Describe your Debt Load!

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40k in debt

Printed From: CanadaStudentDebt.ca
Category: Other Topics
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=1008
Printed Date: 26/March/2026 at 10:30pm
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Topic: 40k in debt

Posted By: maxspeed2k
Subject: 40k in debt
Date Posted: 02/May/2004 at 6:09pm

My income is 800/month

But i owe about 40K in student debts. I was making payments until i was laid off in june 2002 from an IT company.I got a decent IT contract for 2 months at the end of 2002.

Since then I worked in various customer service positions, even at edulinx for 3 months until their peak period was over in jan 2004.

I still have no degree and would like to obtain one.

Collection agencies have been attacking me for months now demanding for a payment in full. Calling up my neighbours and even threatening my mother.

So is there a process to cut down my payments, obtain further education and stop the collection calls and rebuild my credit?

Thanks in advance for any advice.

Replies:

Posted By: danny
Date Posted: 05/May/2004 at 5:26pm

ir for 5 years if possible, or income sensitive plan and try to have zero assets in your name, put ur bank account in joint account or safety deposit box under someone elses name and make sure they dont have access without your permission and if possible work under the table, also give em a address and phone number to some other residence if possible.......i would also suggest taking some course that will get you a decent job(health care is good)

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Johnny save me!!!!!!!!!!!!!

Posted By: Kitlani
Date Posted: 10/May/2004 at 6:38pm

Why would they be calling your neighbours? I presume your mother lives with you and/or is on loan papers as next of kin. They couldn't have contacted neighbours or family unless you gave them that information on loan papers or via payment negotiations.

Otherwise.. what they are doing may be illegal... I think...would they actually do that kind of homework... nah.. that would take hard work and true commitment to harassment of client.

can you go back to school somehow..? they cannot harass you for payments while you're finishing school. You'd probably need to get family loan/bank loan since provincial/federal loans will not grant another. What degree didn't you finish with $40k in debt? I have $72k in debt..but part of that money was to care for disabled dependent.

Posted By: cinnamon
Date Posted: 17/June/2004 at 6:34pm

okay I am trying to get on actually to tell my story. First my sympathies and empathies to everyone out there. We are kindred spirits, we are lifers. Okay maybe not you guys but me maybe.

I am very frustrated. I am $50,00 in debt with osap. I only have three college diplomas to show for it and one year of university. Job wise it hasn't panned out. I am looking for solutions to deal with the mistakes and the bureaucrats that are at all of these student loan centres. I have three loans, fed. prov. and newly created while I was in school National student loan centre. So three payment three interest rates.

To make matters worse I am 42, I went back to school to make a better life for my children when my husband had become disabled due to a job related injury. Now I work over 50 hour a week, a, exhausted have taken years to rebuild my credit(still can't get a mortg., credit card because of this debt)

If this 5 year rule goes through that for student debt bankruptcy can be declared, can someone tell me can it only include student debt and other debts not included(such as a car payment etc).? It took me ten years to just get my credit up to a certain level, still working ont hat. Don't want to destroy not only my future but my children's. Please anyone with info. reply and any mature students please contact me, I would like to start a support group.