Collection of Old - Stats Barred - Loans

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CSL from 1987

Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
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=6879
Printed Date: 26/March/2026 at 10:30pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com

Topic: CSL from 1987

Posted By: jkrop
Subject: CSL from 1987
Date Posted: 14/May/2014 at 1:17pm

I live in B.C. and in 1987 I borrowed $4000. For over 22 years I never made a payment or anything. I also didn't file taxes for over 10 years. I kinda fell off the radar. In 2009 I filed 10+ years worth of back taxes and was owed over $5000. When I submitted my tax returns I was hit with the information that I owed over $11,000 on the student loan from 1987. The $4000 principle and over $7000 in interest. They took my $5000+ return and every year they continue to take my tax returns. There is about $250/year interest on this loan and each year they get about $500 from my tax returns. I figure they have been paid over $7000 on a $4000 loan and still tell me I owe them $5,707.53. Now they are after me to make monthly payments to collect the rest. My annual income is approx $15,000/year so not a ton of extra money to pay them.

Johnny if you can help let me know. I owe $5k if paying someone less than that to end this is an option I would consider that option.