Student Loan Repayment
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Royal Bank Frustration Stories
Forum Description: Tell us about the Royal Bank treatment
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2930
Printed Date: 26/March/2026 at 10:41pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Student Loan Repayment
Posted By: SandiLee
Subject: Student Loan Repayment
Date Posted: 20/August/2005 at 11:57am
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New to this form Has anyone tried to offer Royal Bank an amount that they can pay even thought its not the actual amount they should be paying. Royal bank has offered me to pay interest only payments which at this time I can not afford. I can continue to pay them something for the interim, but due to the fact I am on Maternity leave, I just don't have the funds to make full payments. Can they send this to collections, even if I try to pay them something each month? |
Replies:
Posted By: kwelmm
Date Posted: 20/August/2005 at 12:04pm
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Try negotiating with them what you can pay...give it a try at least!! You never know what special circumstances they will take into account in their decision.... If you can't negotiate something with the bank...after they have tried interest only payments...there is a good chance they will send it on....to collections...after so many attempts to make arrangements with you. Maybe others have different ideas!!!! |
Posted By: SolveStudentDebt
Date Posted: 20/August/2005 at 2:05pm
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Sandi, Interest-only arrangements usually rund for 3-6 months when it is approved by creditors, especially with secured loans, PLOC's, Visa, M/C, Amex, etc. Unfortunately, if they have offered you a reduced payment schedule, and you cannot perform it, then they reserve that right to close the account and send it for collection. Creditors want payments. If no payments are (or can be) made, then the creditor has to make a decision. If you are making payments toward the debt, and the creditor/lender is not satisfied with the arrangement, they still reserve the right to close the account. Unfortunaely, that is the way it is in the world of lending and credit granting. Johnny http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum
------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: SandiLee
Date Posted: 21/August/2005 at 3:47am
| Does this run true for Student Loans as well? |
Posted By: administrator
Date Posted: 21/August/2005 at 6:01am
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Are your loans in default? If not, you should you be applying for interest relief if it hasnt been more than 5 years since you've been out of school...
Mark |
Posted By: SandiLee
Date Posted: 27/August/2005 at 7:14am
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Its been more than 5 years since i have been out of school, and I have exhausted the interest relief prior to that. I haven't missed a payment in 5 years on my Student loans, yet due to financial difficulties I expect to experience while on Maternity Leave I feel that I won't be able to make the full payments, however I want to try and make something to keep them happy. Just trying to find out what avenues if any others have experienced with this. |
Posted By: administrator
Date Posted: 27/August/2005 at 10:14pm
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You should now be able to apply for Debt Reduction in Repayment then....
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Posted By: SandiLee
Date Posted: 02/September/2005 at 11:30am
| Does anyone know how I would go about applying for Debt Reduction in Repayment? |
Posted By: administrator
Date Posted: 03/September/2005 at 6:49am
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You can go to the canlearn.ca website to find the info...
http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en Click on your province and other info and then click on "Obtaining Repayment Assistance" It may just tell you to contact your bank. Make sure you do this quickly, as being in default will exclude you from these benefits... http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en - http://www.canlearn.ca/nslsc/repay/nlindex.cfm?langnslsc=en |