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.


  New Posts New Posts RSS Feed - credit and old loans
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum Lockedcredit and old loans

 Post Reply Post Reply
Author
darien View Drop Down
Newbie
Newbie


Joined: 05/March/2007
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote darien Quote  Post ReplyReply Direct Link To This Post Topic: credit and old loans
    Posted: 05/March/2007 at 3:27pm

I was wondering if someone would know the answer to this. I had a student loan that was in collections and was recorded on my credit rating. I did not pay them a penny and it eventually went of my credit rating and back to the goverment after about 6 years or so.

Then all of a sudden I am getting calls from Allianceone regarding this lone. Well my question is can they put this loan back on my credit report after it was already on there for for about 6 years or so. Is there not some kind of law against that. This loan is originally from around 1990, I also recieved a letter from the goverment saying they will withhold my tax. The real question is can they keep on putting this old laon back on my credit report forever.
Back to Top
Sponsored Links


Back to Top
tuggghu View Drop Down
Newbie
Newbie


Joined: 07/March/2007
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote tuggghu Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2007 at 6:04am
Hi Darren. No they cannot keep putting the loan on your credit report. 6-8 years (i cant remember) from the date of last activity it will be erased from your credit bureau. The date of last activity would be noted on your credit bureau next to the loan. However the loan can stay in collections as long as they choose. Student loans are next to impossible to get out of. Alliance could report the debt to your credit bureau as a collections item which would do a lot of damage to your crdit bureau, however I have not yet heard of them reporting the student loan debts. So regardless if its on your bureau it still has to be paid somehow.
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2007 at 8:00am
Tug,

A debt owed is a debt owed - and as long as a debt is owed, the creditor can report it. A limitaiton that aspplies to the reporting of an account to a credit bureau is six years - less one day. THe bureau is required to purge accounts that have reached the limitation, and had no activity or acknowledgment.

Banks and major creditors have spent a considerable amount of time looking for ways around rules that would otherwise restrict them from doing one thing or another. During that time spent, also spent was a lot of money on lawyers and other legal/political resources to help them find those ways.

Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.