In Financial Crisis

Harassed Over Student Loans? This Man Sued - and Won!

 

If you know anyone dealing with defaulted student loans, show them this story.

In this BC small claims case, one 'little guy' fought back against his abusive credit collectors -- and he won more than he had owed on his student loans. The grounds for his lawsuit was harassment leading to mental distress.

 While not news (the case was 2001) the judgement on Stephen Tobin versus Total Credit Recovery (BC) Limited should still remind people not to take abuse over their debt problems. But first, a quick explanation:





Using the Student Loan Whacker

The "Whacker" is a great debt-cutting tool even if you can't make regular payments right now.  It's also known as the Debt Investment Calculator. Why? Because it shows you how paying off debt works as an investment.

And if you're in a financial crisis, getting out of debt is really the only investment to make, aside from good nourishment and the other essentials you need to keep your health.

Try some numbers on the Whacker. See what answers you get to these questions, based on even small amounts made toward your student loan payment:

How Much Debt Could You Erase if You Quit Smoking?

When people get stressed by money problems, some of them start smoking again. Does this includes you? Remember - quitting will help you end your crisis sooner.

The cost of smoking calculator below was just intended to show how much money it costs you to smoke.

But you have debts pressuring you, so there are extra costs to consider here. One is the amount you could cut from interest charges if you weren't smoking. Another is the misery of having your debt problems drag on and on...

Student Loan Consolidation - Good or Bad Idea?

This calculator could save you money and speed your payment. BUT here's a critical tip... Consolidation loans only make sense if you're no longer entitled to any further student debt aid.

Remember, you should only consolidate if:

Getting Out of Crisis

Have you gone into default or just feel that you're in a financial crisis? These Debt 101 calculators will help you end your crisis by answering questions like these:

  • How can I get control of my finances again?
  • What would I save on debt if I quit smoking?
  • Would it help if I consolidate my debts?

Getting Out of Crisis

What if you can't afford to even pay the collection agency, let alone save money by making extra payments, like some 'In Payment' people?

How Much Is Your Student Loan Interest Tax Credit Worth?

Did you know you can get money back as a 'tax credit' on the part of your student loan payments that went to interest charges?

For the juicy details, see Claim Your Student Loan Interest Tax Credit

And here's something most people don't know. You qualify even if you're paying off defaulted student loans to a collection agency.

The Student Loan Whacker - In Crisis

Can't always pay more than the minimum? That takes practically forever.

Step it up with this debt-cutting tool. It's also known as the Debt Investment Calculator because it shows you just why paying off debt is an investment.

And if you're in a financial crisis, getting out of debt is really the only investment to make, aside from good nourishment and the other essentials you need to keep your health.

Try some numbers on the Whacker. See what answers you get to these questions, based on even small amounts made toward your student loan payment:

Resources if You’re In Crisis

Gerald, age 50, went to school 3 years ago in mid-life. After illness, he felt so far behind that he dropped out. Soon he was trying to pay off student loans with the same old low-paying jobs. Feeling overwhelmed, he didn’t act fast when he got a notice of student loan default. Now, he makes monthly student loan payments to a collection agency, but it feels hopeless. His debt keeps growing because he can’t keep up with the interest charges.

If You're In Crisis

Stories: 

Gerald, age 50, went to school 3 years ago in mid-life. After illness, he felt so far behind that he dropped out. Soon he was trying to pay off student loans with the same old low-paying jobs.
 
Feeling overwhelmed, Gerald didn’t act fast when he got a notice of student loan default. Now, he makes monthly student loan payments to a collection agency. But it feels hopeless -- his debt keeps growing because he can’t keep up with the interest charges...
Read More...

It Worked! Many Permanently Disabled Students Did Win Loan Forgiveness

 

Followers of this website may remember our 'Countdown Campaign' in July, 2009.

Key government student loan aid programs were quietly being cancelled. We tried to alert as many as we could reach -- so they could apply for help while there was still time.

Application forms, rules, fax numbers and advice were supplied on this site for each program about to be cancelled, so that people could apply with short notice.