HELP! I'm confused about next step
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Forum Name: Collection of Old - Stats Barred - Loans
Forum Description: Post questions about old loans and Statute of Limitations Issues
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6554
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Topic: HELP! I'm confused about next step
Posted By: mamasept
Subject: HELP! I'm confused about next step
Date Posted: 13/November/2012 at 10:16am
Hi there,
I have Ontario loans from '94-'97 that are in collection, Alberta loans ($4400) from '01-'02 and federal from both degrees ($19821). Today I visited a debt relief company and had a consultation. I would like to settle for less than a third of the debt if possible. The fees were high at the company but the lady was helpful and said that I could do it on my own. Has anyone out there been successful with this? Also, I'm extremely confused about the limitation thing. Do I have to go to court for that and does it wipe out the loans forever? Thanks!!!!
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Replies:
Posted By: mamasept
Date Posted: 13/November/2012 at 11:46am
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Okay, I've done some more reading, so I may be even more confused, lol. My tax returns have been taken for the last few years but I don't remember acknowledging tthe debt in writing at all, so I'm puzzled. They've collected for both the Alberta and Ontario loans through CRA. Should I just try to settle for a lower amount? I have approx $28000-$32000 in debt and would like to settle for under $10000 with some help. I make very little income and my common-law spouse doesn't make a huge amount either.
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Posted By: administrator
Date Posted: 13/November/2012 at 1:11pm
Unless you have a lump sum payment, they will not settle. Do you have a lump sum to offer them?
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Posted By: mamasept
Date Posted: 13/November/2012 at 1:12pm
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Yes but it is slightly less than one third of the debt.
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Posted By: administrator
Date Posted: 13/November/2012 at 2:12pm
If you are willing to pay some fees, I think John Leblanc at CFWGroup.ca could do this for you. If you hire him, he could also check whether any of the loans are stats barred.
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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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