I have read with interest a number of other individuals trials and
tribulations with CIBC. Many of the stories do offer some
interesting insights and sadly many simply force me to despair at
finding a suitable resolution to the problem I face.
I will reprint a letter I sent here to D. Emerson to outline the
essentials of my case. Any comments or ideas would be welcome.
------
Dear Mr. Emerson,
I am a doctoral student at McGill University entering
my final year of studies. I have loans with the NSLSC, CIBC and Edulinx, both
Alberta and Federal.
Last September, I submitted my confirmation of
enrolment documentation to all three agencies, the NSLSC, CIBC, and Edulinx, for
both my Federal loans and Alberta loans. One month later, the NSLSC and CIBC
returned my documents for the Federal loans saying that I had exceeded 520 weeks
in school and can no longer submit confirmation of enrolment documentation and
must enter re-payment at the end of my six-month grace period. They did note
however that at the end of that period, I did have the option of applying for
interest relief.
I decided, in March, to apply for interest relief. As a
newly married graduate student trying to start a life, finish my dissertation
and fund my research I am in no condition, financially speaking, to begin
attacking the principal on my substantial federal loan. However, applying for
interest relief, in retrospect, proved to be a mistake. The process is drawn
out, convoluted and difficult to get right the first time. Further, the NSLSC
lost documentation and I had to fax in supporting documents numerous times,
sometimes twice in one day which significantly extended process time.
Throughout this period I continued to receive strongly worded letters from CIBC
saying that I was in arrears. Every time I received one of these letters I
called CIBC, and on each occasion I was told to disregard the letter as my
application for interest relief was in process and that I need not be concerned
about the letter as it was computer generated. Three months later, the NSLSC
has reached a decision about my interest relief; I have been denied as my wife’s
income puts us over the limit by about $70.00.
I have now discovered on
my Equifax credit bureau report that both the CIBC and National Student Centres
sent derogatory credit information regarding my arrears over April/May/June that
has substantially reduced my beacon score.
Please be aware that I am not
a graduate who had finished his education and was looking, through interest
relief, to find a way of postponing or dodging my financial commitments to my
creditors. I am still a student looking to complete my final year of doctoral
studies. I am no longer able to apply for student loans, my scholarship runs
out in August 2005, and I had been hoping to look for a credit product, most
likely a student line of credit, to complete my education. However, with this
information on my credit bureau record, the likelihood of being approved for
such a product seems unlikely.
I feel that both the continued
recommendations on the part of CIBC to “ignore” the arrears letters, my
commitment to maintaining continued contact with CIBC and with the NSLSC (I
believe that not ten days passed over the three months without a phone call from
me to both agencies) and my prompt updating, payment of arrears and revision of
terms as soon as I received the refusal of interest relief should all justify
the expunging of the derogatory information from my credit bureau
record.
I am one year away. I have no desire to default on my loans or
shirk my financial responsibility. I simply want and need the opportunity to
apply for the funding I desperately require to finish my education and unless I
am able to do so, all of the money I have borrowed up to now, all of the work I
have put in, will ultimately be for nothing. Ultimately, I will prove to be a
far more profitable customer with the ability to quickly repay my loans if my
credit record is intact and my education complete.
Unfortunately,
the agent I spoke with today (an individual named XXXX) at the CIBC
student loan customer service line (1-800-563-2422) was less than
helpful. She refused to listen to me attentively and I was
required to repeat myself continually. I attempted to outline the
details of my case on a number of occasions only to be interrupted to
be given unhelpful, irrelevant or information contradictory to what I
had received previously. I understand that we all have bad
days. Sometimes customer service representatives can, like
everyone else, get tired or lose track of a conversation.
However, none of these can excuse the level of service I received today
from this individual who represents CIBC. In addition to my
student loans with CIBC, I have a savings account with the bank and a
CIBC Visa that I have held since my first year of university in
XXXX. To this point, my relationship with the bank has been
positive and I would sincerely like this to continue, as I look forward
to completing (finally) my education and entering the workforce fulltime
I
would like to, therefore, request for some assistance in helping me to resolve
this situation with respect to my credit rating and my federal loan with
CIBC.
Kind Regards,
acdawson
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