Hello Johnny,

I defaulted on student loans that I recieved in the years 1994-1998.  I've never really had a high paying job which would afford the ability to pay $500 a month so I've been hiding from them for a long time.

Now that I'm older, and a little more mature, I'd like to start relationships with banks etc, but would rather my defaulted loan wasn't on my credit report before approaching any lenders.

My transunion report is clear of them, except for 1 record that says:

CIBC Student Loan

Reported Date: Jun 01,2000

Opened Date: Sep 01 1988

Last Payment: May 01, 2000

INSTALLMENT - IO - TOO NEW TO RATE

Should that be removed by now?

Is this something that requires delicate handling that I should hire CFW to handle?

Would I be better off attempting to pay the $5000 somehow?

Any advice would be greatly appreciated.

 

If you can't - and need help putting together the best approach then become a client and I will show you how to fix this.

 

Johnny

I guage hardship by it's true definition with a much more open mind, of course. I recognuize real life crisis in a much broader spectrum than what the financial community does. All they care about is the financial component.  

 

I come here to this site just to provide information here and there that people should know about, and to answer very general questions (periodically). I offer my services to people here in support of them. If you think you need it come to us.

 

I will help anyone who has good intentions and wants to do the right things. I don't help people with the intention to cheat the system. If you have good intentions with a real problem that needs fixing I am here to help. That's the way I and everyone in my circle rolls. Those who cheat and frustrate the system get punted.

 

1) You know my situation, I'm being100% truthful. Taking that at face value, do you consider me as someone thats frustrating the system?

2) Are you familiar with the "TOO NEW TO RATE" status?

3) Is it possible to have that removed from my credit report?

4) would any of our dealings be considered acknowledging a debt? Is it possible attempting to update the status of that loan record would result in the acknowledgment of my debt, which would put it back on my credit report?

My loans are a statute barred monster thats sleeping in my past. I have never worked a day of my life or finished any education that these loans were accrued to obtain. It would be devastating to me and my life if I were burdened with these now. I am 35 years old living paycheque to paycheque, I can't afford a misstep that will haunt me for another decade. I really wish I had the resources to make everything right, and to pay these back, but it would most certainly come at the expense of having a sensible life. It's getting late in the game for me.

Thanks again

 

1. You posted certain facts about your situation but that doesn't mean I know your situation.  The only way I will ever know your situation is to sit down and talk about it, assess it, and determine what your goal and intention is. These things you have posted are just the tip of the iceberg basic points.

 

You appear sincere and truthful, yes. You said you were "hiding from the system" but your reasons were not a deliberate attempt to cheat or frustrate it, based on how you described. You explained why and, quite frankly, people who are afraid of something respond by "hiding" from that fearsome something.

 

Many people blast themselves at us with absolutely horrible intentions, and with this desire to do more harm than good. Everyone's goal is to be somewhat, if not fully debt free. I get that. That's absolutely normal and a good goal to drive towards. The two points that concern me most when interviewing a client are his or her motivations and intentions. If they are good then I am good. If not, it goes without saying.

 

2. Yes, I am familiar with those ratings and criteria.

 

3. Anything is possible man.

 

4. Only if you want it acknowledged, or do something on your own somehow that prejudices the case or outcome. Otherwise your legal position will remain, if a limitation issue is the case. 

 

Johnny