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 - Old student loan has come back
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedOld student loan has come back

 Post Reply Post Reply
Author
mike99 View Drop Down
Newbie
Newbie


Joined: 27/October/2017
Points: 2
Post Options Post Options   Thanks (0) Thanks(0)   Quote mike99 Quote  Post ReplyReply Direct Link To This Post Topic: Old student loan has come back
    Posted: 27/October/2017 at 2:43pm

Hello everyone,

 

I'm would really appreciate some guidance regarding my provincial (Ontario) portion of my student loan.

 

It went into default around 2004 and eventually assigned to a collection agency called NCO. It was on my credit report for the standard 7 years and then dropped off I'd say somewhere around 2010.

 

I just realized that another third party collection agency called Total Credit Recovery (TCR) re-added it to my credit report in 2015 (never sent me a letter either). I didn't realize this until now as I'm in the process of completing a registration for a new job that checks your overall credit standing so this is hindering my registration to a certain degree.  

 

I disputed with Equifax the fact that TCR added this back on my credit report stating the date of last payment was in 2015 when in fact I've never spoken or interacted with TCR however, Equifax came back to say that TCR confirmed the account is valid and the date of last payment date is the "delinquent date", not when I made a payment - Equifax could not provide me with an explanation of what the "delinquent date" is. It seems unfair to me that they can put his back on my report but after doing a little investigation online, it appears they can as provincial student loans never go away (no time limitation); is this correct?

 

The amount owing is around 5k and I'm not sure what I should do now…Should I bargain with this collection agency to reduce amount and pay it, let it be and see if it drops off in 5 years (7 year mark) or perhaps take another route? Thank you.

Back to Top
Sponsored Links


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.