Thanks for your replies!

It’s been a while but if I remember correctly there are usually 3 parts to a student loan when you default. What essentially happens is when you breach the terms of the loan each body that guaranteed their respective portions is responsible to collect on their part only. The 3 portions are:

Federal
Provincial
Bank Risk

While AJ has a good thought, you don’t have the option of dealing with one collection agency.

Based on my knowledge…Federal won’t settle, it’s pointless to try. The most they would write off was $9.99. The good news is the Feds don’t show up on your credit report.

Province of Ontario might knock off 10% of the balance or principal of the debt upon listing to the collection agency. Not sure about the other provinces.

Your best chance to settle for a low amount is the Bank Risk portion; we have done them several times.

I think you should call up where you got the assistance from and ask them which collection agency is supposed to be handling your matter. I would only be dealing with one collection agency.

Is it possible to settle with the collection agencies that are handling my defaulted OSAP. I am dealing with three companies.