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KimM
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Joined: 02/June/2004
Location: Canada
Points: 148
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Topic: Federal Credit & Consulting Corp. 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
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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
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Joined: 21/September/2003
Location: Canada
Points: 253
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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.
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BigFatherA
Priest & Teacher
non carborundum illegitemi est
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KimM
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Joined: 02/June/2004
Location: Canada
Points: 148
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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..
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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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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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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
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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
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Location: Canada
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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?
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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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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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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
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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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Quiksilver
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Joined: 29/July/2005
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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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Hunter2
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Joined: 23/October/2003
Location: Canada
Points: 197
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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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phonecall
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Joined: 04/October/2006
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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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Nucomm
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Joined: 03/March/2007
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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
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Alina
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Joined: 21/November/2011
Location: Vancouver
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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.
A.
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