A Fine CRTC Employee

[Destro]

Read this article in the Times Colonist today. What class act.

http://www.timescolonist.com/business/P ... story.html

Here's the jist of it.

The province said Glowinski had entered into government-financed B.C. student loan agreements with the student loan bureau five times, borrowing $14,589 between January 2002 and April 2004. The province claims Glowinski agreed to pay back the principal amount at the rate of prime plus 2.5 per cent.

Then on June 3, 2004, Glowinski filed for bankruptcy and did not pay back the loan. In B.C., however, bankruptcy is not a defence against student-loan indebtedness, said a spokesman for the Attorney General's Ministry.

Glowinski, who works in Ottawa for the federal government, could not be reached for comment.

Read more: http://www.timescolonist.com/business/P ... z0iTwTjTzs

[slowhand]

Never heard of a (personal) loan that bankruptcy did not free you from. I have heard rumours, never confirmed, of credit card companies coming after you when your period of bankruptcy period ends. 7 years????

The federal and provincial governments in Canada have some kind of "hands-off" policy, but I think that mainly means they agree not to tax each other. Still, it will be interesting if the federal government will garnishee the wages of one of its employees, for money owned to a provincial government in which the employee is no longer a resident.

[hagopian]

In Canada we have RECOURSE loans. Student Loan Debt, everything:

Recourse loan is defined as:
Loan agreement under which a borrower gives an undertaking to repay a debt even if the funded asset (acquired with the loan proceeds) cannot be liquidated to cover the loan amount. In case of a default, the lender can seize and sell the funded asset as well as the borrower's un-pledged assets or properties.

In other words - unlike the States = you are NOT discharged as a Bankrupt - and worse, if you do have any compensation on loan, you also have to pay INCOME TAX on that sum.

You owe, you pay.

This story is about to played out in large letters as Vancouverites and other Real estate seduced folks realize too late that they are, in the words of the immortal Tiger Williams - "Done, like dinner...".

[jon]

Compare that to Alberta where you can still walk away from a Mortgage.

[Dan Sys]

The guy sounds like a real flake. Check out the write up on Wikipedia:
http://en.wikipedia.org/wiki/Kent_Glowinski
He obviously has a problem determining which political party to throw his hat in the ring for.

[Destro]

great find. what a tool.