General Advice please
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Topic: General Advice please
Posted By: AyumiChan
Subject: General Advice please
Date Posted: 19/September/2012 at 12:04pm
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Hello all, Brief description of my situation: I took out a loan for college in 2008, left college in 2009 for personal reasons. I was eventually contacted by the CRA and I set up a payment plan with them, they were very understanding of my financial situation as i explained it to them (Live alone, my parents are in brazil, pay my own rent etc) I am wanting to get back to school very badly, so I contacted the CRA and they told me I had to pay X amount + all outstanding interesting for my loan to return to OSAP, and then I would be able to apply to college for a new loan. Up to here its all good. I then started receiving calls from this strange number, these people that identified themselves as "government of Canada" EOSNCN. This is where I learned that my original loan is actually split into 2 different parts (Federal & provincial), and that these people were calling me to collect the provincial part of it. The problem with these people is how rude and un-cooperative they are, they "demand" exorbits amount of monthly payments, even after I told them about my financial situation. I offered to pay them 100 a month, they said its too low and I told them that 100 is how much I am also paying the to the Federal portion of my loan, she proceeded to call me a liar and that she would send a sheet for me to fill out about my income and etc and that they would do an assessment of how much I should be paying. My questions are: 1) If i can realistically only pay them 100-125 a month, can they ask me to pay something like lets say 300-400, even after I've sent them the papers filled out? If I refuse to pay the monthly amount they suggest, but they wont accept my suggestion, what can they do? 2)I now know the procedure for returning my federal part of the loan to OSAP so I can apply for school, but what about this provincial portion? Do both Federal & provincial have to be returning to good standing for me to take out another loan to apply for school? If so, how do i do it(Provincial)? 3)In this paper they have sent me to fill out my financial information, do they have the right to ask for my SIN number? And last but not least, my main goal here is to somehow deal with all this in a manner where I will be able to return to school, but I have to deal with this first( CRA & now EOSNCN). What steps should I take? Thanks in advance, Any help is highly appreciated |
Replies:
Posted By: SolveStudentDebt
Date Posted: 20/September/2012 at 7:16am
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Hey Aym, 1. They will always ask for the most money they can secure from you. Traditionally, loans in default carry a requirement to pay back over a period of 7-10 years, depending on the state of your financial posture. If they set a payment plan up that you cannot afford then you simply can't afford it. They have only two choices and they are to either accept a smaller payment or pass it off to whomever else in the system for procurement. Now, if you refuse to pay what they reuqire and you have the ability to do so then that places you atgreater risk of them just suing you. However, if you cannot pay it and can demonstrate that then they will accept lower amounts from borrowers. The problem is that they do not make the task or experience very easy for you I'm afraid. This is part of a service I provide and it is certainly a busy one! 2. THe student loan system as a whole will not grant you any further funding unless your prior student loans are in good working order. 3. If this is the federal governent;s financial information form then the answer is yes. Your account # is actually your SIN followed by two capital Y's (111-222-333 YY). EOS (Nordon Collection Network) is handing the OSAP ortion of your student loan. So, you have to deal weith either them or the Ontario COllection Management Unit based out of Sudbury, Ontario. If you want to know what the requirementds are in order to secure more funding they will tell you. I do not know how far you will get with EOS because they are debt collectors and do not get involved with inverstigations that do not earn them their commission. YOur best bet is to approach the MTCU (ministry of training colleges and universities) or the CMU in Sudbury. Dealing with CRA is sometimes easy, depending on who you connect with. In other cases, people leave the concersation frustrated, angry, and fearful because of negative/threatening discourse and unfriendliness. It is common in the debt recovery sectors in every financial environment. If they set the standard that interest must be cleared first then they will not bend. It is certainly a better option than having to pay the entire loan out with interest though, which is the way it used to be some time ago. Johnny ------------- 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: AyumiChan
Date Posted: 20/September/2012 at 11:18am
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Ok, so as long as I pay them what I can actually afford then I will ok. Now like I said, EOSNCN has sent me a paper to fill out(financial questions like income) ; as a collection agency, can they legally ask me for my SIN number? *EOSNCN is collecting the provincial part of my loan Also, Am i able to legally record the calls? if so, Do i have to let them know? are they admissible in court should the need arise? Thanks in advance once again |
Posted By: AyumiChan
Date Posted: 20/September/2012 at 11:37am
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Ops, let me slip in a couple of more questions: In this paper for financial assessment: 1. Can they ask me for my employers number? (I DO NOT want them calling it, are they even allowed to?) |
Posted By: SolveStudentDebt
Date Posted: 21/September/2012 at 5:25am
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In Canada, you can record a call with another party. Only one party has to approve of it. As freaky as our laws are here in Canada, as long as you agree to it and do it then you do not have to notify the other party. Johnny------------- 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: SolveStudentDebt
Date Posted: 21/September/2012 at 5:27am
If you do not want to put that # in then exclude it. Hey want to know everything in those statements you fill out though. ------------- 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 |
AyumiChan wrote: