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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ajmawalrde View Drop Down
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    Posted: 22/June/2016 at 3:04am
Hello,


I have old debit from 2005, its been 11 years and it is no longer on my credit report.
Yesterday Cibc let a company put a hold on my account and empty my account. $2500 which I was going to use to pay my CRA taxes is all gone. And they told me anything that will go into the account from now on will automatically be put on hold for them!

They said the money is for an old Cibc visa which is at 9000$ now and for old student loans. Neither are on my credit report. And in the past 6 months I have actually open 3 new credit cards with CIBC, CApital one and scotiabank. Now all of a sudden they went into my account and took all my pay.

I was planning on buying a house through a mortgage in August but now I don't know what to do!
I thought I was back on track on making my life better and they do this without any warning. 

Is there anything I can do to get the money back? They are taking money for things that are not on my report. The bank said there is nothing they can do!!! 

how is someone supposed to start building their life again. 

by them taking the payment is that going to be used as acknowledgment of the debt???


Please advise! In a panic! 

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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: 22/June/2016 at 9:39am
If you owe CIBC money for a student loan then they can take money from any account in your name, or that has your name on it with CIBC. 

The only hope you have is to carefully request they send it back and if they don't, they don't. 

I have posted many times over the past several years on this site, and that is to anyone who owes CIBC, Scotiabank, RBC, or any private lending institution money for a student loan and it is in default - stop doing banking business with that same bank. Otherwise, this sort of thing happens. 

This is a collection process called "set-off" from your bank account, and it is not a legal action - but a right of the bank you owe money to in the event that you do not pay them back for something else you owe them 
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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ajmawalrde View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ajmawalrde Quote  Post ReplyReply Direct Link To This Post Posted: 22/June/2016 at 10:02am
Thank you!
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