Ontario Student Loan

January 10th, 2011 by Questions

I have an Ontario student loan for approximately $5000 that has been turned over to a collection agency. I would like to settle the matter, and was wondering what steps I should take.

Posted from: Ontario


One Response to “Ontario Student Loan”

, A licensed trustee said:

I would start by contacting the lendr (either the bank or the |Provincial government depending on the loan) to see if they will agree to settlement terms. Thye may tell you to deal with the collection agency, but you may still be able to deal with the lender and that is usually safer (and more pleasant).

If you have to deal with the collection agency make sure you get receipts afor all payments and don’t make any payments until you have a signed settlement deal in writing. I can’t tell you how many times people have told me they made a “deal” with a collection agency only to have them reneg or demand even more money because nothing was ever put in writing… Be careful.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)