You are the jerk! Most people do not end up not paying their bills because they are dead beats, they end up not paying because of unforseen circumstances that get in the way of paying bills. The credit companies do not help much. You can call your creditors, try to set something up that is suitable to both parties but instead the creditors decide to either sell the debt and write it off totally or send to a collection agency. In both cases, the original creditor only get pennies on the debt dollar. So why don't these people settle a debt with the original debtor in the same manner. Settle for half the debt or some percentage that is comfortable for both parties. This way the debtor is at peace, is not harrased by third parties or court situations. They can still be reported to credit bureaus as not having been able to pay the whole debt but at least they can save some face. To me this sounds like a more respectful way of doing business.

Another bunch of winners.
If all people only paid half their bills, this countries economy would be in the toilet.

Here's an idea.. pay 100% of your bills.. you lazy ass quitter.
You signed a contract. why not stick to it.

God almighty, what a bunch of freakin' losers.

This site makes me sick to my stomach and it makes me want to vomit all over my floor.

Well, not quite; if they're not stats barred, you'll owe more interest too.

Look TJ, with some people, I encourage them to do their own research, not just to save a few bucks getting help, but rather to empower themselves; however, in your case, I would seriously consider hiring some help.

Blessings Be.

Ray

Are you talking about Equifax as a collection agency or Equifax as a Credit bureau?

If you're talking about Equifax as a credit bureau, most credit reports contain inaccurate information about Canadians.

You have to imagine that hundreds of creditors, government agencies, collection agencies etc dump millions of records into Equifax Canada's system every month.

There is no earthly way that Equifax Canada can keep track of all the information they manage.

So...........................................
If Equifax is wrong as you have pointed out, then nothing has really changed. I owe what I have always owed.

If Equifax is right and the loans have been sold, then the repayment amount changes.

I will go and dig ( and dig and dig ) for that information for you. If I am not back in three weeks, sent someone in after me : )

Blessings be,
TJ

Blessed me, now I see the problem you're having. What time during 2000 were the loans taken out and what province were they taken out in? Furthermore, what payments did you make on them and when did you stop making them? Also, when did you graduate or, at least, cease attending school?

Who bought the loans and when? If they were sold, you can be sure that you'd be getting letters and phone calls from the new owners real fast assuming they know your current address or phone number. This leads me to think they weren't sold at all if all you've got is a notation on your Equifax file. Nice people there, but they are royally screwed up. My last 5 Equifax reports had more errors on them than correct facts.

I told you, student loans (after 1998) have a 10 year waiting period after leaving school in order to be eligible to be discharged in bankruptcy. I'd be more concerned with statute of limitation conditions right now. That's why I needed the above info. By the way, how much do you owe? I also mentioned that just because a loan is sold for 5 cents on the dollar, it doesn't mean that all of a sudden, you're on the hook for $500 on a $10,000 loan. That's not the way it works.

Blessings be

Ray

You have been helpful already!!!!!!!!

I have been challenged on my not-specific-enough language use before. Thank you for bearing with me and giving me your feedback.

Given that you say to call Johnny, I will. The forum postings at their were over a year old, so I became unsure and posted back here again.

The student loans are from 2000. At that time I internalized "THE TRUTH" that there is nothing, including person bankruptcy, that stops the complete repayment of student loans.

Suddenly in March of 2007, this deeply held truth is seemingly shattered by two lines of print at the bottom of an Equifax report saying those student loans have been sold.

Correct me if I am wrong, but most loans that are sold come down in value, right? To me it logically follows that the repayment amount would change too. What say you?

Although I could be wrong, it seems to me that I should not move on this matter until I know exactly what it would take to discharge this debt.

Is it
1) Complete repayment to discharge, as per "The Truth" or
2) Reduced repayment to discharge as per "Sold Debt Norms"

Do not think you have not been helpful - you have and I'm grateful.
My language use stems from needing to stay as general as possible until I am comfortable with expressing the specifics.

Blessings be,
TJ

The following is a modified response but it's not much better than the original one.

Thanks for the reply TJ. You haven't included any information about the origin of your loans and what happened with them after you took them out which, in turn, could affect potential creditor court action. Furthermore, I'm not sure why you would even care how much your student loans were sold for. Anyone who bought them up will try and gouge you for the full amount or something close to it by threatening legal action. If you're in Ontario, there is no statute of limitations on the provincial portion and the 10 year bankruptcy discharge eligibility period would, no doubt, be grandfathered to the new debt purchasers.

Yes, I see by the Ontario Student Loan Harmonization Act of 2001 that some provincial governments are authorized to sell off student loans:

Section 8.1: The Minister of Finance may assign, transfer or sell all right or interest of the Province of Ontario in student loans to any person or entity on such terms as may be prescribed by regulation and such other terms as the Minister of Finance considers proper.

I would also think the prospects of your finding out what they were sold for is remote. I am not familiar with the purchase and seIlback logistics of student loans.

I must confess that I'm not able to get a handle on where you're headed with your questions. Nor is any one else using the site, And it would be the height of ignorance for me to try and bs someone when I don't have the answers. That's why I told you to blog (or better yet call) someone like Johnny over at CFWG. They're the student loan specialists. But to be honest with you, I'm not sure even they are going to be able to help you much, given the information you've posted and the way you've phrased it.

It's been over a week since your last blog about it. Did you not get a chance to contact Johnny? I'd also like to know what he has to say.

Ray

Thanks for the information about the buying of bad debt. I understand now that debt is sold for one cent to six cents on the dollar.

This presents an enormous problem for me because I have to reconcile two opposites. One side says that you cannot not pay back all of your student loans, versus side Two, your student loan payback amount changes when your loan changes ownership

Thanks for the information link. I will try it and get back to you.

One step in my efforts to get clarity on my situation was to phone the student loan place. They alluded to the concept that my loans could be rehabilitated back to them from the transfer agency. Does this make sense to you? Can you sell debt and then get it back?

Is the Canadian Government at liberty to inform me what it sold my loans for? Is there an access to information law that would allow them to give me that information? I am a Canadian citizen. It is my loan afterall.

Hey Folks,
I made some more enhancements to the site as far as giving the site better nagivation.

In the threadview area, I cut each post into 10 posts per page.
I also put a page numbering system in place.

There shouldn't be any glitches, however, if you see one, pleaes let me know.

I'll be adding even more features in the next few weeks which will help people search and find posts and topics in an easier fashion.

Stay Tuned.

Thanks,

Monty Loree