Graduated January, 2001. CSL loan is risk shared with Bank of Nova Scotia.
Received a collection call for first time. Immediately disputed the amount with the collector and asked to be sent a letter of assessment with exactly how much principal and interest I owed. Haven't heard from them for 2 weeks so I write a formal letter requesting a notice of assessment with all payment history made and exact principal and interest owed.
3 weeks later I received a package with all my monthly statements dating back to latest Dec, 2004.
Here's a quick summary.
Graduated with just over $15,000 owed. Monthly payment plan was $150/mth with interest rate at 8.5%. So basically I'm paying about $125/mth in interest and $25/mth on the principal.
Fast forward to my latest monthly statement of Dec.2004. I owe just under $11000 in principal. So I payed $4000 off the principal last 3 years out of my monthly committment of $150/mth which translate in 3 years to making $4800 total payment.
Remember $25/mth goes to principal so paying off $4000 of principal is not too shabby but why did they send my files to collection than?
They say I owe $6900 in principal and $5700 in interest.
Now my monthly statement doesn't show interest accrued so I had to manually add up all the monthly statements to get my total interest from Dec. 2004 to currently now which comes out to $4700. So all the payments I've been making from 2004 to now has all been applied to principal which explains why I never get an interest receipt for tax purposes.
I went through tough times during mid 2000's that I would have definitely qualified for interest relief if they had not defaulted me. Clearly I made more than the minimum payments when I was in a stable job until I lost it than whamo they defaulted me. I don't owe provincial loan just this CSL.
Should I ask for the rest of my monthly statements from when I graduated to Dec. 2004? And the bank is asking for the principal back only but the collection agency wants the total principal + interest. Don't know what to do but would definitely like to get rid of this loan that was originally amortized to January 2016.
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