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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Forum LockedHow lack of good credit, hampers growth

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ol_silver View Drop Down
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    Posted: 06/February/2007 at 5:26pm
  Well, I suppose anyone can tell you that. 
 
  I personally harbour allot of distaste for money lenders, credit unions, banks, financing institutions and any place that makes money by lending money.  I don't condone the fact that people have all the right in the world to find means to feed themselves, and thier children.  I condone the fact that they take my freedoms, rights, and privliges and exploit them, to put food on the table.
 
  I took a non-secured loan out in 2003 for 4000.00 from BMO that was over and beyond my means and I couldn't pay it back.  It went into collections and frakked my credit rating into a R-7.  Of course not knowing what I was doing at all, I managed to get a Telus phone contract while I was in good standing, and lost the phone.
 
  I refused to pay for the telus phone, simply because Im retarded I guess I don't agree in 3 year terms for cell-phones, when models change monthly, and when cell-phones range from 800.00 new, to 150.00 after three years.  Saying I didnt agree, but having my signiature at the bottom of the legal disclaimer is hard to back out on.  So, I decided to just let it go.
 
  The Bank loan,I was embarrassed about it, I buried my head in the sand, and wished it would go away, feeling like I was the only person in debt in the history of modern mankind.
 
  In 2004, BMO came calling, only this time they had more people and were really pushing the "pay now" routine, or they would send it into collections  if I didn't conform.  This is when about around I found out a little information concerning how the "BIZ' operates.  I threw them an ultimatum, either they agree to my terms (full payment over a long period of time), or I was going to 'let' it go to collections, and settle with them for half of the overall amount.   I was shocked and amazed to find utter silence over the phone. I almost laughed out loud, it was the first time I actually made a stand.  Needless to say we finally saw eye to eye.
 
  By 2005, I had given up again, my payments were falling really behind, and I was ready to throw in the towel, and this time BMO was coming at me with a court order, which scared the freaking daylights out of me.  It was signed and everything.  Freaking out, I phoned OPD, and after a few meetings and whatnot, had a counter-court order in place. I was out of hot water,again.
 
  By 2006, I thought I finally had my debt under control everyone was happy, I was meeting my payments, things were good.  Then my wife almost dies while giving birth to our first born, and well, things haven't been the same since.   My son, Robert is healthy happy bouncing baby boy, with the stomach of a horse.  Things are getting more and more expensive as time ticks allong. Losing my job 12 days before christmas almost thrw me back into the bottle.
 
  Now, OPD went through the floor, im just sick of paying debt, and paying, and paying, and paying.. Im just sick of it, I really dont care if credit is important, if credit-cards are needed...they can have it.  I have been living paycheck to paycheck for so long now, I cant spell savingfs..sagvins..y'know where you save money, so you can spend it later...that place.. where is that..
 
  Now, Im 4 years later, and my debt is EXACTLY THE SAME AS IT WAS WHEN I STARTED THIS WHOLE MESS.  so here we go again, I actually look foreward to sitting in a court room.  My credit is at an R-9 (1/2) 7th level of hell, 6 feet under.. Cold and Hard...
 
  When I need to make credit card purchases, I get a CC gift card.. and do it that way.
 
  My credit is screwed up, and I wouldn't know how to use good credit, because I have never had it. Whats going to happen, being that I am on IE right now, and learning how to drive Class 1 "big-rig" and tell everyone that they will not be able to see any money from me, for atleast a month and a half, "AFTER" I get the new (career) job, because I have obligations to my landlord, and other bills, that If I dont get on top of, will turn into the very thing I hate.
 
  What I can see will occur, is that a year and a half from now, I will have everything all paid up, and in a perfect situation to build my credit, but because of letting OPD go, Im Bankrupt..  which means for 6-10 years..before I can get a Money Mart card..hell, or rent from Blockbuster..
 
  The funniest thing, is I have the lightest debt load (5000.00) and managed the highest possible penelty finantially (I feel) short of criminal fraud.   Figure that one out..
 
  This is like stealing a candybar from the corner store, and Hershy does a mob hit on your family, and you all wind up floating in a canalLOL
 
TTFN
 
   
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xring2003 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote xring2003 Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2007 at 2:47am
God, do I ever feel your pain. What is a CC gift card?? Will it help me book hotels?
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monpetitchu View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote monpetitchu Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2007 at 6:39am

as far as I know, the CC gift card, operates under the same rules as the

regular CC, only it has a posted balance.  Regardless, you make purchases like a regular CC, only when the balance runs out, you cut it up, and get a new one.  No credit history is required.
 
I don't know what happens if you make a purchase that exceeds the balance of the card, I have never done that.  I imagine they chase you down if you do, which doesn't surprize me.
 
as for where to get one, the only place I know in the Edmonton region, is West Edmonton Mall.
 
 
 
 
 
what's the differnce bewtween collections and jello? jello gives you wiggle room
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xring2003 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote xring2003 Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2007 at 8:52am
I talked to someone at VISA today and they're coming out with a reloadable one in about a month! They did say it may pose problems when booking hotels, as the hotel will take the room payment from the card, rather than just hold the reservation, so if one wishes to just hold the room and then pay cash, they might be SOL. Still, really good to have rather than bumming a friend's card in an emergency.
 
JamieSmile
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hunter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hunter Quote  Post ReplyReply Direct Link To This Post Posted: 28/February/2007 at 9:49am
Just some advice...
I have a student loan that is delinquent from 10 years and it was tough to get credit. Now, the bad mark has fallen off my credit report and my credit is back.
I was given a Capital Credit card with a balance of $ 1,000 with no deposit. And I took out a personal loan just to see if I would get it and I did. It has taken years to establish my credit rating, but finally I have done it....
I still have the bankruptcy on my credit file until December 2008, but soon enough that will come off too.

It takes time, but it will happen.
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