Archived Urgent Help Needed Posts - Already paid lots

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Already paid lots - asking for help

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Forum Name: Archived Urgent Help Needed Posts
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Topic: Already paid lots - asking for help

Posted By: frank and honest
Subject: Already paid lots - asking for help
Date Posted: 25/September/2013 at 11:29am

My studies concluded in 1989 and my Alberta and CSL went default in Nov of 89. I felt pretty bad that it defaulted but there wasn't anything I could do as I was unemployed after school and had moved a few times. Mail forwarded but no letters received from CLS or AB SL regarding my situation.

Nonetheless, when I finally started receiving letters from the first credit agency I started paying back the defaulted student loan until I reached a point where I was paying only principle. After awhile I began experiencing financial hardship and couldn't make any more payments. That led to being sued and eventually a judgement which stayed with me for six years. I made efforts to contact both the lawfirm who conducted the judgment (by letter) and also wrote to HRDC to explain my intention was to pay but that I was not well off. I eventually paid more on the loan through some help from my parents. My original principle was 10,700.00 and so far I've paid over 16,000.00! I still have just under 10,000.00 remaining. I haven't contacted HRDC, nor do I wish to until I have made as many preparations as I can to present my story to them. I'm hoping there may be some kind of leeway as I was not offered any interest relief or any relief of any kind for that matter. It's been a long hard road for me and I really would like to pay this off but I feel like I've really gotten the raw deal here. Is there anything I should do?

Thanks for your comments

Replies:

Posted By: frank and honest
Date Posted: 27/September/2013 at 5:16am

My rather large Student Loans file has been completely organized and a chronological history is completed! Along with an Excel spreadsheet listing every single recorded transaction I can find is also a corresponding listing of my income that year as showing on my assessed income tax returns. I noted that it's really odd that I have so many records and papers all the way from the beginning but there isn't a single letter or notice from the Students Finance Board stating the status of the loan or indicating when it becomes due. As a matter of fact, I didn't begin receiving any correspondence until the loan went into default.

Another note I made is that in my history I see that I began making regular payments on the loan as soon as I started receiving letters and calls from collections and kept making those payments until I had all the interest paid and was starting to chip away at the principle. Then, I see payments died off and it's interesting to note that my income that year was very, very low. I can't believe it but the income I filed that year was just over $1400!! There were several bad years in there and even though I was trying to do the right thing, I was sued by the AG of C and a Judgement was filed during my time of dire economic distress. Looking back, I can't believe actually happened that way.

Since I've already paid back my original loan and my judgment amount in full and, because of interest, I still owe $10k, if I just were to get a consumer loan and pay back the full amount owing, I will have paid back two and a half times the original amount!! I am curious to find out if I can possibly, remotely find some compassion in HRDC. Sadly, I'm not holding much hope.

Posted By: SolveStudentDebt
Date Posted: 29/September/2013 at 7:38am

The financial and recovery sector within the government of Canada does not care about truth or hardship. They only care about money, unfortunately. If you are in hardship and it can be clearly laid out for them, and that you have demonstrated good faith, and will continue to remain in hardship, then there is a possibility. It all depends on the strength of your case. I cannot determine cost/benefit and run analysis to determine anything though unless I know the entire history of your student loan endeavor, fianncial statuses over the last few years, etc.

This is a service we provide to help you seek out benefits and plans of action that will help you in your future endeavor here.

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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: frank and honest
Date Posted: 09/October/2013 at 4:54am

Based on what I've read online in the past few weeks it looks as though the best course of action here is to pay the full amount and suck it up. I'm lead to believe that if I were to approach CRA with the intent to settle that I would be faced with credit bureau issues even though my credit report is clean and all previous records pertaining to the CSL, the judgement and all have been purged long ago.

My family income isn't high and never has been. I have saved a few dollars over the years and have three kids. I'd like to clear up the family name with the law and get moving forward. On the other hand, if there were some way I could get this cleared up and only pay part of the remaining debt I would have a few bucks left over to help make ends meet.

In reality, I've already paid the debt back. The original principle, a whole lot of interest, crazy stress at my jobs and at home with collection agency issues, a six year ruin of credit rating all adds up to a lot. I know that doesn't mean much to the CRA but it sure as hell means a lot to me and my family.

I also don't really want to pay an adviser to tell me what I already know.

Posted By: SolveStudentDebt
Date Posted: 09/October/2013 at 9:36am

We spoke today I believe:)