they are both student loans from 2001 I believe. It is with CIBC where a portion is government guaranteed, (that part now has a lien put against my tax returns and future wages)

-the larger half the 10,000 is with a collection agency that is trying to negotiation on CIBCs behalf. My last payment on either of these is December 2011.

If so it will be Statute barred in 4 mths assuming your right about the 20 mth time period.

You say only one is covered by gov., is the other simply a loan from the bank.

The other loan is also a student loan but it is government insured and has gone to the CRA, where they will only offer me a 90% settlement.

I have not made a payment on either in about 20 months.

You say one is a student loan....what is the other and when did you default on it ? .How long ago did you make payment on second loan?

I told him to send me the offer in writing and I would then provide the documentation he said it does not work that way. He said he gets 100% of these approved and it is a mere formality but that's what the bank requires.

It did not appear that he was willing to give me the offer in writing without documentation as the bank would be writing off a large amount of money (5000).

I do not think it is wise to call back to inform him I won't send him the documents he requires as they will smell money and deviate from the agreement.

Hi,

I have two student loans, from about 2000. One is for about 4000, and insured by the government they say the best I can settle for is 90%. They have already put a lien on any future income taxes and garnished future wages. (I have no income taxes or wages since I have left the country and do not plan to return)

The second is for about 10,000 principle. I have just been given a settlement offer for 50%. I have been delinquent on both of these for about 18 months now.

In order for the collection agency to get me the 50% settlement they want a letter of hardship, bank statements, pay stubs.

1) Is there any harm in sending these (IE acknowledging the loan- if the bank turns it down after the CA presents it to them- they assured me its just a rubber stamp).

2) The CA agreed to 50% quickly, after turning down 20%. Do you think I can get a lower amount still?

3) They assume Im using a credit card to pay this off, I am in fact going to sell assets and transfer to the bank account. Is there a chance they will see this go back on their word to settle after receiving my payment of 50%?