I recall they code all accounts as R9. The derrogatorynarrative will remain on any accounts for the prescribed limitation period in respect of reporting.  
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.