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 LockedFinancial misrepresentation by RBC

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Smak123 View Drop Down
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Joined: 20/November/2008
Location: Kelowna
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Smak123 Quote  Post ReplyReply Direct Link To This Post Topic: Financial misrepresentation by RBC
    Posted: 20/November/2008 at 9:24am

I am inquiring if I have a case at all. Recently I found out that RBC’s student loan division was falsely reporting to my credit bureau that I had massive amounts of delinquencies and missed payments. All were false and incorrect. RBC is rectifying the situation, but it is going to take up to 2 months to fix and it is NOT the first time they have done this.

 

This has put me in a bad situation, again. I recently got out of a car lease (due to changing my mind on what I want to drive etc.) and I found out that my credit was ruined when I went to purchase another car. I had perfect credit for 6 years and up until that point I had been working on my credit to get it above 700, in order to get good rates, purchase a condo and consolidate debt etc. I now...cannot get approved for anything period! I sold my old car and now I have no car, which is costing me money and my ability to work consistently (I am on call basically). Since I “had” a good credit score, I did not think getting another car would be a issue. If by some chance, someone did lend to me, it would be at a horrible rate and therefore, cost me more money.

 

I look at it in the light that if I would have falsely reported something like this to lender or to improve my credit score, I would be charged for fraud. They have hampered my personal drive and ability to function normally. I also do not like the way this situation was handled by RBC in general. They had a lack of humanity and made this look like it was not a problem. They bounced me from person to person and did not act with haste or consistency from phone call to phone call (I always had a different story every time I called and I “had” to get angry before I would get transferred to the correct people/managers etc).

 

 I got so frustrated that I could not even speak to them properly. I still do not trust them and since they have screwed up past things like, payment amounts, my auto debts and interest relief reports in the past; I cannot trust them to do the right thing in the future. Basically, I have lost all trust in them and I am constantly stressed that my credit will be wrecked in the future, once again.  In this case, I feel helpless in the fact my life has grinded to a halt. 

 

UPDATE: The day after I wrote this letter and before I posted it, I received a letter from RBC stating what they where going to fix. They are not going to fix everything; they are leaving a delinquency on the file. I have the receipt of payment for the month in question as proof of payment. They also did not touch my other loan that I 100% paid off and which they claimed had a late payment the month before I paid it off. It goes to show you that RBC cannot administer my account without it affecting my credit and therefore, my livelihood.

 

I am looking for anyone that can point me in the right direction for help. I am wondering if there are any sort-of damages that could be pursued in this situation? So, is there anything that can be done? I personally do not want o have anything to do with them anymore…the stress is killing me…

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