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defaulting on student loans
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kimcheeking
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PostPosted: Wed Nov 19, 2003 1:40 pm    Post subject: Reply with quote

[quote="Mr. Pink"]
Homer wrote:
5) About Kimchiking saying he has no respect for people who don't pay it back. I wonder do you respect people who divorce? Do you respect people who claim bankruptcy? How about those who teach privates? Get off your high horse. People are just that, people, if it was your brother or uncle or someone close to you, would you honestly say you "wouldnt respect" them? I doubt it.


Yeah, no respect for divorcees... haven't talked to my uncle since he divorced. It's not a high horse it's about contractual and legal obligations. fulfill your obligations. If I know that you have done these sort of things in the past I will have no trust that you will fulfill your future obligations.
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steroidmaximus



Joined: 27 Jan 2003
Location: GangWon-Do

PostPosted: Wed Nov 19, 2003 5:02 pm    Post subject: Reply with quote

KK

actually I hope you never have a humbling experience that makes you change your stance. . .it's amusing to think that people still think that way.

Personally, I prefer to be more flexible in my opinions. In the case of divorce for example, your stance basically advocates that:

a- if one of the spouses is in an abusive situation, they should remain and meet their obligations
b- If one of the spouses cheats, then the marriage should not be dissolved so as to maintain obligations.
c- If both partners are no longer in love with each other and admit it, they should remain married since hey, they did sign the contract.

Life isn't as cut and dry as you make it, and your opinion attests to your lack of experience. After having dated someone who works in marriage counselling, and seen quite a few bad situations, I think 'breaking the contract' is often the best thing to do.
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Mr. Pink



Joined: 21 Oct 2003
Location: China

PostPosted: Wed Nov 19, 2003 7:34 pm    Post subject: Reply with quote

kimcheeking wrote:


Yeah, no respect for divorcees... haven't talked to my uncle since he divorced. It's not a high horse it's about contractual and legal obligations. fulfill your obligations. If I know that you have done these sort of things in the past I will have no trust that you will fulfill your future obligations.


Wonder what you would think if your wife was banging the building adashi?

Or if your wife became an alcoholic? Abusive? And the list of other things that can happen goes on.

Just because circumstances make you take back your word once, doesn't mean it will always happen. In much the same way as you paying a bill late once, doesn't always mean you are irresponsible and don't pay your bills.
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Homer
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PostPosted: Thu Nov 20, 2003 2:04 am    Post subject: Reply with quote

Quote:
This thread should be one with a little more understanding. Instead of critizing people, how about you point out some sound advice on how YOU paid it back? How about getting off the high horses and showing those defaulters it IS possible.


Mr Pink..I just did by showing how it was financially quite possible to pay back your loan AND still have a good life here.

Kim-king...divorce is not the same as defaulting in loans. I do agree that sometimes people are too quick to quit on a relationsip but its not the same as simply refusing to pay back a loan.
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kimcheeking
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PostPosted: Thu Nov 20, 2003 2:11 am    Post subject: Reply with quote

divorce is wrong in my opinion but I will grant that there are mitigating circumstances where it might be acceptable. But IMO far to many people get divorced just because it is easier than working out the problem.

My prior post was a little to black & white regarding divorce.
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William Beckerson
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PostPosted: Thu Nov 20, 2003 5:52 am    Post subject: Reply with quote

kimcheeking wrote:
My prior post was a little to black & white regarding divorce.

No schnit.
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TECO



Joined: 20 Jan 2003

PostPosted: Sun Feb 08, 2004 4:28 am    Post subject: Re: I walked away from my student loans...never been happier Reply with quote

I have defaulted. Graduated in 1995. Have lived in Asia since 1999.

Is the rule 10 years (see below) or 7 years, as you have asserted here?

Alex Buffa wrote:
The reality is that owing money is not a crime, it's a personal and civil matter. Regardless of who you owe the money to. Another bonus, after 7 years of inactivity, all records of my loans and debts in Canada are removed from my credit history. Hence a clean slate. Even better, a recent decision by the S.C.C stated that ALL debts in Canada wether it be taxes or whatnot may NOT be actively collected upon after 6 years of inactivity.


Quote:
Under legislation introduced in 1998, you cannot avoid repaying your Canada Student Loan through bankruptcy for a period of 10 years following the completion of your studies.
http://www.canlearn.ca/nslsc/repay/Bc/nlRepCSL.cfm?langnslsc=en&IT=PUBLIC


Last edited by TECO on Sun Feb 08, 2004 6:00 am; edited 2 times in total
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wylde



Joined: 14 Apr 2003

PostPosted: Sun Feb 08, 2004 5:10 am    Post subject: Reply with quote

Mr. Pink wrote:
I know we should pay them back, and I even told them, if they would take the amount I orginally borrowed, without all the high "keep my butt in slavery interest" I would pay them back in one lump sum...but I am thinking it will take like 10+yrs before they go for that.


threaten bankruptcy... they take what they can get then.. they would best prefer to get some than none.. also, factor into the deal to remove the mark againt your credit rating. BEST WAY! ONLY WAY! when it comes to offering a lump sum payment
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ryleeys



Joined: 22 Dec 2003
Location: Columbia, MD

PostPosted: Sun Feb 08, 2004 5:24 am    Post subject: Reply with quote

Geez TECO, where you gonna go after you piss off the Australian banks? South Africa?

I would seriously have to try hard to get in that much trouble... I mean, you have a college degree? Doesn't that usually come with at least some common sense?
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TECO



Joined: 20 Jan 2003

PostPosted: Sun Feb 08, 2004 6:05 am    Post subject: Reply with quote

rylees - you sound like a p r i c k

So, can anyone clarify the 10 year rule - is it 10 years or 7 years
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ryleeys



Joined: 22 Dec 2003
Location: Columbia, MD

PostPosted: Sun Feb 08, 2004 6:12 am    Post subject: Reply with quote

Hmmm... that was one of the more jerkish things I've said...

But the point stands, do you at least feel bad about screwing over Canadian banks?
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TECO



Joined: 20 Jan 2003

PostPosted: Sun Feb 08, 2004 6:20 am    Post subject: Reply with quote

Rylees - I really was wondering why you would attack me personally without even knowing me - at least thats how it reads.

Plenty of people I like, even people in my own family, have done things that I have hated - but I still consider them to be good people.

While you may not agree, personally, with defaulting on student loans, it doesnt mean all who do should be lumped in with pedaphiles and murderers.

But this topic has been debated ad naseum, hasnt it.
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ryleeys



Joined: 22 Dec 2003
Location: Columbia, MD

PostPosted: Sun Feb 08, 2004 6:21 am    Post subject: Reply with quote

I didn't mean to lump you in with hard core criminals...


But people that get in financial trouble once, often have the trouble come back twice and thrice...

Have you learned from your mistakes?
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ryleeys



Joined: 22 Dec 2003
Location: Columbia, MD

PostPosted: Sun Feb 08, 2004 6:30 am    Post subject: Reply with quote

Don't mind me TECO, bad week and all.

Cheerio
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.

PostPosted: Sun Feb 08, 2004 6:30 am    Post subject: Reply with quote

I by-passed the government and went straight to my bank. I ended up using about $12,000 over 2 and a half years for a second degree. I worked druing the time and lived by myself about a third of that time and with room mates the rest.

I had to make interest only payments while I was getting that degree and then started making full payments after I received my degree. Now, 2 years later it's down to $6500. Much faster than they wanted (the bank wanted to amortize it over 10 years or more when I first took it out) so imagine the savings on interest and keeping my credit good by paying on time and quickly.

I'm not one to run away from my obligations, but for those who find themselves in a tough spot of earning enough money to live versus making a loan payment that will cause them to starve or be kicked out of their home, well, they have my sympathy.

Even though it affects the rest of us indirectly. The money's got to be recouped from somewhere, if not from the original loan applicant.

Cheers
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