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hulahoop 
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Joined: 20/December/2004
Location: Canada
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 Topic: Just filed bankruptcy...
Posted: 20/December/2004 at 10:35am |
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Hi all,
I'm new to this website and forum. I filed for bankruptcy at the end of
November, be discharged August 2005. Had $32,000 in personal debt, but
still have 42,000 in student loans, Canada and Ontario loans with CIBC.
I know I still have to pay the SL. After reading over the
comments in the forums, I'm starting to wonder if I did the right thing
with the bankruptcy. At the time, I was out of work for 8 months and
thought it was right. At least it felt right. Fortunately, I start a
new job in the beginning of January! Great...but what I do I do now?
Credit Counselling Services Toronto suggested a plan to pay back a
significantly reduced overall amount on the SL through them after my
discharge. Sounds like a good plan to me, but I can't get credit during
the plan's period of 4-5 years. Like many, I'd like to own my own
place as soon as humanly possible. Are there other options? I've
already emailed the Canadian Financial Wellness Group (Johnny)
hoping to get some guidance on this whole complicated process. I'll try
to call him directly too. Everyone on this forum speaks so highly of
him, but I'm still skeptical. Can others help me out here? What should or can I do??????
Thanks,
"hulahoop"
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CARGO1
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Joined: 13/January/2004
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Posted: 20/December/2004 at 10:59am |
hulahoop,
By contacting John you made a great first step. listen to what he has to say he will not lead you astray.
troy
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����The best way to forget your troubles is to wear tight shoes. 
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hunter
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Location: Canada
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Posted: 20/December/2004 at 11:28am |
Hula
You contacted Johnny, now you are in good hands.
If Johnny can't help you, then no one can. Take it from someone who has trusted him and what he can do, and one who is very happy with the results.
Hey, I was you too. I was skeptical. Like really someone can and wants to help. But again take it from one who has benefitted from his help.
You will be so happy that you found him and he was able to provide you with relief and a whole better life.
Run, don't walk, let Johnny help you.
 
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hulahoop
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Posted: 20/December/2004 at 12:13pm |
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Thanks
for the prompt replies hunter and troy. You have both apparently
benefitted from Johnny. You also appear to be sincere as "senior
members" on these forums who probably have good experience and
knowledge. However, I don't know who the CFWG or John Leblanc are. For
example, if you do a Google search, nothing shows except for entries
related to CanadaStudentDebt.ca. Can you give me something
else to go on please? Tell me what others have done/would do in my
situation. How will John help me exactly? How do I trust them?
What are their credentials, etc.? Your feedback will prove to be
valuable to me and most likely to others who encounter this site.
Thanks.
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hulahoop
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Posted: 20/December/2004 at 12:17pm |
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hulahoop
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Posted: 20/December/2004 at 12:18pm |
Edited by hulahoop
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hulahoop
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Posted: 20/December/2004 at 12:22pm |
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 20/December/2004 at 1:50pm |
Hula,
I believe that I responded to your email. I hope that you take no offense to what I had stated. As for those non-profit credit counseling services all over the place, you know where I stand on the subject. There is no such thing as a not-for-profit business. They profit greatly.
All I can tell you is "enter at your own risk". If you ever plan on rebuilding your credit portfolio with positive information and actions, Non-profit credit counseling services are not going to get you where you want be. They are considered the same as bankruptcy's OPD program. They offer one program - that is debt-pooling schemes. They do not counsel you to offer wellness and recovery. Otherwise, they would deter you from bankruptcy and debt-pooling programs! What they pitch and do is somewhat oxymoronic.
Best of luck to you - and Merry Christmas!
Johnny
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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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CARGO1
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Posted: 20/December/2004 at 2:18pm |
hulahoop,
every situation is different, for example my situation was cleared up quite easily thru John. Others here have enlisted Johns services for long periods of time such as I believe Hunter has. ( hope Im correct with this Hunter ).
I can tell you that if ever you are going to put your trust in anybodies hands, John Leblanc would be the first person I would reccomend to you.
try calling him to discuse your situation, verbal communication is the best way to to get a feel for what a great service he can provide
Johns contact info.
The CFW Group
1 Research Drive
Dartmouth, Nova Scotia
B2Y 4M9
Tel: (902) 464-8727
Fax: (902) 466-6889
cfwgroup@tekcity.net
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����The best way to forget your troubles is to wear tight shoes.
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polyhymnia61
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Joined: 10/January/2003
Location: Netherlands
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Posted: 20/December/2004 at 2:59pm |
Just a disclaimer, in case you are wondering: this is NOT Johnny's site...it was created by Mark O'Meara, a student loan debtor like the rest of us. Johnny was just a member originally...his business is the only one that I know of that specializes in student loans. He has the experience and the connections gained through his experience as a former collector. He's seen the dark side, lol...
I am the most skeptical person on the planet (ask Johnny!), but I would recommend him totally. No other credit counselling agency in Canada has a clue about student loans; all they know is consumer debt and will in all odds steer you wrong -- not intentionally, but out of the best of intentions. They are just limited in knowledge and by the services they are mandated to offer...
Check the main page...I promise he won't steer you wrong.
Poly
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Home is where you are allowed to prosper.
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hulahoop
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Posted: 21/December/2004 at 6:54am |
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Spoke with John today. Wow!
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CARGO1
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Posted: 21/December/2004 at 6:56am |
good stuff .. feel better?
troy
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����The best way to forget your troubles is to wear tight shoes.
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hulahoop
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Posted: 21/December/2004 at 7:10am |
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Well...
yes and no. I feel a bit dumb after learning about a few things. Like
John, I'm also a professional in the "business" of helping people deal
with problems, so... it makes it kind of worse. But it's all very good in the end, isn't it?
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CARGO1
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Posted: 21/December/2004 at 7:18am |
well I hope everything works out for you
troy
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����The best way to forget your troubles is to wear tight shoes.
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polyhymnia61
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Posted: 21/December/2004 at 8:43am |
Hula...don't feel bad. How are you supposed to know all the options? Not like they are in your face, or in the yellow pages...
The issues regarding student loan debtors are very invisible, despite the ruckus we are trying to make...
Consumer debtors, however, are great for the business community coz they are SHOPPERS!! Counselling agencies love to court them coz then after they have the debts paid -- they can go out and SHOP again!!!!!!!!!!!!!!!!!!!!!!!!
It's all about economics...
Cynically,
Poly
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hunter
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Posted: 21/December/2004 at 10:28am |
hulahoop
I used to get calls of harassments and threats from the collectors on a daily basis. They would call me about 6 times per day asking the same thing over and over again.
They would also call my family. Anyone that had the same last name as me, would get calls. I contacted several cousins in the same city as me and yes they had called them up and had me named as a deadbeat.
They even called up my very young neice and told her that auntie was going to jail unless she told them where I was working. They lied to a little girl to get my information. This is pretty low. But hey it worked so that is why the collectors do this.
Now, this earlier this year, that the calls were still coming every morning and every afternoon.
I called up Johnny, and NO ONE AND I MEAN NO ONE HAS EVER CALLED ME AGAIN.. 
Now, do you understand.
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hulahoop
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Posted: 21/December/2004 at 11:04am |
Yes, I do understand. Thanks.
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hulahoop
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Posted: 25/March/2005 at 5:43pm |
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it's been a few months since my last posting... I'm getting kind of
worried. I recently called the CIBC student loan people who transferred
me to a weird person. They said that my Ontario loans are now with the
Ontario government "who will eventually come after me" and that part of
my federal loan was reduced by the government, or something like that.
They also told me to contact them once I'm discharged from bankruptcy
in August 2005. This is a collection agency, isn't it?
Initially, I just called to double check that I was still on interest
relief on all loans until the end of April 2005. I have a letter, from
early November 2005, confirming the interest relief period until April
2005, before I filed the bankruptcy, but I guess I no
longer qualify for it. Is this right?
What should I do?
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BigFatherA
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Posted: 25/March/2005 at 7:08pm |
Nothing wierd about that hula.
With banko and student loans, once the CIBC gets your papers from the
trustee, you have automatically defaulted on your student loans.
The interest relief is irrelevent because you are under bankruptcy
protection. Hence nobody can chase you for payment while you are
bankrupt. As a SL defaulter you're correct: you no longer qualify
for IR.
What the bank did is return the guaranteed portions of your OSL and CSL
to their respective governments for payment. Since your OSL was
less than the guarantee amount the entire amount returned to the
Ontario government and CIBC has washed it's hands of it.
After your release from bankruptcy:
You now have 3 student loans
An OSL with the provincial government
A CSL with the feds (HDRC)
A CSL with the CIBC (bank risk portion)
Each one will be paid a portion of your settlement when your bankruptcy
trustee is discharged, and will be on your final statement. You
may find that the government sectors won't come looking for you until
after the trustee discharge (could be up to a year after your
discharge).
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BigFatherA
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non carborundum illegitemi est
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hulahoop
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Posted: 26/March/2005 at 4:23am |
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Thank you BigFatherA. That is informative. I had no idea (obviously!).
I thought that the IR would be good until April. I heard that I
could've just had someone start making payments on my behalf in May. Or
maybe they meant I could've had someone start the payments right away
to prevent the default. Does this sound familiar?
I've read somewhere in the forums that the HRDC people are ok to deal
with, but how about the others? Will I start dealing with these nasty
agencies that I keep reading about here? I'm hoping that it'll be
possible to just start affordable payments once I'm released from the
bankruptcy.
Thank you.
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Just filed bankruptcy...