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OldGirl
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Joined: 08/September/2006
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Topic: Somethings Not Right at RBC Posted: 08/September/2006 at 3:54pm |
Reading the posts, only one thing seems clear. RBC is clearly confused with regard to its student loan centre and their 'debt collection' practices.
My situation is a strange one as well. Because I forgot, accord. to RBC, to send them one 'schedule 2' in 2004, after I'd completed my PhD residency requirements and moved out of the city - RBC has given my account to 3 different collection agencies. Allied Consultants, NCO Financial Services, and Alliance One Ltd.
Each of these agencies quotes a different RBC student loan acct # associated with my SIN, and each quotes a different amount owing. The total amount of all 3 claims, however, is more than the total of my student loan. The amount owing according to all of my receipts for amts rec'd is in the $70K range. According to these agencies, the total amt is now in the $90K range.
The most amazing/outrageous thing about all of this is that I'm still a full-time, tuiton paying, PhD student at the uni and Manitoba Student Aid, Canada Student Loan, and Canada Revenue all acknowledge this. Only RBC refuses to (phone calls, faxes galore) do so.
My credit report is so bad thanks to RBC that I can't even rent a cheap apartment.
At this point I'm ready to suggest that we all participate in a legal challenge to the RBC.
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Frustrated and Outraged
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 09/September/2006 at 7:10am |
"Because I forgot, accord. to RBC" They say that everyone forgets. RBC would never admit that they made an error and caused a Canada student Loan borrower severe undue hardship as a result.
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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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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 09/September/2006 at 7:11am |
RBC preaches excellent customer service for student loan borrowers: "Hey, it is not our fault - and it is not our responsibility to call borrowers. Therefore, more than 25% of borrowers are forgetful and obviously do not care about their student loans. So, we have no choice but to default them and send them off to a third-party collecton agency. We know what we are doing and the only way to make examples out of these people is to send them off to collection and wreck their lives indefinitely."
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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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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 09/September/2006 at 7:11am |
Remember this - when a bank or other loan provider tells you that YOU FORGOT to send something, it means that they either lost what you sent in, or they got it, and they FORGOT to file it.
If you need help, let me know. Johnny
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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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OldGirl
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Posted: 10/September/2006 at 3:27am |
Johnny wrote:
Remember this - when a bank or other loan provider tells you that YOU FORGOT to send something, it means that they either lost what you sent in, or they got it, and they FORGOT to file it.
If you need help, let me know.
Johnny |
Thanks Johnny, and yes I do. I spoke to a debt councillor on Friday and was told that there was 'absolutely nothing' that neither he nor a bankruptcy trustee could do to help me. As such my credit report will remain in this state until I pay RBC, it's third-party service providers and collection agencies whatever amount I'm told to. In very practical terms I can't live under those conditions. In more humanistic terms, I'm outraged that 'any' financial institution is allowed, under either federal educational funding regulations, or federally controlled banking practices, to resort to such tactics and poor service standards to recieve not only the monies issued plus interest, but in fact 'more' money than was originally lent plus interest!
If you have any suggestions, either for me as an individual, or for all of us a group with political clout - I'd be more than happy to hear them.
OldGirl
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piedsniper
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Joined: 15/March/2007
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Posted: 15/March/2007 at 3:56am |
hi...I am initiating a lawsuit against RBC and I am looking for people to join in in the lawsuit. I have had the same problem with "lost schedule 2's" for the last 4 years and I have had enough. A letter will be going to the Royal bank from my lawyer today. Spread the word...its on
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holygeez
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Joined: 22/January/2007
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Posted: 15/March/2007 at 1:28pm |
good for you!!! right on!! i hope you do well in your fight!
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kathleeno
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Joined: 26/November/2007
Location: Canada
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Posted: 26/November/2007 at 8:45am |
I too have had the problem with RBC that I did not send in my schedule 2 form -- mind you I did. Even after I go all of my information in to them they said that it was too late and that they could not stop collection payments after they had started. In result my entire 4th year of university I was collected on - my bank account went in reares, they continued to collect on me after numerous phone calls and letters from my university that I was in school. The credit that I had worked SOOO hard to keep in good standing through out the years was distroyed, and they sent me to collections. I have now been out of university for 3 years - am unable to get a car loan, house loan, credit card - and have horrible credit.. RBC has ruined everything I worked so hard. I finally have a job, and I just had my first daughter, and can not get a car loan to make sure I have a reliable vechicle.
I would love to get involved in ANY lawsuit against RBC.
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SolveStudentDebt
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Posted: 26/November/2007 at 9:31am |
What happens when you bring a bank into a program like the CSLP? Trouble. That is what happens. When a bank is facing a loss - they bail rather than try to prevent it.
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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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