Collection of Old - Stats Barred - Loans - Paying back 7 year old loan

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Paying back 7 year old loan - How to proceed?

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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=7222
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Topic: Paying back 7 year old loan - How to proceed?

Posted By: JohnS2017
Subject: Paying back 7 year old loan - How to proceed?
Date Posted: 08/March/2017 at 3:03am

Hello all,

I have a student loan dating back to 2009-2010ish that for various reasons I allowed to go into default (lack of financial stability, sidetracked by family crises, just plain ignoring it, etc). Now that I am a little more settled, I intend to contact the agency holding the loan to arrange repayment and attempt to rehabilitate the loan and pay it down to zero in a decent timeframe. Quick notes:

- The loan is currently at around $8000, up from $6500ish originally. I am not in a position to pay it all outright

- I'm pretty sure there is a lien on my tax returns, though I have not filed for a tax return since I left school

- My grades were generally good across the board but I did not successfully complete the program I was in. My family have a history of depression, bipolar, and sleep disorders. Complications related to both my own difficulties and helping my family cope with theirs were a big contributor to my inability to complete the program successfully. I have access to supporting documents.

- I have been working full-time for the last two years. In the time previously, I lived with family, attended full time school off and on while working (tuition paid out of pocket), and was recognized as single dependent under my mother's ODSP. I no longer live with my family.

- I am not working in a field directly related to any of my studies

- ARO collections has my loan. I have not spoken with them.

I'm assuming step one is calling the agency. How should I proceed from there? What information would I be expected to provide/what information should I withhold? Are there options for relief or repayment assistance available to me? How do I not screw myself?

Thanks in advance

Replies:

Posted By: SolveStudentDebt
Date Posted: 08/March/2017 at 7:12am

ARO, collecting for Ontario student loans presumably. You can have the loan set aside if there is a case for it. There is a way but you have to have a solid case to generate cause for that sort of action. I can give you a thorough assessment to determine case strength if you want.

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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: JohnS2017
Date Posted: 08/March/2017 at 1:15pm

Thank you for the prompt reply. I've looked over the assessment/analysis tab on the cfw website. What materials should I gather before scheduling the appointment?

Posted By: JohnS2017
Date Posted: 08/March/2017 at 1:19pm

Also, are there any factors you list off in a general sense that would disqualify having the loan set aside as an option for me?

Posted By: SolveStudentDebt
Date Posted: 09/March/2017 at 6:35am

Hi John

You just have to answer a bunch of questions and I have to put a puzzle together for you. You know your situation better than anyone, so I will put together a case - piece by piece if you have one with the information you provide.

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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