20 days till collection time
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Topic: 20 days till collection time
Posted By: 454SS
Subject: 20 days till collection time
Date Posted: 29/December/2004 at 4:28am
| I got a letter from student loans stating that I need to pay them arrears of 2000, in the next 20 days or my whole loan of 29000 goes to collections. They want me to call them in this time frame. I cannot paythem this amount of money and cannot pay as much on my payment 300 as they want. They say I do not apply to intrest relif. Is there anything I should know before calling them? |
Replies:
Posted By: hunter
Date Posted: 29/December/2004 at 5:31am
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Been there, many times...
You can only do what you can do with the money that you have. If you don't have the money, tell them this. If you are not able to pay them the monthly payment, again, explain this to them. In my personal experience, I have never had a collector that was happy with any amount that I had to offer. All they wanted was the grand total amount that was owed. You have to sit down with a budget and have a look at your expenses and income. If you can afford $ 50 or whatever, without starving yourself or living on the streets, then send this amount. You can only do so much. Think about it. How many people have $ 29,000. (not many that I know of) How many people can pay $ 300 each month (not me). You are not the only person experiencing this. I too was threatened to pay $ 38,000 by the end of the month many times over. When I did not have it, the collectors wanted a lump sum payment of $ 12,000 and then $ 500 each month. This is outrageous. They refused my payment of $ 25 that I had offered them in 1999, so they got nothing. Finally it is 2004, and I am making payments of $ 50 to HRDC for their portion of it. (Balance $ 12,000). But right now this is the best that I can do. For 2005, I will be increasing $100. Sure I would love to be able to pay the $ 373 that they want, but that is not an option right now. Next year, it might be, but we will have to wait and see what happens. Take care, and good luck |
Posted By: kwelmm
Date Posted: 29/December/2004 at 5:46am
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Try speaking to the student loans centre and asking them if you can pay the arrears by monthly payments. Take Hunter's advice as well. Try and make some arrangement with the student loans people--they are probably a lot better to deal with than collection agents !!! Good luck and let us know how you do!! |
Posted By: 454SS
Date Posted: 29/December/2004 at 6:54am
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I am hoping to keep this out of collections. But if I start to make partial payments is it going to keep them happy enough to no go to collections? Kwelmm , not sure how paying arrears in monthly payment woud help since i have to make my normal payments aswell. That would just mean shelling out more. I should be able to pay 200 a month to them starting jan 31 (got a raise!) and I hope by June 2005 I can pay full or more. But until then its fun times. Another question I got my credit report and its screwed. my fico is 471 mainly because of my student loans. I was told by them that they didnt affect my credit!? if so why is it reported? Or does it get erased?
THANKS
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Posted By: kwelmm
Date Posted: 29/December/2004 at 7:54am
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I was just thinking that if you couldn't make the full amount of arrears and they wanted you to pay that first before continuing with the normal payment amount then to offer paying in installments somehow...anything to keep it going to collections. Speak to the centre about what your plan is to pay the $200 month. Johnny will have the answers regarding your credit report! I'm pretty sure that defaulting on your student loans is reported...that will affect your score. |
Posted By: 454SS
Date Posted: 30/December/2004 at 7:30am
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thanks for the great replies. Here is one more thing i thought of before I call them. what defines a dependant? I live with my girlfriend and her little boy. she is going to school, and we are not common law. She makes very little money. So they are really dependant on me. Which is mainly why I cannot pay my loans. I am unsure if I can put them as dependants with out putting other obligations on myself such as being commonn law. If I can claim them as dependants then I would qualify for intrest relief. But If I did this would it screw with her student loans as well? thanks |
Posted By: kwelmm
Date Posted: 30/December/2004 at 9:14am
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454SS you got me there--those are some good questions. I can't see it doing any harm if you ask the NSLC your question about who qualifies as a dependant. Qualifying for interest relief has nothing to do with her loans--unless things have changed! You probably all ready knew that though--sorry........ I'm gonna look around for some answers for ya--and for my own interests--see what i can come up with. |
Posted By: kwelmm
Date Posted: 30/December/2004 at 9:27am
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454SS what province are you in?? I believe there are different guidelines for different provinces for interest relief. You could check out the National Student Loans Service Centre website: http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en - http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en . This section refers to repaying your loan and qualifying for interest relief. Good luck!! |
Posted By: momof2
Date Posted: 31/December/2004 at 3:25am
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i'm pretty sure that after three months you are considered common law so you would both have to note this on your income tax etc. claiming them as dependents will likely benefit you and your interest relief app should glide through. if your income level is under a certain threshold it will not adveresly affect her, as she has already applied for loans for this year and i'm pretty sure she doesn't have to report this change in her living arrangements until next year when she applies again ( if neded). i'm not 100% positive on this though so check the guidelines in your province and let us know how it goes. ------------- professionals built the titanic but amateurs built the ark... |
Posted By: Hunter2
Date Posted: 31/December/2004 at 5:41am
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In my opinion they would take you as a family unit of three and your sl payments would be considered. It "may" or may not screw with her sl's though because if she is going through NSLC they will consider your income when supplying her with money for the year and you are suppose to report any changes immediately.
You guys could "try" it but I am actually pretty sure that they will lower her sl payments by whatever amount you are making less your living expenses. Its kinda a tough call and may vary provincially as others have suggested but in our province the partner has to sign the IR document with their SIN and if anyone cared to check it could alter her SL payments and/or provide proof in the future for lowering decreasing her loans and overpayment. You also may want to check with her and see how claiming common in law is going to effect things like her Child Tax Benefit and such as it might decrease her income making her more dependent on yours :) Once you two are together for a continuous 12 month period you are considered common law by the federal government anyway. Good Luck!! |
Posted By: Islander
Date Posted: 31/December/2004 at 2:13pm
------------- What? Me, worry? Alfred E Newman |
Posted By: hunter
Date Posted: 05/January/2005 at 5:36am
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In terms of claiming someone as a dependent, in Saskatchewan one has to live with someone for 12 consecutive months.
I work at a tax office during the tax season, and this is the way that you can specify commonlaw spouses. If there was a breakup in that 12 months, and one person left the residence, you would have to live together for another 12 months in order to be able to claim commonlaw. I just dusted off my tax reference books. 
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Posted By: 454SS
Date Posted: 05/January/2005 at 7:33am
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thanks for all ther replies. I gave them a call , they said a dependent is someone you claim on your taxes. So basically you need to be common law. But aht will like is says above , affect child tax benifits and other sources of income for us. I told him that I can start paying them at the end of the month which is true ( yay I got a raise , boo I have to give it to stu loans). hea said as long as they start getting money by the end of feb I will not go into collections. It went easier thatn I thought. Thank god I dont have to clear up the arrears right away!
thanks 454
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. Now to fix my credit , Hey once my csl is not in arreears does my credit report get adjusted ? hope so because this is the only thing destroying my credit.