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| Author: |
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Walter |
| Date: |
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May 18, 2003 |
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I have about $70,000.00 in student loan debt and cannot make the monthly payments. I know I cannot apply for bankruptcy on student loans. Is there any other options? If I was to go the OPD route, what are the long term negative effects of applying for the OPD program? I am concerned about not being able to get a morgage due to a poor credit rating. Thanks for your help.
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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May 20, 2003 |
| Answer: |
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The Orderly Payment of Debt program will show as an R7 on your credit rating. The section on this website entitled Credit Rating explains how the ratings work. It is difficult to avoid a negative mark on your credit record if you don't pay your debts as agreed.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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