This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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Forum LockedWarning about dealing with CIBC

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markomeara View Drop Down
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Joined: 30/May/2002
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Topic: Warning about dealing with CIBC
    Posted: 06/July/2003 at 4:29pm
I have run across two situations where CIBC has proposed options to resolve mistakes that dont make sense.

It seems their senior people do not understand the complexity of the regulations...

One involved a person under a consumer proposal who was told to apply for interest relief. Just because CIBC made a mistake doesnt change the Canada Student Financial Assistance Act! If you file a consumer proposal you are ineligible for interest relief.... but CIBC doesnt seem to understand that.

The other case was with a letter sent to the client to remove credit reporting info... this letter has to go directly to Equifax!

Equifax cant do anything unless the creditor reports directly to them!

Be careful about any solutions they offer. It seems they want their money and interest too and no cost to them for solving their mistakes... remember that their yearly profits are in the billions! and they still dont have staff who are adequately trained in the regulations!

Mark
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help_is_here View Drop Down
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Joined: 24/September/2003
Location: Canada
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Post Options Post Options   Thanks (0) Thanks(0)   Quote help_is_here Quote  Post ReplyReply Direct Link To This Post Posted: 03/October/2003 at 2:34pm

Mark,

   It is sort of like arm wresting with a 400 lb. gorilla, isn;t it? There is only one way to beat the gorilla and it is doesn't involve a large calibre rifle. :)

You can arm-wrestle a 400 lb gorilla - and win. It is all in the approach, and diversity. In this metaphor, you can beat the gorilla by distracting him with a banana. Catching the CIBC off-guard will get results. Also, by perserverance.

I do this all the time. :)

The CIBC will object, and object, and object... then they will tell you that will get back to you and never do. There is a way to get their attention... and that is perserverance .. and negotiating.

It works all the time ONLY in those people who have legitimate complaints. Bear in mind, some people do the damage themselves and try to manipulate the CIBC into taking action. This is why they are so stuck up on not listening.

I will show you as time goes on. I will take 5 people with legitimate matters and show how it is done. Then the results are on the table. We can then formulate an assessment program that will help all who need this form of assistance.

Johnny
cfwgroup@tekcity.net
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