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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urright1976 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote urright1976 Quote  Post ReplyReply Direct Link To This Post Topic: my credit score
    Posted: 19/March/2014 at 3:57pm
I think this is affect my credit score a lot.. Right

Please tell me what can i do?

I don't really want to pay it full by once

Help!!!!


Thanks
C.I.B.C.-STUDENT LOAN
 
Account #: 
Condition: [Closed account] ([Transferred]) 
Balance:  
Type: Installment account 
Pay status: No Rating 
Payment: $0 Monthly (due every month) 
Opened: 10/16/1995 
Reported: 03/07/2014 
Responsibility: Individual account 
Two Year Payment History:

apr

may

jun

jul

aug

sep

oct

nov

dec

13

feb

mar

apr

may

jun

jul

aug

sep

oct

nov

dec

14

feb

mar

Other: Accounts in which the exact category is unknown

None reported


Collection Accounts: Delinquent accounts sent for recovery

None reported




null


None










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csmith73 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote csmith73 Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2014 at 4:12am
urright, this screenshot you have pasted in doesn't show a balance owing, it says it is closed or transferred.  I also notice this is a transunion report, very few banks use transunion, equifax seems to be the authority on credit reporting.  What does equifax say about this loan.
Chris
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Post Options Post Options   Thanks (0) Thanks(0)   Quote urright1976 Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2014 at 6:33pm
Hi chris, it didnt show up in equifax. How this happen?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote csmith73 Quote  Post ReplyReply Direct Link To This Post Posted: 23/March/2014 at 9:47am
Transunion loves to keep information past the statue date.
Alhough as I said in my original response, I don't see anything that shows an amount owing or anything that would reflect negatively on your report.
I am presuming this is an old old loan, do you know when you last made a payment?
If your last payment is past 7 years (in ontario) and you can prove this, you can send that inforamtion to transunion, note that the last payment has exceed the credit reporting limitation under section 9.3 and by law they have to remove it.
 
See below link to the consumer reporting act for ontario, and read section 9.3f(i)
 
Chris
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 23/March/2014 at 2:45pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote urright1976 Quote  Post ReplyReply Direct Link To This Post Posted: 23/March/2014 at 4:35pm
But Can you see it is still reported by someone on March 7 2014,

This loan is opened on 1995 and i didn't pay any payment before .

Is it mean already pass 7 Years ?

I still got misunderstanding, the 7 years limit is counting on the last reported date or the open account date?

Thank you for you help again


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 3:51am
OP, wish I had solution for you, but transunion is known to keep positive or non-negative items on your report for 15 to 20 years. Notice how all negatives have been removed from that trade item? Favorite trick of these banks to keep the noticeable damage on your report which will be recognized by any knowledgeable creditor. Good luck getting it removed. Laws get ignored or twisted all the time. Deleted trade items and collection items get reported with a new date, etc.

I have items like this (about 10 of them) littered all over my Transunion report thanks to Royal Bank - a defaulted student loan debt thanks to their own errors.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 4:48am
URRIGHT,
Perhaps you can contact Transunion and request they remove it.  If they don't then file a complaint with your provincial consumer affairs, citing the BC court decision...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote urright1976 Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 5:54am
Hi , Thank you for all reply

I call CIBC today for the student loan status, they told me that the account is not existing anymore,
coz transfer to federal ( CRA).I am sure this account is already pass over 7 Years!  
is that i still can ask transunion to remove it?or i need to call CRA?
Please tell me what to do, i am so stupid!!

Thx again
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 10:31am
If it was OSAP i.e. provincial it may have been transferred to CRA, but then your tax refunds would have been grabbed.   They may be stringing you a line that it was transferred to CRA just so they don't have to say its done with.   

You might want to talk to John Leblanc at CFWGroup.ca to get some help.  He charges fees, but he could get to the bottom of this and could possibly help you write the proper documentation to Transunion to ask that it be removed without acknowledging the debt.   Next step would be to file a complaint with your provincial consumer protection agency,

What province are you in?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote urright1976 Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 11:24am
Hi Mark

i am in toronto.

how can i contact john? or if there any one are service in toronto?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 24/March/2014 at 3:11pm
Location will not be an issue in working with Johnny
To contact him, visit his website CFWGroup.ca  and use the contact form
http://cfwgroup.ca/contact-us.html
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