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CIBC Loan Collections - Help!

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TPerc View Drop Down
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    Posted: 08/February/2010 at 6:08am
I just received a call from Metropolitan Credit regarding my student loan being outstanding. I was confused because I was approved for Repayment Assistance and have been up to date on the interest payments and have done everything required.
 
The very nasty lady told me that I was unfortunately caught in a weird paper problem - my account was transferred to collection in full on the same day that I was approved by CIBC for repayment assistance.
 
She then proceeded to tell me that she was looking at my credit bureau and saw that I had available credit on some cards and a few hundred on a line of credit and then she went into my husbands credit and saw that he could possibly get a loan to pay this...she also saw that I jointly owned a home with my husband and said they could put a lien on it.
 
She told me that I am a prime candidate for suing because we have good credit and that keeping it good usually means we will do whatever it takes. On paper we might have available credit, but we don't have the monthly income for that - hence why I was approved for Repayment Assistance in the first place.
 
I have no idea what to do now...I simply do not have $9000 to give her, nor do I have a means to do that. She also tells me that there are no other options, but there must be? Surely, since the National Student Loan Centre isn't unhappy with me, there has to be a place I can call or do something. Do I let her threaten to sue me?
 
Help!
 
Thanks.
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Madmorrigan View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 08/February/2010 at 10:10am
Isn't that a pretty big privacy violation? I know they can access your credit bureau file, but I didn't think they were permitted to actually tell you about anything that was in it. Not to mention that they would have pulled your hubby's file illegally as the debt is not owed by him....I'd call the Office of the Privacy Commissioner to find out about that, then file a complaint if warranted.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 08/February/2010 at 11:17am
You need to call CIBC and escalate this. The collection agent will NOT work on your behalf because if the file goes back to CIBC they wont get their commission.  Call CIBC and ESCALATE this issue. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TPerc Quote  Post ReplyReply Direct Link To This Post Posted: 08/February/2010 at 12:54pm
I actually thought it was a violation of privacy as well...she even got really detailed and made comments about my racking up debt on a credit line, quoted the exact amount of the total to me. She listed every single credit card I had and the balance on every one of them. I will call the Privacy Commissioner tomorrow and see what they say about it!
What do you mean by escalate the issue?
I spoke with cfwgroup today and he is going to help me try and clean this up...I would really like to call CIBC who holds my credit card and tell them that I was encouraged by a collection agency to just file for bankruptcy to end the matter today.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 08/February/2010 at 7:37pm
If you've been approved for Repayment Assistance then you should get that. The file should be sent back and taken out of collections.  Talking to the front line workers usually doesnt get things resolved.  Ask for a superior to be assigned the the case.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 09/February/2010 at 1:45am
ask for the Executive Customer Relations department and speak to one of their agents. Or, call me and I will get to the bottomn of it for you.
 
Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tdawg Quote  Post ReplyReply Direct Link To This Post Posted: 09/February/2010 at 5:38pm
Originally posted by TPerc TPerc wrote:

I actually thought it was a violation of privacy as well...she even got really detailed and made comments about my racking up debt on a credit line, quoted the exact amount of the total to me. She listed every single credit card I had and the balance on every one of them. I will call the Privacy Commissioner tomorrow and see what they say about it!
What do you mean by escalate the issue?
I spoke with cfwgroup today and he is going to help me try and clean this up...I would really like to call CIBC who holds my credit card and tell them that I was encouraged by a collection agency to just file for bankruptcy to end the matter today.


Interesting how the agency flip flops from 'you can pay this in full' to 'you should just claim bankruptcy'

It's standard for an agency to pull your credit bureau before even calling you, it helps them figure out who should be called more often when they have credit scores for everyone.

Don't sweat their tactics. Even if it was to stay in collections, they were supposed to call you and ask you to start making payments. But payouts are to their benefit, hence the lies and tactics.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 10/February/2010 at 2:24am
One thing to note: When a collector tells someone to go bankrupt this usually means that they are of the mindset that the individual cannot pay any lump sum. Rather than have the account sit on their section they try to get rid of these. so, they tell people to go bankrupt, or go to a non-profit debt pooler. If it happens then the collector can get rid of the file to open up room in their section to be fed more accounts. Collectors really don't like to accept payments because smaller payments render smaller commission. Their incentive is to collect money to make money for themselves. Collectors are given a target amount to recover for the office on commission value, and anything they collect over that amount they get a percentage of. These targets are usually quite high so this is why collectors are so impatient, aggressive, and unprofessional due to constant pressure to collect from their management - and desperation to earn that almight commission cheque.
 
A credit bureaue report is a wealth of information and powerful tool for them to use. Collectors can "cherry pick". The borrowers who have ratings that appear to illustrate some financial access are the ones that the collectors prey upon most.
Johnny
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fiona1985 Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2011 at 2:17am
 my friend is working as an agent at the Executive Customer Relations department and said that unfortunately such cases are not  rare nowdays..
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2011 at 5:45am
What cases are not rare nowadays? I don't get what you are trying to say here.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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