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 - Credit Report
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedCredit Report

 Post Reply Post Reply
Author
weighter39 View Drop Down
Newbie
Newbie


Joined: 29/October/2011
Location: Canada
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote weighter39 Quote  Post ReplyReply Direct Link To This Post Topic: Credit Report
    Posted: 29/October/2011 at 9:15am

Hello Johnny,

I defaulted on student loans that I recieved in the years 1994-1998.  I've never really had a high paying job which would afford the ability to pay $500 a month so I've been hiding from them for a long time.

Now that I'm older, and a little more mature, I'd like to start relationships with banks etc, but would rather my defaulted loan wasn't on my credit report before approaching any lenders.

My transunion report is clear of them, except for 1 record that says:

CIBC Student Loan
Reported Date: Jun 01,2000
Opened Date: Sep 01 1988
Last Payment: May 01, 2000

INSTALLMENT - IO - TOO NEW TO RATE


Should that be removed by now?

Is this something that requires delicate handling that I should hire CFW to handle?

Would I be better off attempting to pay the $5000 somehow?

Any advice would be greatly appreciated.
Back to Top
Sponsored Links


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: 31/October/2011 at 7:59am
If you want advice or assistance from our group you have to schedule an appointment to talk with one of us. If you have the means to pay the debt without it causing you any burden or undue hardship then my advice is to pay the thingLOL
 
If you can't - and need help putting together the best approach then become a client and I will show you how to fix this.
 
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
weighter39 View Drop Down
Newbie
Newbie


Joined: 29/October/2011
Location: Canada
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote weighter39 Quote  Post ReplyReply Direct Link To This Post Posted: 31/October/2011 at 8:16am
I really don't know how you gauge hardship or not, so I'd like your opinion either here or privately.

I'm engaged, we literally live paycheque to paycheque. We aren't poor but every cent we earn is used to cover the costs of living. We took out a bank loan to pay off my fiances student loan debt and are paying that on a monthly basis. Shes a waitress and I'm a graphic designer.

We would like to start a family and get a house eventually etc, but if we stretch our expenses any thinner than it is, then there is no future like that for us. My student loans were large, the government paid the bank years ago, and im guessing they are statute barred.

The worst thing that could happen to us now, would be for these things to reappear on my credit history somehow.

Anyhow, im glad to pay for your services if its something you think falls within the range of people you wish to help.

Regards

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: 31/October/2011 at 12:44pm

There are MANY types of hardship (with a very narrow definition in the brains of the student loan financial and government sector). Bear in mind they (the rulers within system's ) can make up their own definitions whenever they want and it no longer matters what anyone else thinks. It is typical of bank employees and government people with some level of power to do this.  

I guage hardship by it's true definition with a much more open mind, of course. I recognuize real life crisis in a much broader spectrum than what the financial community does. All they care about is the financial component.  
 
I come here to this site just to provide information here and there that people should know about, and to answer very general questions (periodically). I offer my services to people here in support of them. If you think you need it come to us.
 
I will help anyone who has good intentions and wants to do the right things. I don't help people with the intention to cheat the system. If you have good intentions with a real problem that needs fixing I am here to help. That's the way I and everyone in my circle rolls. Those who cheat and frustrate the system get punted.
 
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
weighter39 View Drop Down
Newbie
Newbie


Joined: 29/October/2011
Location: Canada
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote weighter39 Quote  Post ReplyReply Direct Link To This Post Posted: 31/October/2011 at 3:42pm
Ok Johnny, thank you, i just want to clear up some ambiguity here.

1) You know my situation, I'm being100% truthful. Taking that at face value, do you consider me as someone thats frustrating the system?

2) Are you familiar with the "TOO NEW TO RATE" status?

3) Is it possible to have that removed from my credit report?

4) would any of our dealings be considered acknowledging a debt? Is it possible attempting to update the status of that loan record would result in the acknowledgment of my debt, which would put it back on my credit report?

My loans are a statute barred monster thats sleeping in my past. I have never worked a day of my life or finished any education that these loans were accrued to obtain. It would be devastating to me and my life if I were burdened with these now. I am 35 years old living paycheque to paycheque, I can't afford a misstep that will haunt me for another decade. I really wish I had the resources to make everything right, and to pay these back, but it would most certainly come at the expense of having a sensible life. It's getting late in the game for me.

Thanks again
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: 01/November/2011 at 10:44am
Hey, no sweat.
 
1. You posted certain facts about your situation but that doesn't mean I know your situation. LOL The only way I will ever know your situation is to sit down and talk about it, assess it, and determine what your goal and intention is. These things you have posted are just the tip of the iceberg basic points.
 
You appear sincere and truthful, yes. You said you were "hiding from the system" but your reasons were not a deliberate attempt to cheat or frustrate it, based on how you described. You explained why and, quite frankly, people who are afraid of something respond by "hiding" from that fearsome something.
 
Many people blast themselves at us with absolutely horrible intentions, and with this desire to do more harm than good. Everyone's goal is to be somewhat, if not fully debt free. I get that. That's absolutely normal and a good goal to drive towards. The two points that concern me most when interviewing a client are his or her motivations and intentions. If they are good then I am good. If not, it goes without saying.
 
2. Yes, I am familiar with those ratings and criteria.
 
3. Anything is possible man.
 
4. Only if you want it acknowledged, or do something on your own somehow that prejudices the case or outcome. Otherwise your legal position will remain, if a limitation issue is the case. 
 
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.