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falling behind

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Topic: falling behind

Posted By: clarks3
Subject: falling behind
Date Posted: 04/January/2014 at 12:00pm

Hi there'

I have 18450 in Ontario student loan debt from 2006. My issue is that I make okay money however I own my own house and those bills come firs, I never have enough left over to pay the principal amount the expect me to pay so they continually put me on interest only payments for years which gets me nowhere. They won't let me choose a monthly amount that I can afford to put towards a principal because they want it paid over a 15 year period, so lately I haven't paid them at all and have been fighting with them. Would they not rather me pay something than get nothing from me? Im stressed and unsure what to do? Any advice is greatly appreciates.

Thanks

Replies:

Posted By: administrator
Date Posted: 04/January/2014 at 12:45pm

First of all, not making payments is a bad idea. You will be defaulted and reported to the credit bureau. You will then have a hard time renewing your mortgage next time it's up for renewal.

Check to see whether you qualify for RAP - if they are accepting interest only payments they may be trying to help you.... If you are on RAP, at certain intervals the government will reduce your principle for you. The maximum amortization for student loans is 15 years, because if you can't pay it off in 15 years, they figure you should be on the RAP program.

Here's a link to the RAP program.
http://www.canlearn.ca/eng/loans_grants/repayment/help/repayment_assistance.shtml" rel="nofollow - http://www.canlearn.ca/eng/loans_grants/repayment/help/repayment_assistance.shtml

Are you dealing with the NSLSC or a collection agency?

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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024

Posted By: clarks3
Date Posted: 04/January/2014 at 1:05pm

Hi mark, thanks for the quick reply. I've applied for rap but I dont think I will qualify, they don't take into consideration all of the other bills people have to deal with in life. They also want my husbands income which in refuse to provide because the loan is in my name and my deal, we keep separate accounts and make our own money so I told them i don't think its fair they take his money into account. So I should continue with interest only payments ten? But what happens when 60 months is up and I can no longer do IR payments? I believe it is nslsc I'm dealing with, says its TriCura?

Posted By: Radagast
Date Posted: 05/January/2014 at 7:27am

I agree, definitely get caught up on any payments you have missed. You always have the option of making one-time payments. Even if they won't accept a low monthly principal repayment on a regular basis, you could always make an extra $100 above interest every month or so. I do it through my online banking.

Posted By: SolveStudentDebt
Date Posted: 08/January/2014 at 3:35pm

Tricura is the collection agency within Davis and Henderson's NSLSC handling government products. The system makes it so that both incomes determine the outcome, unfortunately. On one hand you have privacy law that protects him, and you have the FAA and CSLA that say you are required (by these laws) to disclose all of the income in a household. The law is designed to aid the government in recovering money from someone other than that borrower.

The laws in Canada are warped beyond reason and lawyers for the financial and government communities manipulate these laws even further so as to restrict you. Government and the financial community are both impervious to law so they make their own up. With their power and unlimited access to financial resources they succeed.

Lawyers and wealthy corporation rule the system, and Canadian politics. Given this there's a whole lotta corruption going on. But not with Stephen Harper and his conies, no. They are the honest ones in Canada right.

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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