Hope this helps someone out there...
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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=1260
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Topic: Hope this helps someone out there...
Posted By: canucky
Subject: Hope this helps someone out there...
Date Posted: 05/July/2004 at 12:24pm
I have been looking at this site for the last couple of months now and thought maybe someone out there might benefit from hearing what I have experienced with the student loan system and with this website in particular… 
I attended university between 1991-96 and, when I graduated, I was left with a very hefty debt (in the range of $40K with Scotiabank). As most people have experienced (judging from what I've read on this website), I did not get a well paying job right away and when the interest free period came to an end and the bank tried to collect from me, I had no other choice but to go into default with the loans. I desperately tried negotiating with the bank to reduce the monthly payments but to no avail. Very frustrating to say the least…and stressful. At the time, I was given an opportunity to leave the country and work abroad…I took it without thinking that I was going to be avoiding the student debt - but if I did, I was willing to take that chance. While I was away from Canada, my family was harassed for a couple of years by the collection agencies but they were very supportive and simply told them I no longer lived there. All in all, I was out of Canada for 5 years and I have since returned home and - to be honest - was dreading what would happen when I tried to work in Canada again. After 6 months of working and shortly after I applied for a credit card, I started to get phone calls from one collection agency. As I was out of the province for a month, I never got any of the phone calls myself, but it put lots of stress on me while I was away. I panicked and everything went through my mind - I even considered leaving the country again. But my saving grace - and luck - I found canadastudentdebt.ca and I have to say it was a HUGE relief to find others who were in similar situations…I also found out about John LeBlanc and the Canadian Financial Wellness group. Thinking this was the best option, I contacted John and gave him a rundown of my situation and asked - or rather begged him - to help me. I found he was more than willing to offer any advice and more importantly - to offer lots of comfort. I couldn't have made a better decision. It took little over a month for me to get it all sorted out and now I know that since I was away for the last 6+ years without any activity towards my student debt, the loan has been successfully barred and I don't have to pay anything! John put in more time and energy into my case than was expected and I cannot thank him enough…he made the experience easy and stress-free. Don't get me wrong: I'm not trying to advocate travelling to avoid student loans. What I am hoping to do is communicate to everyone that there is help and ways to get through this headache…I found it through the canadastudentdebt website and the CFW group. If you are in anyway stressing out about your student debt or trying to find ways to avoid them - your best bet is to stay informed. If I had known what I now know through the advice/help from John and canadastudentdebt, I wouldn't have been so reluctant to return to Canada and face what turned out to be not such a bad thing after all. I hope your experience will be as easy as mine was and that I was able to help anybody in a similar situation. Good luck to you all. (This has been posted in other branches of the website as well) |
Replies:
Posted By: khsu
Date Posted: 18/July/2004 at 3:38am
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Hi canucky: Do you mind elaborating a bit more about why you don't have to pay back when you were away for 6+ years? I am similar situation. I borrow a Student Loan in 93/94, and was told that I didn't have to pay the full amount back, so I didn't when I graduated in 94. After I graduated, I worked abroad but I did made occasional visits (a couple of weeks every couple of years) back to Canada. I moved back to Toronto in Dec. 2001. Recently I received a phone call from a collection agent, he said that Ontario Government decided they have made "overpayment" when they gave me the loan and they want their 3000+ dollars back. To me it's quite a shock since I thought I have settled that problem long ago and I don't really have any money now. I am just wondering if that 6-year-examption applies to me? Do you mind sharing your experience? Thank you. |