Approved Consumer Proposal - Surviving Student Loan

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Meg242

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Approved Consumer Proposal - Surviving Student Loan
« on: July 07, 2018, 10:42:28 PM »
So I finally received word last month that my proposal was accepted :)

In my proposal, it included my surviving student loan (less than 7 years old). I was told, that once my proposal was accepted, I would not have to make any payments for my student loan, until my proposal is paid off. That interest would still incur, but no need to make payments.

Well I got an email saying I missed 2 payments!   :( .. Credit score dropped 100 points because of this. I log on and sure enough student loan tried to withdraw the funds.

I am going to call Monday, but just wondering if anyone went threw the same thing?

Thanks!

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Rajput way

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Re: Approved Consumer Proposal - Surviving Student Loan
« Reply #1 on: July 10, 2018, 09:34:42 PM »
Congrats!

I have no experience with student loans. What did you find out?

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Meg242

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Re: Approved Consumer Proposal - Surviving Student Loan
« Reply #2 on: August 03, 2018, 07:59:40 PM »
Thank you!!

Learned nothing new but that the government is ...  :o

I was correct, I do not need to make payments to my student loan while I am paying off my CP.  However, according to the government they don't care. Technically every month that I don't make payments on my student loan I fall behind in arrears. Then every month they report back to the credit bureau this. How am I supposed to build my credit like that.

Anyways I contact Licensed trustee, and shes still trying to get to the bottom of it.

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catharsis

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Re: Approved Consumer Proposal - Surviving Student Loan
« Reply #3 on: August 09, 2018, 03:56:08 AM »
A student loan which is not older than 7 years will not be included in the proposal.  Edit: Sorry, actually anything can be 'included' in a proposal, but it could never be accepted.

The 7 year rule is super strict, and I haven't heard of anyone getting their Canada Student Loans included in it if less than 7 years old.
« Last Edit: August 09, 2018, 03:57:44 AM by catharsis »

 

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