Where are my loans
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Topic: Where are my loans
Posted By: **TMS**
Subject: Where are my loans
Date Posted: 17/March/2010 at 11:33am
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Hi, i took out some Canada and BC SL's in 2002, they're in collections now (and have been since 05) but I don't know where. Anyone know who I should call? Thx.
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Replies:
Posted By: walhar
Date Posted: 17/March/2010 at 6:31pm
I am in a similar situation. I have student loans from 1996 last I checked years ago the were $5500. It's killing me I am always worried about when they are gonna come and haunt me, it's actually incredibly stressful.
I would like to start making some payments, I can't pay in one lump sum but if the interest hasn't brought it to some insane number I could probably pay off within a year. I just don't want my wages to get garnished.
Has anyone ever dealt with this successfully?
Does the government handle all these debts now?
If I can track them down do you think they would accept a $600-800 lump sum then $500 monthly installments from there?
I tried contacted that CFWgroup but they never return my calls or emails. I would like to get this matter dealt with it bothers me daily.
Thanks for any input!
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Posted By: Syne
Date Posted: 19/March/2010 at 3:36am
If your loans are from '96 and you haven't acknowledged them for many years, you may want to be careful what you wish for.
If you go looking for trouble, and start giving out your personal information to anyone you're enquiring with, you're going to set off red flags and alarms. The result is that you may find yourself acknowledging a debt that's well past the statute for collections and even bankruptcy survival. You also might find that despite your good intentions and want to cooperate, the people collecting will make the process as complicated and time-consuming as humanly possible. Unless you just ran into some big money (lottery, inheritance etc) and have lots of time on your hands, I wouldn't wake the beast 13 years later.
As it currently stands, the loan should be off your credit report and legally uncollectable. I understand that people run into a bit of money and want to make themselves feel better by making things right, but the person who you screwed was the taxpayer and they have long since written off your debt. At this point, you'll only be funding and encouraging collection agencies and banks to keep up their questionable practices.
If I were you, I'd think long and hard whether the monster who would be collecting your debt in the year 2010 really needs to be fed.
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