Laid-off

February 5th, 2008 by Questions

Hello… recently the company i worked for had this great idea of outsourcing the department i was in to india… since i was contract, i had no recourse (or so i was told) but the thing is, i`ve been struggling as it was to maintain payments to my debts (about 20K in osap, another 15k in a personal loan) and now with no job it`s been to the point where i`m losing sleep and have no idea other than winning the lottery wether i`ll be able to catch up.

nevermind how osap`s interest rate is too bloody high, but that`s another issue.

i`ve been told that the osap is untouchable with this (i`ve only been out of school for three years) but what can you recommend?

everywhere i look has too much legalese that i`m lost and have no idea how to make any sense of it all. i`m only a simple art student, i can draw and animate with the best of them, but when it comes to technical stuff like law, i`m totally lost.

Questions

One Response to “Laid-off”



, Barton Goth GCO Bankruptcy Trustees said:

Unfortunately you are right, there are very few options when dealing with student loans that are less than 3 years old. The options are really limited to things done through OSAP (i.e. interest relief, revision of terms, or even a debt reduction program).

The other debt (the personal loan is not limited to the same rules) so a bankruptcy proposal or the like may help to reduce your monthly cost of living by eliminating that 15k loan, but will not have any impact on your student loan.

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