Half of my student loan is still with the bank, while the other half has gone to collections($8000). I can afford to pay $400 towards my loan each month (I go to school and work part-time). Do you think it's possible for me to obtain a loan from a bank for $8000? That way I could pay back the collection agency and make payments to the bank instead.

Could you please advise me on how to get a bank loan. I don't know if it's even possible at such a low income.

A bank loan will be difficult if your credit rating isn't very good or if you don't have any collateral.

Two other options that may work are:

1. Consumer proposal to your creditors. You offer them $400 per month until the debt is paid out.
   
   
2. Orderly Payment of Debts. This works as a consolidated court order and pays your creditors over four years.

The best way to find out your best option is to obtain a free assessment of your financial situation. You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy".

If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below.

Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com