Comments on: Is Credit Counselling an Option for Dealing with Student Loans? http://student-loan-bankruptcy.ca/2006/10/is-credit-counselling-an-option-for-dealing-with-student-loans.htm The online resource for Canadian Student Loan Bankruptcy Legislation. Tue, 12 Feb 2008 04:56:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: J. Douglas Hoyes, CA, Trustee http://student-loan-bankruptcy.ca/2006/10/is-credit-counselling-an-option-for-dealing-with-student-loans.htm/comment-page-1#comment-51 J. Douglas Hoyes, CA, Trustee Sun, 18 Feb 2007 00:04:00 +0000 http://www.student-loan-bankruptcy.ca/?p=26#comment-51 If your student loan is less than ten years old, the student loan will not be automatically discharged in a consumer proposal, just as it won't be discharged in a bankruptcy. If your student loan is more than ten years old, it will be discharged if the proposal is accepted.<br/><br/>Most people file consumer proposals because they also have other debts, so even if the student loan is less than 10 years old, the consumer proposal may deal with your other debts, allowing you to service your student loan.<br/><br/>As for your comment that "tell them to stop harassing you and don't call again. Legally they can't harass you and call again."; that would be great if it were true. All anyone would need to do is tell collection agents to stop calling, and that would be it! Unfortunately in real life telling a collection agent to stop doesn't make them stop; usually it just makes them call more, which is why a consumer proposal or bankruptcy is often necessary to deal with excessive levels of debt. If your student loan is less than ten years old, the student loan will not be automatically discharged in a consumer proposal, just as it won’t be discharged in a bankruptcy. If your student loan is more than ten years old, it will be discharged if the proposal is accepted.

Most people file consumer proposals because they also have other debts, so even if the student loan is less than 10 years old, the consumer proposal may deal with your other debts, allowing you to service your student loan.

As for your comment that “tell them to stop harassing you and don’t call again. Legally they can’t harass you and call again.”; that would be great if it were true. All anyone would need to do is tell collection agents to stop calling, and that would be it! Unfortunately in real life telling a collection agent to stop doesn’t make them stop; usually it just makes them call more, which is why a consumer proposal or bankruptcy is often necessary to deal with excessive levels of debt.

]]> By: Anonymous http://student-loan-bankruptcy.ca/2006/10/is-credit-counselling-an-option-for-dealing-with-student-loans.htm/comment-page-1#comment-50 Anonymous Sat, 17 Feb 2007 01:40:00 +0000 http://www.student-loan-bankruptcy.ca/?p=26#comment-50 Beware the consumer proposal. My wife is currently under one but signed up after being lead to believe that interest would stop accumulating during the time you are protected under the proposal - WRONG!! Interest in accumulating to an amount that is greater than her monthly proposal amount that she pays. Essentially we paid over $5000 to an accounting firm to keep the Student Loans people from calling us!! Beware of these proposals - instead, keep your money and after they call you once, tell them to stop harassing you and don't call again. Legally they can't harass you and call again. Beware the consumer proposal. My wife is currently under one but signed up after being lead to believe that interest would stop accumulating during the time you are protected under the proposal – WRONG!! Interest in accumulating to an amount that is greater than her monthly proposal amount that she pays. Essentially we paid over $5000 to an accounting firm to keep the Student Loans people from calling us!! Beware of these proposals – instead, keep your money and after they call you once, tell them to stop harassing you and don’t call again. Legally they can’t harass you and call again.

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