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.


  New Posts New Posts RSS Feed - Why so Difficult???
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedWhy so Difficult???

 Post Reply Post Reply
Author
SusanfromAB View Drop Down
Groupie
Groupie


Joined: 02/October/2005
Location: Canada
Points: 40
Post Options Post Options   Thanks (0) Thanks(0)   Quote SusanfromAB Quote  Post ReplyReply Direct Link To This Post Topic: Why so Difficult???
    Posted: 11/October/2005 at 5:39am

Hi there!

I'm new to the forum--only my 2nd post!  I have so many questions & comments!!!  My husband has a small student loan with CIBC and I am extremely frustrated with how they are treating him! 

Prior to us dating and marrying, he left a relationship with a pile of debt and claimed bankruptcy.  He's such a nice guy that he didn't include the ex-gf in the bankruptcy--it might have been manageable had he done that!

Anyway, because of his bankruptcy, he is a "special case" in CIBC's eyes and must deal with this ONE PARTICULAR woman ONLY about his loan.  We have been making lump sum payments on this loan, as it is next on the list (snowball payments).  We are VERY happy with the progress--it is now UNDER $2,000!!!  YIPPEEE.

My frustration comes from how difficult it has been to get a statement of account from her/them!  My husband called about 5 weeks ago and left a message requesting a statement of account be mailed to the home address--no response....a week later, he left another message....no response....a week later, her message said she was on holidays & to contact some other guy...he left a message for this other contact and again...(you guessed it), no response! 

Finally he reached her on the phone (she actually picked up!) and he just got the balance of the account from her (with some attitude, of course from her!).

WHY IS IT SO DIFFICULT FOR THEM TO MAIL OUT A STATEMENT??  Fine, we accept that because of his 'history' he is now "special" in their eyes, but he has not missed a payment since his discharge back in 2001 and we have been making these lumpsum payments for about 3 months. 

Every other student loan that I have, I get statements--it's nice.  I see how much of each payment goes to interest and how much goes to pricipal--not so difficult for these other establishments!!!

We will be SO HAPPY to have CIBC paid off--hopefully by Christmas (insert crossed fingers here)!  Then he won't have to deal with them anymore!  Thank goodness my husband has boatloads of patience, because I would have lost it on her!

Well, that's my rant on this topic--does anyone know how to get a statement from CIBC?  I have started doubting whether we received his tax receipt for interest last year....I'll have to look more closely in the next few days here.

Cheers!

 

 

 

Hitting them hard!
Back to Top
Sponsored Links


Back to Top
polyhymnia61 View Drop Down
Member
Member
Avatar

Joined: 10/January/2003
Location: Netherlands
Points: 915
Post Options Post Options   Thanks (0) Thanks(0)   Quote polyhymnia61 Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2005 at 7:14am

Why?

Because they HAVE no statements, Susan.

Absolutely disgusting that such a large and complicated debt taken on by people with such little relative experience dealing with debt has no paper trail to enable them to handle it competently.

Johnny? Is there a reason behind this? Can't be to save the trees...

Poly

 

Home is where you are allowed to prosper.
Back to Top
SusanfromAB View Drop Down
Groupie
Groupie


Joined: 02/October/2005
Location: Canada
Points: 40
Post Options Post Options   Thanks (0) Thanks(0)   Quote SusanfromAB Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2005 at 7:52am

My worry is that when we get down to the dollars & cents on this loan that there is no record of what we ACTUALLY owe! 

I guess I'm just worried that we will continue with our lump sum payments and they continue with their monthly withdrawl...we'll get to the end and we call/go in/whatever to pay the "balance" only to have them CONTINUE to take their monthly payment!  Then how long until they pay US back for their mistake???

I'm worried it won't end smoothly--there will be SOME hiccup that will cause me headache!  Just reading these horror stories, I know our's is NOTHING...I question the honesty/transparency/capabilities/accuracy of this institution and the impact of this on our situation.

To not get a statement is so ridiculous!  Are they as inept with their car loans, Visa statements, mortgages, etc as they are with student loans???? 

How do I know that these lump sum payments are being applied to the principal, as his loan papers indicate they will be???  It's just so frustrating to have this so out of control!  I'm a stickler for paperwork and these guys aren't going with the flow!

It's just so frustrating being kept in the dark!

 

 

Hitting them hard!
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2005 at 11:01am

All a collector has to do is walk over to their co-worker in admin and tell them to print an account statement, and then mail it. Not a difficult process at all.

Unfortunately, collectors have very little attention span and are too preoccupied with hammering someone on the phone for a quick commission. By the time they get off the phone with someone who is asking for an account statement, the collector has already taken another call - and then another - and another. By the time they have a free moment, they have long forgotten about that account statement.

In other cases, they simply tell people that they are collectors and not lending reps. Instead, they tell people to go to the lender directly for a statement of account.

Just another one of those strange phenomenons happening within collection agencies.

Johnny 

 

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
SusanfromAB View Drop Down
Groupie
Groupie


Joined: 02/October/2005
Location: Canada
Points: 40
Post Options Post Options   Thanks (0) Thanks(0)   Quote SusanfromAB Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2005 at 11:48am

This woman that we have to deal with is WITH CIBC--not a collection agency!  That's why I'm so baffled by the inability to generate a 1-2 page statement and put it in the mail!  Do they not send out regular statements for every other loan people have with them?  (Visa or M/C, mortgage, car loan, etc)

She's like the "enforcer" or something--quite funny...she makes him call her Mrs. *last name*...no, "Hi this is Alice".  It's like an ego trip or something!

So, she is with the bank not an agency....I may have caused some confusion there!

 

 

Hitting them hard!
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 11/October/2005 at 12:04pm

Call me tomorrow and I will show you how to get your statement - very quickly.

 

Johnny

Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.