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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sldrama View Drop Down
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Joined: 04/June/2005
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Post Options Post Options   Thanks (0) Thanks(0)   Quote sldrama Quote  Post ReplyReply Direct Link To This Post Topic: Royal Bank Loan
    Posted: 04/June/2005 at 11:50am
Hello everybody!

I've been checking out this website for some time now and it's got a lot of useful information.  Currently, I have 2 student loans.  One from RBC and one through government.  This is what happened with the RBC Loan.

I had a collection agency contact me in January stating that my RBC loan (around $4500) is in default and I needed to pay about $300 in order to bring it to good status.  At the time I lost my job and couldn't make the payment.  She said that if I didn't make the payment by end of january of 2005 that RBC will close it.  I didn't care at the time cuz I couldn't afford it anyways.  In March I get a phone call from Federal Credit from Saskatchewan.  The collector was alright, reasonable, and I had told her that I will try to see if I can borrow the money from my parents.  I called her back and advised that I couldn't, and set up payment arrangements w/ her.  One week later, I get a legal letter demanding payment in full.  They also sent this legal letter to my old address, even though I had updated my address with them a month earlier.

On my legal letter, signed by some lawyer from Saskatchewan, it tells me to call Ms. Sosa if I wish to stop this process.  I called that day to talk to Ms. Sosa (I had to call a long distance # and not a toll free #, which collection agency has to provide you with)., and I was transferred to a girl named Cindy I think.  She said I had 3 days to come up w/ the funds ($3800 for settlement) or they will procede w/ employment verification and such.  I called her 3 days later and told her I couldn't come up w/ the funds but this is what I was proposing for monthly payments.. She then said that was fine.. I thought this was odd..

I called the company and asked to speak to Ms. Sosa again.. Turns out Ms. Sosa is a secretary.  Ms. Sosa also doesn't have BC Collector's License and somehow her name is on this LEGAL letter.  So Ms. Sosa has access to my information without having a licence.  I thought that was interesting.  I then asked to speak to the president of the company and I made an official complaint about that..

This is really a long story, but also, turns out that the letter that the lawyer had signed, I called, and the lawyer doesn't have a licence to practice law in BC.  Never had one and currently doesn't have one.  I've been hung up on by 2 different managers at that company, and finally ended up calling RBC and telling them that I have $2300 and they can take it or leave it.  RBC accepted my 50% settlement (even tho their guidelines where 80% and I have just received a release letter from the Royal bank and from the collection agency).

My point is, I do know the BC Debt Collection act through a friend and these guys broke 3 laws just by talking to me.  I faxed them a statement stating that all communication to be done by email, no phone calls and no mail and in return I responded in every email by 24 hours.  The MANAGER calls me and leaves a message for me on my VM at which point I called him back and said to check the fax on my file.. He started abusing me and calling me a liar, needless to say, I hung up on him and contacted the president again.. Hey I know he's a busy man, but I called that collection agency about 10 times that day and annoyed the heck out of them.. Needless to say, I got my 50% settlement, it's been paid and now I have to tackle my Government Student Loan at $21000.  As far as I'm aware they don't offer settlements, but I will post more on that once I get a chance.

sldrama *sigh*, i wish I had never taken out a student loan!!!
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