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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HamishG4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishG4 Quote  Post ReplyReply Direct Link To This Post Topic: CIBC and ARC
    Posted: 15/July/2005 at 1:26pm
I have an Ontario loan with CIBC. In January 2005 I tried to get my
payments temporarily reduced to interest only. CIBC could not do this
due to an error they had made earlier on my account (they claimed I was a
payment behind, when I was not; a computer error they said). I tried to
phone the appropriate people at CIBC, but they never returned my calls.
So, I stopped making the full payments and sent them payments for the
interest. I started getting letters from CIBC, and when I phoned the
number provided (which is ARC), I leave a message (there is never anyone
available to take my call). They have never phoned back. They have
cashed the cheques I sent as interest payments.

However, I have gotten a letter recently from CIBC demanding payment of
the full loan plus interest. Need I be worried about this? I have written
them several letters explaining their error (I attach a letter to each
cheque), but still I get no response by phone or by mail. I did not reply to
the demand for full payment; I am waiting for ARC to get in touch. I am
now able to resume full payments.

Has anyone else had problems with CIBC and ARC in this matter? Do they
ever return phone calls (it has been 6 months now)? I suspect that ARC is
part of CIBC, an in-house debt collection agency--is this true?
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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: 16/July/2005 at 2:54am

 

 Accounts Recovery Corporation (ARC) is a private third-party collection agency. It has no affiliation of kinship with CIBC. It ia a hired collection agency.

 Here is the root of your problem:

 YOu wrote:

"I have an Ontario loan with CIBC. In January 2005 I tried to get my
payments temporarily reduced to interest only. CIBC could not do this due to an error they had made earlier on my account (they claimed I was a payment behind, when I was not; a computer error they said)."

 If CIBC has erroneously placed you in financial hardship and third-party collection, you need to address this. Otherwise, you are going to be in a much worse predicament.

Can you prove that they made an error? If so, then you can have all of this reversed.

Yes, many people go through this unfortunate racket with the banks and government. When people learn - or are alerted about a bank error, they must act immediately.

 You should call NSLSC customer response and state your case.

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

 

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HamishG4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishG4 Quote  Post ReplyReply Direct Link To This Post Posted: 16/July/2005 at 3:18am
I *would* try to get this resolved, but for two problems:

(1) last year, when the issue of me being one payment behind came up, I
was passed back and forth by CIBC and ARC. Each said the other had to
correct the problem. The whole thing arose from me increasing my
monthly payment--CIBC assumed the higher payment was the correct
one.

(2) Neither CIBC nor ARC will return my phone calls. I can never speak to
an actual person.

I have received neither a letter nor a phone call for the past month, so I
am waiting to see who contacts me. I will continue to send my interest
only payments to CIBC. At least I can prove they are cashing the cheques!
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HamishG4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote HamishG4 Quote  Post ReplyReply Direct Link To This Post Posted: 21/July/2005 at 2:59pm
If you can believe it, I got a call from CIBC. They admit their error, and
have fixed the problem.
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