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My situation is that i have been living in Asia for over 14 years. I attend university in Ontario, which I left due to medical reasons in late 1992 (I did not graduate). I have never made a payment on the loans I incurred from 1990-1992. I did try on a few occasions to start payment plans but was refused based on what I offered them. I was then contacted in Asia about 10 years ago by a collection agency which I again offered a payment (I proposed growing payment over a few months with a smallish lump sum up front ), they refused my option so I asked what they wanted they asked for over 50% total owed payment right away then monthly payments of about 3-4 times what I offered. At that time I offered the absolute maximum I could afford, they told me their offer was the best they could do. It was impossible for me to do what they asked and asked for another offer they would not budge. I again reiterated that I could in no way come up with the sum they were asking let alone the payment they wanted (I could have made those payments a few months later but not at that exact time, I told them this and they said no right now). I then said well when you can change your offer then I might be able to reach their demands, they replied with some abuse and hung up. I never heard from them again. Well this has ended up in a blind spot (I know I should not have done this but I have please I understand the morals here and what I should do, I am trying to figure out how best to deal with it). I returned to Canada for a nine month spell about 2 years ago and worked a little. I filled my tax return late last year for 2009 with a result of almost a $2000 return on under $10K income. I received a letter stating they will retain money for a past debt and send me any that might be left over(I know there is none left over if it is for my student loans).
So my questions are?
Please realize I am not trying to avoid these now, I have no idea how to approach this situation as to limit future damage as I proceed forward in dealing with them. This tax situation has woken me up and I wold like to start dealing with it.
1) Since my loans are pre 1993 and I have had no contact are they stat barred? (even the Ontario one). I understand that loans become stat barred if no payment, application of new loans or written confirmation is received from me. I also have read that Ontario loans have no Statute of limitations, but I heard that was for loans after the end of 1992(not sure of this however)
2) If I call Revenue Canada to see if this is the reason they have withheld my tax return will this in anyway remove stat barred from them (assuming they are stat barred)
3) How can I find out the outstanding balance of these loans and who actually holds them now. I honestly cannot remember the collection agency that called me 10 years ago. And I can't remember which institution issued them in 1990-1992. I know I have the original documents in Canada but I am not there and they are not accessible to me right now. I know this is vague but as I mentioned I am trying to find a way to progress the situation sooner not later and I do not know when I will be back in Canada next. I think one of them is from CIBC originally but not 100% sure also if I call CIBS could this change the stats barred situation?
4) Also I have gotten a copy of my credit report and it showed no student loan debts, this report was about 18 months ago and I guess since the loans are way past 7 years they do not show up, is this true?
I am a little worried about removing the stat barred (if there is one) before I am in a position to pay them back. I do not want to wake the beast too soon :-)
Any advice, links, ideas or experiences are appreciated.
Thanks in advance
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