by footloose » Sun May 13, 2012 06:53:48 AM
Why do you owe money to TD Canada Trust?
What is a NRT number? Who sends you these notices and what do they say or request?
Have you ever made any payments on your OSAP loan? If so, when was the last payment made?
When was your "end of study date"? In other words, when was the last time that you attended school? Did you graduate?
If you are considering Filing a Consumer Proposal or making an Assignment in Bankruptcy and your "end of study date" is less than 7 years before filing the Proposal or making the Assignment, then you are SOL ( sorry, out of luck ). Your student loan(s) will survive the Proposal or Bankruptcy and nothing will be gained except the discharge of other debts.
If you are planning on purchasing a home in the future and will be making a mortgage application to a bank, then you are "dead in the water". All banks today are refusing to grant a mortgage to anyone with an unpaid student loan(s). What that means is that you will be forced to seek private funding through a mortgage broker with a substantial higher interest rate to compensate for the risk of an unpaid student loan(s). In addition to the higher rate of interest, the lender will usually demand that the mortgage be covered with mortgage insurance and possibly mortgage life insurance. When you factor all these costs into the equation, your monthly cost to carry the home could be prohibitive.
The "good times" are over. Unless you earn a substantial income to carry these costs, then you are on a one-way street to the "poor house".
Let me know the answers to my questions and possibly I can give you some more direction as to how to proceed.
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Educating one Consumer at a time