Question! Please help
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Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=1417
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Topic: Question! Please help
Posted By: kasha
Subject: Question! Please help
Date Posted: 11/August/2004 at 12:56pm
(I posted this in another forum as well)
Hello!
I came
across this site and it’s been great to know that there are others that
are in
the same boat as me. We need to keep sharing our stories and continue
to support each other through this process. I have about $30,000 of
debt and about $8,000 of it is
with Canada Student Loans and the rest of it is with a bank. I applied
for
interest relief through the NSLSC, I had it approved the first time and
so the
second time I applied I thought things were going to be ok. The bank
approved
me for interest relief (I have the documentation) and so I didn’t call
back
NSLSC (my mistake) to confirm (but it was a stressing experience I
wanted to
avoid). When I called to re-apply 5 months later, it turns out they
hadn’t
approved me and my loans were in default for 5 months. So after much
haggling
and inconsistency of being told what I should do and what paperwork I
needed to
send and what I had to pay, I was approved for interest relief. But I know my loans were in default and that
it has an adverse effect on my credit rating (I had restrictions when getting a
cell phone). I want to dispute and get them to clear up my credit rating, but
they are going to say it’s the bank’s fault for putting me on interest relief
without their approval.
My question is this: if I push the dispute and it is
the bank’s fault, would the bank get me to pay the back payments of the months
that they mistakenly put me on interest relief? I can’t afford it at this point
(hence the reason why I’m on IR). But I also don’t want to leave my credit
rating as it is without acting on it. Should I wait until I have enough money
to cover me if the bank does ask me for back payments (would take awhile) or
would they just chalk it up as their mistake? Thanks so much for your time and
any assistance.
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Replies:
Posted By: eshelton
Date Posted: 04/November/2004 at 5:52pm
Sometimes these posts get lost for one reason or another, so I'm going back and putting these forums back on the 'active' list.
I'd look at why
the bank accepted you and the NSLSC did not. I would think they
are using the same formula set out by the government.
Hopefully, the NSLSC was wrong and they owe you big time.
Get ALL documentation including the breakdown of the formula. Find where the inconsistencies are and go from there.
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"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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