Describe your Debt Load! - advice regarding defaulted loan

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advice regarding defaulted loan

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=4106
Printed Date: 27/March/2026 at 12:33am
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Topic: advice regarding defaulted loan

Posted By: raydavies29
Subject: advice regarding defaulted loan
Date Posted: 25/February/2007 at 10:59pm

i have only 5000 left to pay on a defaulted federal canada student loan that is with nco financial... i heard of stories that the goverment may forgive a portion of that ..with a proposal.. which i bet they'll want at least 80 percent of that 5000 owing.. does anyone know of a site that can help me with the proposal.. what words i should include in it to safe guard myself so i have something to prove what was agreed upon so they don't come back later for another 1000

i'm going to over 2500 and see what they come back with

tia

Replies:

Posted By: hunter
Date Posted: 28/February/2007 at 9:58am

If the money is owed to HRSDC they will not take a settlement payment. Been there and tried it.
I owe $ 13,000. and I offered them $ 6,000 and they said why should we accept that. In time, whether it be 5 years or ten we will get the money from either your income tax refunds, or GST credits, or wage guarnishee. She went on to tell me that she did not care if I paid it, as they would get their money in the end.