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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Dasani04 View Drop Down
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    Posted: 20/March/2005 at 10:36am

I'm new here, and I'm very glad that I found this site. I've been majorly over stressing the past couple of days.

I have a loan that was sent to Collectcorp which I just found out about.  They have been telling me that I can't make payments or my credit will be completely destroyed for 10 or more years, and my SIN will be trashed and tagged that any employer I try to get will be notified with what is going on.
I told her that I don't have the money, and the only amount of work that I have is temp work, that I hardly had enough money to pay my rent ever-mind bills. I recently moved so but by the time I started to get money to start paying for it they already had it and made the call.
I talked to the bank like the collection chick said, but they told me that due to the fact that loan is with the collection agency they can not give me the loan, but as soon as its cleared up and paid for I can get the loan.
How am I suppose to get the money when the bank wont give it to me?  What am I going to do with a loan money of about $9,000 when I don't have anything to pay off?  Can they really destroy my SIN? Can they really destroy my credit for 10 or more years? Can you actually get a criminal record from this?

Please help, I don't know where to go or what to do any more and I'm running out of time.

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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2005 at 11:01am
Dasani04,

The Collectcorp rep is telling you a whole lot of half-truths in an effort to motivate you to come up with the money and be done with!!  Collection agents thrive on the naive debtor who will take what they say as gold...the best thing you can do at first is to become knowledgeable about collection tactics and 3rd party collection directives (what they can and can not do or better yet...what they should and should not do).

No...they can not destroy your SIN. 

A collection item will remain on your credit report for six years from last activity.

NO you can not get a criminal record from this!! 

Read through the different forums to try and prepare yourself for your next call with the CA.  Be confident when they do call and take control of the situation!!

Before you act again....on what the collection chick asks you to do...pass it by us first and we'll give out some advice for ya!!  She would have known the bank would not give you a loan when you are in collections.

Take care and good luck!! 

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WantOut View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WantOut Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2005 at 12:39pm

Kwelmm is absolutely right, Dasani04.  Additionally, just so you know, unless your employer does a credit check they will NOT know what is going on.  And even if they do a credit check, having a loan in default does not make you a criminal.

When she starts to tell you that they'll start garnisheeing your wages, just remember that they can't do that unless and until they get a judgement against you in court.  That could take months or years, and doesn't happen overnight as they would have you believe.

Being behind on a debt does not make you a bad person or a criminal, no matter WHAT collectors tell you.

We've all been where you are (and still are) .... there are a lot of great people on this site with some very sound advice.  Hope this helps!

In order to discover new lands, one must be willing to lose sight of the shore for a very long time.
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eshelton View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eshelton Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2005 at 2:20pm

If you have the resources, I would suggest recording the call and nailing these guys to the letter of the law.  You can record a phone call using a fax modem on your computer or getting something at an electronics store. 

They are not supposed to lie to you like this.  I would think that telling you your SIN number will "be trashed and tagged" would be a serious offense.  Don't beleive anything Collectcorp says.  These guys are some of the worst. 

"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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Dasani04 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dasani04 Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2005 at 9:43am

Well I spoke to Collectcorp and the lady gave me an earful;

Anyway, she said that my credit will be shot for 7 years which is a flip from the 10 years and she said that there will be a federal lean placed against my SIN.  What is that?

I told her what I could afford as payments and she said that they will make sure that I don't have any use of credit going anywhere.
Can they actually do that?

She also wants me to send her post dated cheques. But the first payment can go through via net. Why can't I make all my payments that way?

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Dasani04 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dasani04 Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2005 at 9:44am
By the way, thank you Kwelmm, WantOut, and eshelton for your advice. ^_^
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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2005 at 10:00am
D,

A federal lein placed against your SIN.....nice try Collectcorp.  She is likely referring to the liklihood that a lein can be placed on your income taxes.....not your SIN....she must have missed something in training that day.

They will make sure you don't have any use of credit going anywhere.....more scare tactics.  When they say these things ask them to explain in more detail.....they probably won't be able to or they'll make up more stories and try to confuse you more.

How you make payments is pretty much up to you....you arrange what feels the most secure for you.


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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: 21/March/2005 at 10:30am

 

 Obviously this debt is a Crown debt (CSLP). The only federal lien that is anchored is relevent to the Income Tax and GST rebates. Collectors say the darndest things, such as "A lien will be placed on your SIN". First of all, your social insurance number cannot be liened for any purpose. 

 If you would like help, let me know and I will "retire" this problem for you - and get you back on the right course.

  

John LeBlanc
The Canadian Financial Wellness Group
 
Tel: (902) 464-8727
 

 

 

 

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Dasani04 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dasani04 Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2005 at 12:18pm

I kind of figured when I went through the laws and there was no such thing listened for federal lein against a SIN.

I'll have to remember to ask them to explain. Thanks Kwelmm.

What exactly is a crown debt? I've heard about it a few times now and I don't even know what it is.
What exactly can be do as in the means of "retire"?

Thank you again for all the help on this and through this.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 21/March/2005 at 2:47pm

 

 A Crown debt isa debt owed to a government.

 

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