Describe your Debt Load! - My bottom line so far

My bottom line so far

Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4098
Printed Date: 27/March/2026 at 2:03am
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Topic: My bottom line so far

Posted By: Southpa
Subject: My bottom line so far
Date Posted: 22/February/2007 at 8:50am

I've had this hanging over my head for quite some time now.� I decided to count my chips and have made a few conclusions.� Heres where things stand:

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As of 2003 my oustanding CSL debt was $24,526.86 according to TCH International collection agency.� Over the years I have made various attempts at repayment as well as Income Tax returns and GST cheques being seized since 1999.�

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Total Income Tax = $6594.41

Total GST = $1226.75

Total payments by personal cheque = $2458.00

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This amounts to $10279.16 paid out towards erasing my CSL student loan debt.

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The most recent monthly statement I have received from Social Development Canada states the outstanding balance at $29965.51

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Hmmm.... somethings rotten in Denmark, don't ya think?��

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Conclusion #1

If you can't afford their minimum monthly payment then don't bother, you are needlessly throwing money away.

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Conclusion #2

Yes, it definitely IS a business.� They would prefer that you stay in debt so they can collect those little extras you are sending that YOU think are making a difference.

Replies:

Posted By: SolveStudentDebt
Date Posted: 22/February/2007 at 11:17am

The Canada Student Loans Program is a business and was re-built to create MASSIVE revenues for ther government. They do make MASSIVE returns but claim poverty as well. The government finance sector has adopted policy that is equivilent to bank and consumer lending protocol. They keep you tied up and in debt so they can continue to reap (see income tax and Canada Student Loans Acts). There is no alternative for the borrower because it is a situation controlled by force. Essentially, the government is doing to its people what it is actually supposed to be protecting its people from.

Johnny

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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