Repayment Assisstance Plan (RAP) Issues - Arranging a deal payment

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Arranging a deal payment

Printed From: CanadaStudentDebt.ca
Category: Government Program Problems
Forum Name: Repayment Assisstance Plan (RAP) Issues
Forum Description: Rules, regulations and problems (Formerly Interest Relief and Debt Reduction)
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5365
Printed Date: 26/March/2026 at 10:41pm
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Topic: Arranging a deal payment

Posted By: gozonuts
Subject: Arranging a deal payment
Date Posted: 12/June/2009 at 4:57am

I have read that collection companies are willing to make a deal if the debtor and them reach an agreement on a one time payment, usually a substantial reduction that may be half of the total debt and interest accrued.

I went into default and the bank handed it over to Quebec, as it was guarateed. Quebec has doubled my debt with the interest, as I haven't always made payments. Question is, will they settle? The guy in charge of my file suggests that that isn't even in the realm of possibilities, but then I suspect they are on commission.

Replies:

Posted By: Saskia
Date Posted: 27/October/2009 at 2:15pm

Hi,
I have a similar situation with my Quebec Student Loan. The gov. paid off my loan to my bank (I wasn't lucky enough to earn sufficient money to pay my loan), then, they put my loan with IQOR.

I started paying this spring, but really want pay directly to the Quebec Aide Finiaciere. When I called and inquired, the Qubec gov. said that the only reason I have to pay to IQOR is that I live in another province. I called twice and was given the same info.

First, I wonder if this is true; do other people with Quebec loans but living outside Quebec pay through a collection agency?
Second, if it is true, than it seems that Quebec Aide Financiere holds the loan - they didn't sell it to IQOR. In that case, any settlement would be impossible. Btw. I also wanted to settle with IQOR but they absolutely refused.

Any thoughts on that?

S.

Posted By: SolveStudentDebt
Date Posted: 29/October/2009 at 5:29am

Iquor used to be CBCL. They do not purchase Quebec loans. Governments don't sell to agencies. They just assign them for collection. If you owe them money there is no reason why you cannot send the payments directly to the government of Quebec. Ministerie Du Finance will be happy to take your money (what bank or government wouldn't be?) The GOQ just doesn't want to get involved and have to do any more work on your account. Paying direct to GOQ creates work.

If they (GOQ) are telling you that you are not allowed to pay them for a debt you owe them, then you should capture that in writing or record it.

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.

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com

Posted By: Saskia
Date Posted: 19/December/2009 at 1:43pm

HI John,

My belated thanks for your reply. I will call Quebec loans again and ask them to send me a letter stating why I can't pay directly. I am also considering sending them the post-dated checks with a short explanation. It may force the Quebec to respond in writing or start cashing checks. Once they start cashing, it will be solved.

I hope to eventually apply for the interest relief or reduction on my 35,000 loan. Otherwise, I will be paying until my retirement!

BTW. What exactly is "good standing"? If they requested 350 monthly and I am paying 250 (but paying every month, although on EI), is this still in good standing??

Many thanks,
S

Posted By: SolveStudentDebt
Date Posted: 21/December/2009 at 2:41am

Good standing is something that the system throws around to borrowers who make payments regularly. The truth is that if a loan in default is returned to good satanding, it would no longer be in colleciton, and this is not the case.

If you get somnething in writing saying that it has been returned to good standing, be sure to validate that.

Johnny

Posted By: fiona1985
Date Posted: 01/September/2011 at 9:19pm

Collection agencies use a variety of methods to attempt to collect past-due debts. Initially, collection agencies usually attempt to collect the debt in full but in some situations, collection agencies strike deals with debtors in which the debtor can settle the debt for a fraction of the outstanding balance. If you make such a deal with a collection agency, it usually signals the end of your dealings with that firm. Ouch

Posted By: SolveStudentDebt
Date Posted: 02/September/2011 at 3:35am

Sometimes but not always.

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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