Debt Reduction- ANy Experience?
Printed From: CanadaStudentDebt.ca
Category: Government Program Problems
Forum Name: Repayment Assisstance Plan (RAP) Issues
Forum Description: Rules, regulations and problems (Formerly Interest Relief and Debt Reduction)
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=973
Printed Date: 27/March/2026 at 2:03am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Debt Reduction- ANy Experience?
Posted By: datroof
Subject: Debt Reduction- ANy Experience?
Date Posted: 23/April/2004 at 11:54am
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Has anyone out there experienced Debt Reduction?
I have been out of school for 5 years, and am currently on my last month of IR. Ive kept my acct of good standing- even tho i paid $600/month for 2 years while i was working, i barely made a dent ... anyways, i used 12 months of IR before i started and 18 months after i was laid off...... if anyone knows how they determine the 50% forgiveness, i'd very much appreciate any advice/ expertise..... ------------- I'm gettin' there~! Ever so slowly~! |
Replies:
Posted By: Casey
Date Posted: 23/April/2004 at 7:33pm
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A better question would be does anyone really get the 50% forgiveness. Seeing is believing! They likely have an obstacle course of paper work that makes it virtually impossible to get. Even disabled people can not get forgiveness or Canada Pension Disability. The system is designed to make it so difficult that most people either give up or die. Casey . .
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Hey guys, know anyone that got any kind of "forgiveness"?
Posted By: SolveStudentDebt
Date Posted: 24/April/2004 at 7:44am
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Yes, people (though very few) have debts "adjusted" or "reduced", but it depends on the situation. Traditionally, the CSLP or HRDC doesn't forgive debts, as we all know. For instance, even when they are stats barred. The loan will ressurect if the individual applies for more student loans down the road. Therefore, the government doesn't "forgive" student loans. Unfortunately, when it comes to the governments, forgiveness comes with a huge price tag attached to it. Sad but true. The day HRDC/CSLP promotes car loans, personal lines of credit, and mortgages is the day they would be justified in charging the rates of interest that they currently demand. I doubt that we will ever see products such as "HRDC VISA's and HRDC power lines of credit". Johnny
------------- 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: she-ra
Date Posted: 24/April/2004 at 5:43pm
After 5 years scraping along I applied for debt reduction and with the help of the bank (who wanted to get some money lol) I was able to get just under 10,000 knocked off. BUT to do that I had to keep my CSL up to date and to do that I had to give them every cent that didn't go to rent and hydro etc, thus running my measley credit card to the max for three months while the deal went through. I still owe CSL 24,000, BCSL with the bank 5,000 and BCSL with the provincial govt 10,000. As I was a single parent I had to take out the max to keep us both alive and well. So I am still up to my eyeballs in debt, work a low paying job, live in pricey Victoria BC and am praying for the day when I can go bankrupt. I started this mess late and will be in my late 50's when that blessed day comes. So far I am hoping my tiny company pension includes a brand new shopping cart each year for my bag lady future.  ------------- she-ra |
Posted By: datroof
Date Posted: 27/April/2004 at 4:11am
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Thanks She-ra,
Save a space for me- i'll be the one in the (hopefully) large cardboard box. Can you give me some deets on what you needed to show them (in terms of paperwork, statements, letters). How tough were tehy? I have no assets (RRSPs etc) except for a car... will they tell me to sell it before i get the reduction? ------------- I'm gettin' there~! Ever so slowly~! |
Posted By: she-ra
Date Posted: 27/April/2004 at 8:21pm
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It was just a statement of earnings and dependents. Since the loan was with a bank and they hoped to get some money they included my son as a dependent even though he was no longer living with me. lol They said 'they always come back' hehehe. Paperwork not too hard but the loan has to be up to date to get it, so keeping it paid up was really hard and now mastercard doesn't like me. Losing friends here!!! I had a car at the time, a beater and it was no problem. That took the money off my CSL. I have a BCSL with the bank also but although it is ok I was refused debt reduction on it because the BCSL with the province was in collections. poo They are sooo picky. good luck ------------- she-ra |