August 20th, 2011 by Questions

I have approximately 19000 in debt to RBC and a student loan worth about 10000. If I file a proposal would RBC (who has more than 50%) be the deciding factor or is there a mechanism for the national student loan center to object?

Posted from: Ontario


One Response to “confused”

, A licensed trustee said:

You’ve actually got two separate issues to deal with…

If RBC represents more than 50% of your ttoal debt then RBC is the deciding factor – regardless of how the student loans vote.

The student loans are compelled to “live with” RBC’s vote UNLESS you haven’t been out of school for at least 7 years. If you don’t pass the 7 year test then when your proposal is complete the student loans can still collect whatever you owe them.

Make certain you discuss both of these concerns with whatever trustee you are dealing with.

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