Student Debt/Collection Question
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Topic: Student Debt/Collection Question
Posted By: R_J
Subject: Student Debt/Collection Question
Date Posted: 14/June/2013 at 7:22am
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Hello, I had a osap loan that i was unable to pay back, thus help ruining my credit. Im in the process of trying to fix my credit, I owe accounts recovery corp around $5,000 for MTCU Student Support. I was about to send them a letter hoping to negotiate a settlement offer but it just occured to me how student loans are handled differently. So I thought i would just ask here, are these type of loans that have been sent to agencies, able to be settled for cheaper or no?
Thanks in advance.
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Replies:
Posted By: SolveStudentDebt
Date Posted: 14/June/2013 at 1:41pm
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ARC is only able to accept the principle amount - or 90% of the balance, whichever works out to be the lesser. That is not ARC's decision though. It is the settlement rule handed down by the Ontario CMU and MTCU. If you are offering less than what the government will accept then you have to give them a reason to settle for less with a convincing argument that will stick. Hope this helps!
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.
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