If your debt is a CSL (guaranteed), then you will likely not have any success in settling the debt. If it is a Provincial guaranteed, some will settle for 90%, and others won't compromise at all.

 If it is a bank risk portion, then you can settle for less but it dependson your financial predicament. The agency will do their best to capitalize ontheir commission earning so they will try to keep the proposal between 70-80%. If you would like some help, let me know.

 Johnny

 Dazed,

 There are many ways to task a compromise towards debt. If you are looking for some who have experienced the benefits of it, you can check out a few of those postings in recommended advocates.

 The task of proposing a compromise is not easy. It all depends on a person's financial capacity and position. If you want a crash course, let me know.

 Johnny

I know a while ago I was offered a settlement on one of my portions and it was a good deal, unfortunately I couldn't do a darn thing about it.  So I know they'll settle.  It's just that I'm not a good haggler and I want to give the creditors the impression that its in their best interest to take it (they get their payment and their commission). Maybe if I make them chase down the account for a bit, then open discussion,  they might bite? Thing is, if I bring up the idea of a settlement, I'm sure they will smell money and drive for as much as they can. I'm not sure how to broach the subject (wording) to get them to bite. 

I know what to do once they bite, it's just getting them to the hook that I'm unsure of. That's why I'm looking for others' experience who have done this successfully. 

Johnny,

I would really like some help However i really cannot afford much as it is i took a loan from a relative to get this far.. Could u estimate how much it would cost to have u deal with 1 loan on my behalf and one on my husbands behalf?  THe part i am looking  to pay off is only the Hrdc guranteed portion which has been placed with TCR i have negotiated with RBC and they have accepted $50 payments on both of my loans that are still with them which was a relief. I know with my husbands  they have tried to negotiate with him in the past.. and they have offered him 80 cents on the dollar which is 2450 rather then 3100 should we take it.... please let me know as i would like to settle this today if i can

Ok so from what i gather from reading postings on this board is that I should just pay the HRDC portion to get those monkeys of my back because there is no way they will negotiate.. However with my husbands and the offer to make it lower all be it just 650 lower  shoud we grab it and run.. also in the long run is this gonna help our credit rating.. once we pay it how long will it take to dissapear.. and with a letter from the company saying that it is paid in full will this help my husbands situation with credit being as this is the only bad thing on his credit report.. or should i ask them to post to equifax paid in full or what ...  thanks all info appreciated.

thanks for the input.. muchly appreciated...

strapped4cash wrote: they have offered him 80 cents on the dollar which is 2450 rather then 3100 should we take it.... please let me know as i would like to settle this today if i can

You can problably get a better offer I'm thinking.  Also, how is your CR?  If yours is still good and you are gainfully employed your family could likely coast on your credit and after hubbie's gets better he can add to it. It is possible to get mortgages,etc. if you apply as an individual.

 TO answer your question Dazed:

My Student loans are much bigger then his and we defaulted on one of mine when i was pregnant and awaiting EI.. Even though i explained this to the bank they still sent the guranteed portion to HRDC so  i have been getting harassed by there collection agency however the portion left with the bank  and also with  my provincial the bank has accepted my post dated checks of $50.. ..... How do u suggest i get a better offer for my hubby I am thinking maybe if he calls and says he has 70% and would like to settle it at that..  My credit is shot because of this and the only bad thing on his is this CIBC which is with Metropolitan credit.. However once he settles that and maybe in a year or so i was thinking that he may be able to apply for a mortgage on his own.. any thoughts on this from anyone.. or should we go for the 80%....... its gonna be tough making the payments back to my family member that upped it for me however with no interest we figure we can pay it back in 18 months.. so that makes our future a little brighter

Java, yes they are vermin, but unfortunately, they have us by the financial balls, so to speak. I would'nt feel morally sullied if I could get rid of them quick & simple by settling. So let the babies have their candy.  It's a machiavellian world of business and if it's one less day I have to deal with it, good.

Strapped, if you are able to get out of your debt, it will remain the credit report for several years, but the good news is it's off your shoulders and you can start rebuilding.  Start with small-time credit (President's Choice financial is pretty flexible and even if it's for $500 it's a start. Same for ING). One good way is to buy groceries on credit (money you already budget for) and pay it off every month on time. You're not using extra money, just in a different way.  

Strapped, if they offer you, say, 2400, balk a bit (like you're having pains) and tell them you can probably get 2000.  If they bite, GET IT IN WRITING! Don't pay a cent until you get that paper.  Bug them for it if it takes long.    If they don't take it, you still haven't lost anything. You can keep haggling because you know they want the money. 

One thing bugs me about your defaulting - that should not have happened due to the circumstances.  You could most likely get that rectified back into good standing and I would leave that area to Johnny as I think he would be the expert there. The fact that you were on MatEI changes everything. Try hounding HRDC, and speak with velvet tones but punch with an iron fist.

And I agree - paying a relative (or anyone else that matter) for loaning you the money is more advantageous than continuing to pay those creep CAs. Faster, and nicer to talk to on the phone.

Oh, but I'll miss the sado-masochistic red-eye chats over a bottle of tequila, such witty repartee....

 Strapped,

 If this debt a CSL that is guaranteed by the government, then there are no provisions to settle. If you are being told that they willa ccept 80%, then it is not a CSL. If you want help, you will have to communicate with me so I can see what you are dealing with. Then i can determine what is the best solution.

Johnny

 If this is non-guaranteed debt, then I can tell you that the offer can be reduced significantly.

When is the best time to contact you, i know i cannot settle mine because the portion i am looking to settle iscsl guranteed and i am going to settle the guaranteed portion..however my husbands is the one being negotiated and i am sure he would like the help with that one issue  he works till 5pm when is a good time to have him call you?

Dazed..

For some reason they only have me defaulted on my Guranteed portion and when i called to complain they were happy to accept my $50 checks with what they still had.. so i dunno i am gonna pay off the piece that is in the COllection agency TCR  and then once i get this loan from my relative paid and hubbys credit should be in good standing.. Maybe see about negotiating  something with my  larger student loans 11 thousand and 12 thousand..and neither of these are guranteed so once the time comes and i can hopefully get cash together again i will deal with them.. For now they are leavig me alone with there $50 checks so there happy and I am happy.. :)  Plus getting this down  and paying off one of hubbys he will still have a $5000 one at RBC but he makes his regular payments with them and is in good standing.. so that should help him.. I am going to get him to consult with Johnny on getting his loan lowered or at least to see what the amount such a service would cost him because as the name states we are strapped4 cash with 3 kiddies and one of them just turned 3 months.. we just want to get this student loan nightmare behind us.. as quick as possible.. and i am sure down the road i will be able to negotiate with RBC because they have already tried with me but i didnt have the funds to do it.. but that will be another story in a  few years time lol..

 You can reach me at the number at the bottom of my post.