What I’m Reading Today – 11-24-2020

reading library

Since I spend my day researching important consumer debt issues, I thought I’d share with you the material that I found most fascinating today: Student Loan Losses Seen Costing U.S. More Than $400 Billion “The U.S. government stands to lose more than $400 billion from the federal student loan program, an internal analysis shows, approaching … Read more

Can I Just Stop Paying My Navient Student Loans Now That I’m Living in Canada?

Question: Dear Steve, my question is regarding student loan debt. I am a US citizen, currently living in Canada with about $80K or Navient student loans left, after paying for close to 11 years. A lot of that time I was on repayment plans, but I am not paying the full payment because there is … Read more

MY CPP Disability is Not Enough to Live On

Question: Dear Steve, I have recently become unable to work due to arthritis in all my joints (very painful) However I just started collecting CPP disability. But it is not enough to pay all my everyday living expenses. Now I am starting to get in debt. Borrowing money from people…my Cpp is $453.61.I also get … Read more

Canadian College Grads Just as F*#ked as U.S. Grads With Student Loans

Nice to see the U.S. has exported another invention, crushing student loan debt. The Financial Post in Canada published a great article Student debt: The crippling side effect of education. “My student loan will be like an anchor holding me back until I have it all paid off — in my eyes — only then … Read more

How Can I Deal With My Wells Fargo Private Student Loans for My Caribbean Medical School

Question: Dear Steve, I really need some help. Every lawyer I reach is looking for a consult fee and I am not sure if there is a solution for me and at this time just cannot afford the $500 consult fee. I am happy to pay if I know there is a solution and this … Read more

Can I Be Chased for Debt From the UAE and India if I’m Living in Canada?

Question: Dear Steve, I absconded from DXB shortly after graduating from my master’s degree program in 2014. I was working full time for an airline and pursuing my studies during my time off and leave. I was fed up with the bullying from the company and (some co-workers) and had enough. The working conditions were … Read more

The Alan Thicke Article I Didn’t Have the Balls to Write

The Calgary Herald had the balls to write an article I passed on when it was announced Alan Thicke had unexpectedly passed away. Apparently people in Canada are just a bit bitter about Thicke’s role in Canadians falling into problematic debt settlement with Cambridge Life Solutions. You can read the full article here. Their headline … Read more

Equifax Canada Says Consumer Debt and Delinquencies Are Climbing

The national 90 day+ delinquency rate and average debt held by Canadians increased this quarter when compared to the same period in 2015, according to Equifax Canada’s Q3 2016 National Consumer Credit Trends Report. Average debt increased by 3.6 per cent to $22,081, while the delinquency rate increased from 1.05 per cent to 1.14 per … Read more

How Can My Canadian Husband Get Into the U.S. With UAE Debt?

Question: Dear Steve, My family lived in Abu Dhabi for 5 yrs before we moved to Canada 6yrs ago. 2yrs before we left we took a loan to pay our rent about 30,000 and could not finish the payment before we left. We paid back more than half of the loan. One year later my … Read more

Will I Be Chased in Mexico for My Private Student Loan?

Question: Dear Steve, I am a Canadian who was given a USA private student loan with EdInvest that was then transferred to FirstMark Services, who now has my loan. I owe approximately 21000 USD and I am unable to make the loan payments. I do not live in the USA. I have 2 children and … Read more

Is Canadian Cockburn & Associates Operating Out of New Jersey?

Under the heading of “that’s odd” comes this job posting for a Canadian Lawyer with Debt Settlement Experience. – Source The ad is looking for someone who is licensed in Canada to work for the Law Office of C&A in New Jersey. Now I don’t think it is a far stretch to think the Law … Read more

British Columbia Pulls Rug Out From Under Advanced Fee Debt Settlement in Canada

Enhanced protections for B.C. families, particularly those in financial distress, are at the heart of legislative changes introduced today by the B.C. government. The Province is taking action to regulate the debt settlement industry with amendments to the Business Practices and Consumer Protection Act (BPCPA). If passed, these amendments will prohibit debt settlement companies from … Read more

Candians Loading Up On Consumer Credit Despite Warnings

Even as current economic conditions shift, consumer appetite for new credit continues to increase and total consumer debt (including mortgages) now stands at $1.529 trillion in debt, according to Equifax Canada’s Q4 2014 National Consumer Credit Trends Report. Comparatively, consumer debt (including mortgages) was $1.513 trillion in Q3 2014 and $1.42 trillion a year earlier: … Read more

U.S. Canadian Telemarketing Scheme That Hurt Seniors – Shuttered & Settled

Two defendants who participated in an alleged multi-million dollar telemarketing fraud that targeted U.S. seniors and withdrew money from their accounts without authorization have agreed to settle Federal Trade Commission charges. The settlement orders bar them from using remotely created checks drawn on consumers’ bank accounts, require them to obtain consumers’ consent before debiting their … Read more

Pay Off Debt A Growing Canadian and U.S. Concern

According to a HuffPo article, it seems our friends in Canada are beginning to worry a bit more about their personal debt levels. Data by Google shows the search term Pay Off Debt has been trending for Canadian searchers. From the looks of the chart though it is an on again, off again interest for … Read more