Married People and Loans 7 yr rules

November 13th, 2008 by Questions

I am paying off a student loan and down to three more payments and it is paid up all my loans will have been paid this year. I negotiated the first one with a lump sum payment, then the current one I did the same and should be done about Dec 2008.

Will this improve my credit rating and how, do I have to send equifax the proof or does student loans do that.

My wife also has one about 10,000 and gathering interest daily. Do credit ratings only affect individuals or do they affect a married relationship, can she apply for the 7 year rule if I am working. I believe that we need to the extra funds and can use them instead of paying them off. This would give us a good start.

Please inform.

Almost done the debt in Saskatchewan.


Posted from: Saskatchewan


One Response to “Married People and Loans 7 yr rules”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Firstly the impact on your credit rating as a result of the settlement will depend on what you negotiated with student loans. The could report the write down of the debt as a settlement and it would therefore show negatively or they could simply inform the credit bureau that it was paid as required.

As for your wife and the 7 year rule, this only kicks in if she files a bankruptcy or a consumer proposal. Outside of these proceedings the 7 years is meaningless Although, credit ratings only impact individuals, not families.

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