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 LockedScotiabank and bankruptcy

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hunter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Topic: Scotiabank and bankruptcy
    Posted: 03/May/2007 at 10:16am
I have been a customer of Scotiabank for ten years but this week I will be closing the account. They dont want my business anymore since I went bankrupt in 2002. I was talking to a bank manager and he said even though the credit bureau reports a bk for 6 years they have the right to refuse all customers who have filed in their lives whether it be 10 years later or 7.

I stated to him that is so dumb. I checked with the Bank of Montreal and they are not like this at all. They said once the bk is off your credit report they will look at you in terms of financing.

I have established credit elsewhere since the bk. I was able to finance a vehicle(higher interest rate) have a credit card not secured with a nice limit, and have received a personal loan with a bank. Scotiabank wont even give me a $ 200 overdraft because I am such a bad risk. I have made each and every payment on time since 2002 and I am still classified as a bad risk. This is such bullsh*t. So I see no reason to stay at this bank and waste my time.

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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 04/May/2007 at 1:36am

For people who have student loans that are in default - the banks to avoid would be Bank of Nova Soctia, CIBC, and Royal Bank. THese are the banks that claim to have been battered by losses due to student loan borrowers thus carry a heavy bias.

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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hulahoop View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hulahoop Quote  Post ReplyReply Direct Link To This Post Posted: 27/January/2008 at 9:39am
How about if you've been banking with one of these banks for almost 2 year,bi-weekly pay direct deposits, no bad history, and they've a couple of times gave me overdraft (e.g., $30)- but I never applied for od. Could it be worth it in long term to get a secured credit from them to prove" myself and is this a relationship to build or should switch to another institution like a credit union? 
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