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Tamara

How does a consumer proposal affect student loans? In a debt settlement, is there any protection like that of a consumer proposal? can I be sued for the unpaid debt?

Posted from: Ontario

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One Response to “Tamara”

A licensed trustee said...

Student loans are treated the same way as any other debt during the proposal – that is, they are permitted to participate in the proposal while you are making payments. The difference comes at the end of the proposal. If when you file a proposal you hjaven’t been out of school for at least 7 years then your student loans may survive your proposal – this topic is complex enough that you should speak to a trustee directly about it.

In regards to debt settlement programs, they do not provide any legal protection, you may be sued should a creditor choose to do so. Of course the purpose of a settlement program is to repay your creditors so it’s fairly unusual for anyone to sue you if you are making the agreed upon payments. If a creditor doesn’t agree to the program then that’s a different story….