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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KimM View Drop Down
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    Posted: 16/November/2005 at 10:31am

Has anyone received an e-mail like this? kim

 

 

 

November 16, 2005

 

Re: Royal Bank of Canada Student Loans

Today's balance: $14,048.17 + interest

Interest Rate: 6.75%

Reference:

Our Reference:

Dear Sir/Madam,

Please be advised that, as the Authorized Agent for the Royal Bank of Canada, we have been

empowered to accept on their behalf the lump sum payment of $9,723.17 (certified Canadian funds), to

constitute Settled and FINAL satisfaction of the above noted debt.

These funds must be deposited into Federal Credit Trust account and faxed copy of the receipt received

by our office no later than November 28, 2005. We have included the Deposit Acceleration

instructions for your convenience.

Deposit Information: Federal Credit CIBC Trust Account

Deposit Acceleration Service

Depositor ID: FEDERAL

Division ID: RB99063758

Account #3735915

Transit #00010

Fax #306-924-6777

Any variation from these conditions must be approved by the undersigned, as well, any BREACH and/or

DEFAULT of any or all of the above mentioned TERMS and CONDITIONS will render this agreement

NULL and VOID, leaving our client, through any legal means necessary, again able to pursue the full

balance Outstanding on the account, plus any applicable interest charges. Please be advised that

settling your Student Loan accounts may hinder you from obtaining future funding through the Canada

Student Loan program.

Sincerely,

Federal Credit & Consulting Corp.

Devin Stubel

Collections Supervisor

2636 Victoria Avenue East

Regina, Saskatchewan S4N 6M5

Ph: (306) 569-9668 Fax: (306) 569-9921

Toll Free: (800) 615-7355

Nehemiah 5:7 Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact usury, every one of his brother. And I set a great assembly against them.

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BigFatherA View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigFatherA Quote  Post ReplyReply Direct Link To This Post Posted: 16/November/2005 at 1:01pm
Did you give them your email address?  I don't get email (and wouldn't take it) from a CA.

Is this the "regular" (current, not a new) collection agency that is dealing with your student loans? 

Did you make any arranements to settle?  If you did the above still isn't worth the electrons that it's printed on.  Phone them up and tell them that you would need a print copy with a signature (that you could use in court later if necessary). 

If you were working on a settlement it's for 69% of the claimed face value.

If it's "out of the blue" I'd treat it with as much suspicion as a 419 scam.
BigFatherA
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non carborundum illegitemi est
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KimM View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote KimM Quote  Post ReplyReply Direct Link To This Post Posted: 16/November/2005 at 1:09pm
I have provided enough information on this website for someone to be able to create this letter.  I was dealing with NCO on this loan and haven't talked to them in a while never mind attempted to work out a settlement.  I won't be taking it seriously.  Just wondered if anyone else was getting this stuff..
Nehemiah 5:7 Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact usury, every one of his brother. And I set a great assembly against them.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 16/November/2005 at 3:02pm

These are what you could call "power bait". They send these hooks baited up with attractive settlement promises, and when you call them with the money in hand, they tell you that they have to contact their client to get approval.

If the RBC in this case does not accept, the collector knows now that you have $10K burning a hole in your wallet. They will start a tug of war with you then.

When you resist paying them this monmey as a down payment toward the debt, this is where things will get rather ugly. The money in your hands is viewed upon as though it were a fine leg of lamb and the collector is a wolf. They want that leg of lamb because they are starving.

I think you get the jist of it.

Johnny

 

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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KimM View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote KimM Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2005 at 12:09am

Thanks Johnny

And it was Nordon, not NCO that I was dealing with (my mistake) until some Saskatchewan lawyer stepped in that is.  Question: if this were going to court, and who is to say it isn't, why would they involve a Saskatchewan company when I live in Ontario and the loan is an OSL?

Nehemiah 5:7 Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact usury, every one of his brother. And I set a great assembly against them.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 17/November/2005 at 1:58am

From what you have described above, the debt is not OSL. It is Royal Bank. Obviously, it has been reassigned from the previous agency to Federal Credit. They are housed in Regina, saskatchewan, and so is their attorney's office.

Collection agencies can sue individuals outside of the province they work under.

Johnny

 

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Quiksilver Quote  Post ReplyReply Direct Link To This Post Posted: 30/March/2006 at 6:59am

Well the way it worked with me is that I received a call from them we negotiated a settlement amount. I received that letter via email after our discussion but replied asking them to send a signed copy instead via regular mail. I did.

I guess I am one of the lucky few that had go to through that embarassing experience of asking your parents for money. Without hesitation though my father cut me a cheque for the outstanding amount.

I sent money via "Internet Bill Payments" and my release letter is arriving here next week via registered mail (it's on route as per the canada post web site)

So I guess their offers are legit; just gotta get everything in writing and signed so that if anything happens you have to 'something' to fall back on.

I truly hope this is the end of this ordeal.

Good

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hunter2 Quote  Post ReplyReply Direct Link To This Post Posted: 03/April/2006 at 5:24am
I hope it is the end of your ordeal as well. You are very very lucky to have a parent willing and able to help you out!
Good Luck!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote phonecall Quote  Post ReplyReply Direct Link To This Post Posted: 04/October/2006 at 3:52pm

Hi, I got a phone call from these people, I googled thier 1 800 number that led me to you,,, a woman called (blocked number) and told me they had a letter forwarded to them and they needed my new address, I recently moved so I figured it was legit and gave them my new adress. She says can I hold for a moment, I say yes, and a mans voice comes on the phone, he says he got my mail returned to him. I say ok, he says its regarding a CIBC loan thats overdue. I say I haven't dealt with them for years. He tries leading questions to get my address and asks if i've lived in new brunswick ( I say no only), asks if my SIN number is one he reads off, I say no only, he tells me hes from a collection agency, asks me something about a loan, I say no only, then says I'm sorry, I have the wrong person (using my name). I called the rcmp right away, they gave me phonebusters number and I reported the incident because nothing added up, they gave me no company name etc etc.

So this morning I get a message from the same guy, saying that he has personal matters forwarded in my name to him, he has two accounts in his office, its extremely important I get ahold of him as these are an on-going problem, that there is assistance they can provide if I call thier 1 800 number.

 

I have no debt except one place that is under my control, and I believe this is a scam. I ran a trace of the website that comes up from googling the 1 800 number, and it is hosted through telus, shaw and bigpipeinc.com sites. The google map brings up the office in saskatchewan on the side of the trans canada highway. The website is my306.com. I dont know what the best way to proceed is, any suggestions?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nucomm Quote  Post ReplyReply Direct Link To This Post Posted: 03/March/2007 at 5:20am
What do you mean your debt is under your control? If you haven't paid it off yet, the the call is legit... if you have paid it off, fax them your confirmation # an they'll never call you again Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alina Quote  Post ReplyReply Direct Link To This Post Posted: 21/November/2011 at 9:42am
THese people were phoning me at work and every member of my family. I was at my end and was worried about my job so without really checking them out, I had my parents cut me a cheque for $38k to get them off my case. I *was* making student loan payments at the time but I guess it wasn't enough for Royal. I did get these guys to send me copies of my signed loan documents becuase I didn't figure I owed anyone anything if they weren't people I had originally signed the contract with. Because they had those documents, I thought they were legit. Well, I paid them via bank transfer (thank god for that paper trail) and they were supposed to send me a confirmation. I never got that confirmation. I called them and Royal Bank many many times and never got an aswer. About 6 weeks after that, a collection agent calls demanding payment on my student loan. I was stunned since I'd just paid it off. It was the federal government. They didn't see a cent of the cash that I thought was covering the whole loan. THen the provincial government called as well. I was back up to owing $50, 000 even though I'd only borrowed 32 and paid Fed Credit 38. Now it's 4 years after that fact, I have a lawyer and a trustee trying to sort it out and the money I paid federal credit doesn't show up *anywhere*. THat company is a total scam and I"m getting ready to pass off my file to the police. THe federal and provincial government are aware of what happened and I'm making minimum payments to them in the mean time since this probably isnt their fault, but if it turns out that Royal Bank sent my loan to a scam outfit, I'll rip them apart for it. DO NOT SEND FEDERAL CREDIT ANY MONEY! If your bank can't take payment because they sold their loan, tell them to re-aquire it and then you'll talk. As soon as you send money to someone you didn't sign the original contract with, you're putting yourself at risk for fraud. I'm just really hoping the cops can find the people who stole my money. At this point, I do want my money back, but more than that, I want justice on the heads of the people who steal student loan money. It's not students declaring bancrupcy on a whim. We have to when people defraud us like this.
 
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