Bankruptcy and Proposal Info and Issues

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Total Payment?

Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5590
Printed Date: 27/March/2026 at 2:02am
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Topic: Total Payment?

Posted By: whelansm
Subject: Total Payment?
Date Posted: 05/January/2010 at 7:14pm

Need a little advice asap! lol (isnt it always asap?!?? lol) Thanks though...

anyway,

i have 2 old student loans...one is statue bared and the other is active for another 1.2 years...then its off the credit report too...anyway, i wanted to buy a house. Of course they say I have to pay the loan off before they will approve the mortgage. I checked my credit report and it said two numbers....one was a of balance 10,000 and the other was max credit limit of 12,000. Do i owe 12,000 or just the 10?

Second big question is can i just give them the cash to clear off the portion of the loan on the credit file? Just borrow and cut them a cheque for the 10g a be done with this? My bank said they would approve my mortgage IF i can clear that debt...but im worried that they will say I owe 12000.01 and make a 1 cent penny on the statue bared one to re-instate it for another 6 years...any ideas?

Any help on this would be great as I only have a few more days before my chance to get the cash will fall through...

Thanks again everyone!

Replies:

Posted By: SolveStudentDebt
Date Posted: 07/January/2010 at 8:19am

Hey S,

The statute barred loan is the issue, yes. However, your proposal to take it out is all centered on the active loan. That is how I set it up for you. There is no acknowledgment going to happen on the barred one. Everything is based on the one risk loan as we discussed. I haven't heard back yet. Call me after 6 Pm and I will see what I canb scrape up for you.

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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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