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4 loans? who to pay?

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Topic: 4 loans? who to pay?

Posted By: tiedinknots
Subject: 4 loans? who to pay?
Date Posted: 21/October/2004 at 4:45pm

So here's my dilemma, just days ago i started getting calls from Alliance
One and Nordon in regards to both ontario and canada sl's. I decided it
was in my best intrest to start paying them off, as i can sort of affort to
do so, and while i disagree with the way csl is set up i just don't have the
energy to fight it.

now i will be sending a monthly amount to nordon, payble to the minister
of finance...alliance one is being decent and allowing a direct deposit to
the account with them, sending receipts and all of that.

Neither will tell me who to contact to pay off the portions of the loans
that are not in default. I have tried countless numbers for ontario and the
feds and cannot seem to get through to anyone..is it possible that my
loans will be with these two agencies forever? (between them they hold 5
thousand dollars) it is my understanding that i owe much more (i took out
like 30 grand in loans).

Also, Nordon has informed me that they will NOT issue receipts and, for
the record, Brian Singh at nordon has tried every deceptive underhanded
way of getting me to pay the full amount upfront.

I've been told by a few friends that they have dealt with nordon and the
debt never seems to go away...they assure me that they are paying 200
every month and the principle never decreases.

I've got this lump in my gut because a: i can't seem to get a hold of the
people i need to to talk about this in a civilized manner,
and b; i'm scared as hell that if i don't, the debts will continually get sent
to collections and i will have to deal with this turd for the next 50 years.

any help?

thanks in advance.

Replies:

Posted By: Blue.
Date Posted: 22/October/2004 at 4:46am

I don't know if this will help you, but let me tell you what I'm doing. I'm dealing with CBCL (as of last week). I requested a statement of account from them before I agreed to pay anything. I'll be sending them cheques, which are returned by my bank to me once they're cashed. That way, I will have a record of what I've paid them, and when. Some people will say not to give them any banking information, but they can't go into my account and take money, from what I understand (by law).

Also, I was told by a CBCL collection agent that the interest rate on my CSL will be the same as the National Student Loans Centre was charging (in my case, prime plus 2.5%). So if someone is making a $200/month payment, the principle should be decreasing at a steady pace.

As for who your loans are with, well, take a look at your loan paperwork from school. I had loans both with the CIBC and with the National Student Loan Centre. It's only the NSLC loans that have gone into default. Who were you paying before you defaulted?