A question, not a horror story
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Scotia Bank Horror Stories...
Forum Description: Describe your dealings with Scotia
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5044
Printed Date: 26/March/2026 at 8:48pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: A question, not a horror story
Posted By: Sidney
Subject: A question, not a horror story
Date Posted: 20/October/2008 at 4:11am
|
This is my question: what do you think will happen if I make payments on my shared-risk Scotiabank loans (1996-2001) while I am on Interest Relieft with the NSLSC (loans 2001-2005)?
Will I automatically be disqualified from interest relief and debt reduction?
How long do you think it will take for them to find out?
I wasn't planning on making full, regular payments, just maybe throwing a GST at it here and there to bring down the principal before the interest kicks in. I wonder if I will be allowed to do this?
|
Replies:
Posted By: LMZ
Date Posted: 28/November/2008 at 12:36am
| You're allowed to make payments while on IR. |
Posted By: SolveStudentDebt
Date Posted: 28/November/2008 at 7:34am
Can you imagine the system telling you that you cannot make payments while you are on interest relief? 
"Well Mr. Down n'out, it looks like you are on IR, therefore, your money is no longer accepted here. The reason being if you make payments that will bring down the principle of your loan thus reducing the amount of interest you have to pay. Can't have that, now, no Sir." ------------- 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: Sidney
Date Posted: 28/November/2008 at 8:03am
| Actually, I was concerned that they would take me off the Interest Relief program if they saw that I had a bit of money to spend. |
Posted By: SolveStudentDebt
Date Posted: 28/November/2008 at 2:00pm
|
It is based on what you earn for an income. If you receive a gift of money from a family member and wish to apply it toward your loan, then you are entitled to do that without incident. ------------- 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: administrator
Date Posted: 28/November/2008 at 4:18pm
|
I would not trust the NSLSC to deal with this correctly. I doubt their computer system could handle a change in principle while on interest relief. Making a payment while on interest relief will cause them no end of confusion and set up red flags all over the place. Maybe put the money in a high daily interest account and if you end up qualifying for debt reduction at the end of interest relief, pay off your balance afterwards with the interest you've earned. Make sure you have a couple of months of loan payments in your bank account - just in case they tell you you're on interest releif and then tell you they made a mistake and your not, or in your next round, take way too long to process your request and you have to pony up some back interest to stay in good standing!
If you qualify for interest its because you need it. I've heard of a few people making extra payments and their whole file got screwed up - payments reset to higher leveles etc. Keep in mind you have a provincial and federal loan.... and they could screw up just one and mess everything up for you...
If it aint broke, dont fix it:) ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |
Posted By: Sidney
Date Posted: 29/November/2008 at 5:59am
| Excellent advice, thanks. Cheers! |