In a scary amount of dept

[Alee142010]

LOL! anyone know how to remove a post?
(there was a post here, but I don't want it up anymore)))...

[momofkali]

You can talk to a cosolidated debt person.

They can usually bring all your debt together into one payment that won't kill you.

Or is it is really bad you can go bankrupt. =(

[maebemelis]

For the student loan piece...try this website:
https://nslsc.canlearn.ca/eng/default.aspx

That's the website for the National Student Loan Service Centre. I know you can apply for repayment assistance. Or it might have contact info for people to reach - I think they can suspend your payments for a bit if you have lost a job.

Every little bit helps.

And I second the debt consolidation piece.

[Sally888]

16k is no reason to claim bankruptcy. Make the minimum payments and get into your bank to consolidate your debts.

In actuality 16k isnt very much when you start adding up others mortgages, car payments, line of credits etc.

[ashedfc]

At $16k outstanding balance, & $4000 assets, you are much better than a lot of folks out there. talk to your financial institution, credit card companies, & pay only the minimum till you get a job (or a source of income).
Once you are sure of the job, start paying aggressively on the credit card balance.
May be you can consolidate into a lower interest option.
Hope this helps.
ASH

[khipson]

I would say, get in touch with your creditors before they get in touch with you. Being proactive is in your favor - it shows that you're taking it seriously and not just avoiding your bills. Start with your student loan because they are the most forgiving. Then if you have any credit cards, call them and tell them your situation and request interest-only payments for a few months until you get back on your feet.

Don't offer your creditors any information about the money you have in the bank, though. Budget tightly, make the payments you agree to, and get busy looking for whatever work you can find - even if it's just a bit of contract work here and there, it shows that you're making an effort. Keep track of what you're doing to look for work, etc, in case you need to make your case.

Good luck!!



FYI - Going bankrupt for a mere $16,000 would NOT look good for you. In cases of $100K and more, they look at it a little differently because it's obviously a serious situation, but for small amounts it makes it look like you just wanted an easy out. And the consequences are pretty significant for years to come. (That advice actually comes from a trustee.)

[zmartell]

You ever hear of "Status of Limitation"? that could always help you Basically a company only has a certain amount of time to sue you , they cant just not contact you at all , wait like 5 years and then call and say you owe $5000 ... essentially you actually owe nothing, because its been so long they cant sue you or anything. ( different amount of years per province )

[Justine]

Who do you owe money to?, I guess if we knew that we could help you out further.

[Bumper]

You may be able to get an additional student loan though OSAP if you have lost your job. I was able to get an additional loan amount from OSAP because I had lost my job. It was a long time ago but it may still apply

[elliott_gyal]

great post because we are in a very similar situation :S

[Justine]

You may be able to get an additional student loan though OSAP if you have lost your job. I was able to get an additional loan amount from OSAP because I had lost my job. It was a long time ago but it may still apply

Probably better to get a line of credit from the bank and consolidate the student loan, and not add to the student loan debt imo.

[tidytaurus]

Great suggestions everyone. I only wish we were so little in debt but all a person can do is the best they can, try not to dwell on the problem and look for ways to improve it.

[Alee142010]

Thanks for all the helpful advise everyone!

[calgarymama]

Not sure if you have tried this already, but you may want to go to a credit counselling agency. They are free, run by non-profit agencies, and they can give you some good advice. Try looking for one near you on this website:

http://www.creditcounsellingcanada.ca/

Hope this helps

[mnyyoungs]

Borrow Dave Ramsey's Total Money Makeover from your local library. The real stories are truly inspirational....just watch that a lot of people that follow Mr. Ramsey are very open about their Christianity and it can be a bit....thick at times. HOWEVER, his very, very, very simple step have helped many people I know in a LOT worse shape than you. Evaluate your WANTS and NEEDS. Don't buy coffee out, make it at home, take lunches, no eating out...and there ARE ALWAYS jobs out there...they may not be what you want to do or what you are trained to do, but sometimes getting in the trenches humbles us and shows us what is really and truly important. I went from a combined income of over 120K to a single income of 26k overnight with 3 kids!!! If I can do it...ANYONE can!

The other option for inspiration is Gail Vas-Oxalade...her money system is similar to Dave Ramsey's but she is Canadian and is a money maven we can all aspire to!

Good luck....and there is a lot of stress to bankruptcy from what I understand and 16K is hardly worth the money and time and effort to start those proceedings.