To quote if I may:

"After filing for bankruptcy 2 years ago, my 3 student loans went to collections. I admit to having periods of denial and avoidance but have been attempting to deal with the collection agents in a calm and honest manner and can hold it together during the phone calls but end up a basket case after we hang up."

This is common in people who are suffering from financial stress and worries. An acceleration of this reaction occurs when the calls from collectors come about. The overwhelming feelings of worry and fear take over. Basically, it is a phobic stimulus that is being tweaked by the whole ordeal.

Target and procure the fear and things will be a lot better for you. Of course, having the debt removed would do the trick as well but we must be practical about this.

“even when and if i finally get the permanent job, i won't earn enough to cover the 800 plus/month it would take to actually have a hope in hell of ever paying this thing off before i am too old to work.and, what nasty things will the collectors do to me then? so, overwhelmed? yeah. feeling stupid for being financially naive? yeah. bankruptcy seems the only viable option, credit is shot anyways but how to live, not just survive until 2013 with this albatross around my neck?”

The student loan presents no physical threat to you. It is a number that is imposed upon you to repay by the government of Canada. It cannot harm you physically. If you feel that it is doing so, come to me and I will quickly remedy that fear of yours.

What you are describing is a common occurrence in the lives of so many people. It is terrible that you are left feeling hopeless. If there is anything I can do, let me know.

Johnny  

http://www.cfwgroup.ca - www.cfwgroup.ca

http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum

http://www.cfwgroup.ca/consumerforum - www.cfwgroup.ca/consumerforum

Hi dujylyn,

Yeah, I'm here.  Sitting in a night class.  We're on break right now.  You can see what's important in life and that means a lot.  You brought a tear to my eye.  They've got to change that damn bankruptcy law for people like you (maybe me too).  In the meantime, perhaps there is a way to keep the collectors away and only make payments that will not cause undue hardship.  (Johnny?)

Peace and love dujylyn

Old Hippy

It is not bankruptcy that has to change. It is the system that puts a stranglehold on the borrowing community. Bankruptcy is not the answer. If one feels that bankruptcy is their only salvation, then this is their decision.

There are ways to solve virtually anything that is problematic and stressful.

I cannot give advice or provide intervention services to someone unless they are a client, unfortunately.

Johnny  

Just to let you and everyone else know ...

Many service packages we offer carry flexible payment options. So, you do not have to pay the fees all up front.

Also, we can provide service to you no matter where you live in the world. That is one of the conveniences - next to low costs. You do not have to leave your home or office to get help. It is VERY convenient.

If people require counseling without intervention, packages are available. If people require serious intervention to solve critical problems, we provide that as well.

A new forum has been built for people who suffer from consumer and retail debt crisis http://www.cfwgroup.ca/consumerforum - www.cfwgroup.ca/consumerforum . All forums are free to join and post. This forum covers a wide variety of consumer and retail debt issues, and even tax debt crisis issues. It is a one-stop shop.

There are also general workshop/forums for people who are trying to rebuild credit, and for those who are "fist-timers" looking to build a strong financial foundation and platform that will provide future strength and success. These are just a couple of wellness projects happening on the site.

If you/anyone requires help and wants to become a client and/or member, feel free to call toll free 866-239-7889.

Johnny

http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum

http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum

I’m in a fairly good space right now, but then I haven’t had any bad experiences with the system yet as far as repaying my student loan goes.  But I do recall the stress, worry and sleepless nights that I experienced while I was still a student, living on that “mountain of cash” that amounted to about 12K a year.  That must be below the poverty line or close to it but is still twice as much as general welfare assistance.  After the school took their tuition fees off the top, before that money ever crossed my palm, there wasn’t a great deal remaining.  Most of it went on the rent and sometimes there wasn’t enough for that and groceries, and then it became a toss up – do I eat or keep a roof over my head?  I worked student jobs to supplement the student loan.  The work study student jobs were the only jobs that I could find.  Or I would have left the school…….which became my sanctuary. 

So far, things have not been as bad as I had imagined them regarding the student loan.  I have been taking things one step at a time.  First, I signed the loan papers to “consolidate” my loans.  That’s not something that I wanted to do, but it’s done.  Then I was able to apply for Interest Relief.  I’ve been struggling with unemployment and low paying jobs for years.  My peer group are the ones who have been hanging on to their jobs for the past 20 years.  There were many jobs for the taking 20 years ago and you didn’t need to have a university degree.  I was too much of a free and restless spirit.  Refused to sell out to the money god.  No, I don’t regret that.  To each his own.  But I don’t think I need to be punished for that, and sometimes that’s what it feels like.

My fears began to ease when I came to this site and read posts like yours dujylyn.  Not because I’m thinking – oh, there’s someone who’s worse off than I am.  But because I had thought I was this ridiculous, bad person who had run up an incredibly large student loan and would be cast from society.  But now I realize that there’s lots of us!!! 

 I’m going to be getting a little edgy when I start applying for this debt reduction thing.  I guess that’s not an option for you dujylyn?  I think I would probably seek help from Johnny if the worst came to the worst.  He seems to be well-respected on this site.  I don’t think I could handle collectors intruding into my world and hope it doesn’t come to that. 

And as for you Basher13….You have serious issues.  Apparently everything that Poly and Mark had to say to you went in one ear and out the other. 

Old Hippy

That's how he gets his rocks off, oldhippy, trying to start something.

Notice nobody's paying attention anymore.

Glad you're in a good place...Take care!

Poly

Of course, it's my fault. It could have been avoided, had I possessed more maturity and enjoyed better guidance at the time of my studies. But if this was a regular penitentiary, I'd be out by now. Hell, I'd be even pardoned by now, for far more serious crimes. And you know it.

More Bill C-55 blatter set for today in the House Of Commons.  Most in there agree the changes are a good thing, from what I could tell. And they do take their time to let us know how they feel about it. But as long as they don't turn around and vote against it at the last minute, this should be a done thing by early 2006. 

Then for me, it will have been eight years of that needless cheese and macaroni limbo business...

In the immortal words of a liberal backbencher:

"Bill C-55 will help thousands of Canadians who must rely on a fair and effective insolvency system to deal with the situation of financial distress.[...] It is quite clear that this legislation is of interest to a very large number of Canadians. I am convinced that Bill C-55 deserves the full support of the House. I urge that the bill proceed expeditiously to the committee review stage."

He said "pronto".

And so it is written. And so it shall be referred to the commitee on Science Technology and all that stuff. Things are finally moving. Changes that concern us all to a degree are about to be implemented. For the record, in this case, it  took seven years or so for a reversal of an unfair law and an admission of guilt by the legislator. Still, I'd be curious to know how many many lives were ruined or even lost to this sorry state of affairs regarding student financing over the years. We got a few illustrations of the depth of the mess on this forum. There are many stories that may never be told though , in the end.

And if Provincial governments want to avoid a surge in student bankruptcy by clearing student debt right away with a portion of their budget surpluses (hello alberta) and looking good in the process - they are welcome to do so, of course. BC rules absolute now. Others should really follow the example it sets. Education of our citizens should really be free and accessible, as a matter of principle.