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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Ministry View Drop Down
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    Posted: 15/August/2005 at 3:16pm
Hi I am new here.  And the problem I have is through CBCL CIBC student loan collections. 

Because of being away and trying to negotiate with CBCL collections it went to garnishment..  The order never went though I got I hudge high interst loan to pay them back..So I thought

I have been appy for loans and it seems that I settled the account with CBCL and now my credit is toast..The banks will not touch me because I setteled.(CBCL said paid in full)

How do I get it take off.So I can appy for a better loan(any loan)

I have contacted CBCL and no reponse has come.. My credit is destroyed even after paying this amount. 

Please advise if any options are available
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Extradite View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Extradite Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2005 at 11:01am

Mind mind lending a hand here because this part I know well.

Your using TWO different terms!  setteled and paid in full.  There is NO SUCH THING as the two you either paid the account IN FULL or you setteled the account!

setteled means you paid less then what was totally owed!  Paid in full means you gave them every dollar they wanted PERIOD.

If you setteled the account there isnt a ZERO balance showing.  When you settle what you setteled for was minus'd from the total amount owing and the left over balance still shows meaning until it says BALANCE ZERO a bank wont touch you however in some cases if you had a credit card (secured lets say) for atleast 12 months other institutions may over look this BUT thats with another account with history to show if not then PAY the left over balance.

Now if you paid in full then you need to get a secured credit from capital one, home trust or even possibly your bank(say you want to use 500 bucks in your savings account to secure a credit line (credit card).  Then you rebuild your credit even 10 months of perfect payments would make other loan companies happy and may give you credit on request.  SMALL amounts not a fortune but a little.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2005 at 2:05pm

So, out of curiousity, is it possible to pay a settlement in full? I await your repsonse.

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 Extradite Quote  Post ReplyReply Direct Link To This Post Posted: 22/September/2005 at 3:10am

Ok if you settled the amount the balance would still show a certain amount left (a balance).  Whoever you paid the settle amount to just call them up and pay the remaining amount.

How do I know this?  I had a cell phone account that was owing 571 bucks.  I settled it for 80% got a letter faxed it to transunion and equifax.  Anyways they updated an it showed a balance showing and I went for a loan.  They said PAY the balance off so I called the collection company and paid off the remaining amount.  Even though the collection account was CLOSED they re opened it, paid it off and sent me a letter stating PAID in full.  I sent that to the collection agencies and boom done.  Never EVER settle an account anyways because unless its 7 years old of PAST 7 years old it will remain and when you go get a loan, cc or auto loan it will still effect you.  Pay it off and it can help (lowered my interest rate on an auto loan by 5%)

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