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 LockedWhat is up with Scotiabank and multiple collection

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rorielly View Drop Down
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    Posted: 11/April/2007 at 6:57pm
In short, I owe Scotiabank for their portion of the CSL.  It was with Contact Resource Services.  right now they are only getting 50 dollars per month.  I make a decent salary, however with the household bills it's pretty much impossible to pay CRS (Scotia), Metropolitan (CIBC) and Nordon (govnt) to any extent that would make a dent.  I could pay just one perhaps, but then the others would hound me to death.

so anyways, paying CRS eveyr month, only 50/month.  then out of the blue, creditors interchange receivable management corp. (CIRMC) is calling me about Scotia's portion.  Then I get a letter from them.  What gives?  I call CRS, they know nothing about it.  I call Scotia's student loan centre (boy they are useless).  They didn't tell me a thing, except update my address.  I have no idea who to pay.  I also notice that CIRMC is not listed in my online banking payees.  so if I have to pay them, I'll have to send them physical cheques (can they refuse my little payments?). 

As if that wasn't enough, I'm getting a statement from Social Development Canada to pay 483/month for the govnt portion of the CSL.  Don't know who to pay there...SDC or Nordon?  Why can they just do these switcheroos, and not tell us?

I'm getting married in under 5 months, and I'm really worrying that something bad is going to happen to my paycheque before we can pay for the wedding.   I'm really stressing out, and not sure how much more I can take.  I don't know if I should file a proposal (would it even matter?) or what.  I graduated in 99, but because I moved to Quebec, took 3 french courses part time to try and learn a little french, and also took a part time course at concordia that I dropped; I've reset the clock, which means the 10 years for bankruptcy won't be up until about January-February 2014...another 7 years...even then no guarantees it would be discharged.  If the 7 year rule ever comes into effect, then 2011...4 more years.

By that time, I'll likely have kids, a car payment, and all the other household bills...there's no way these loans will ever be paid and I'm getting really depressed about it.
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littlewaist23 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote littlewaist23 Quote  Post ReplyReply Direct Link To This Post Posted: 13/November/2007 at 5:58am
Hi,
 I am getting calls now from creditors interchange receivable management corp about my student loan they asked me to have a co-signer for a loan to pay it off and mentioned to me about apllying for a mortage as well. How were you able to deal with this because they want close on 400 dollars a month and to send post dated checks to them which i really dont want to do.
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 13/November/2007 at 7:22am

If you want help, let me know.

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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shymisty View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote shymisty Quote  Post ReplyReply Direct Link To This Post Posted: 15/July/2008 at 6:18am
Scotiabank apparently changes collection agencies every 5 month well thats fine and all but where is my money going if I've been paying CBCL on behalf of BNS. If were going to start paying multiple collection agencies then where is our money going and where and when  is this going to end. Something needs to be done about this cause I'm at a point where I'm not going to pay anything to anyone anymore and they can very well take me to court. How good is that going to look on them.
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JasonW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JasonW Quote  Post ReplyReply Direct Link To This Post Posted: 14/January/2009 at 4:38am
I am in a similar situation.  I have been paying Creditor's Interchange monthly for over a year now (about $500 per month).

I just received a call from them stating that they are closing their doors and the account will be sent to another agency next month.  The agent was very helpful but I'm confused - will I have to make new payment arrangements and will the new agency be as helpful (this has not been the case in the past)?

Please let me know if you have any suggestions.

Thanks!
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 14/January/2009 at 7:09am
Your file will be shuffled to either NCO, NorDon, or Accounts Recovery Corp. Unless the bank decides to replace CI with a new agency outside of the above three.
 
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 SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/February/2009 at 3:09am

Info on new collectiona gency that has been assigned to collect scotiabank student loans.

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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Coco View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Coco Quote  Post ReplyReply Direct Link To This Post Posted: 12/February/2009 at 6:35am
I have or should say have my federal portion of my loan with Creditors Interchange.  Should they not send a letter of sorts out stating they are closing?? My payment is due and what happens if i make a payment? Will it be transfered to which ever collection company my loan is sent to now?? I don't want them to think that I am not making my payments either. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/February/2009 at 12:38pm
Creditor's Interchange is not longer active. THey closed shop at the end of January. You are likely going to be shuffled out to Global, ARC, NCO, CBV, or NorDon.
 
If you want help, call us.
 
 
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 Coco Quote  Post ReplyReply Direct Link To This Post Posted: 13/February/2009 at 3:49am
So in other words its a waiting game to see where it might end up.  I just don't want them to think that I am not paying my loan, when I have been paying it.   If I were to contact some on in the government regarding where my loan has ended up who would I contact?? Would I even get an answer?? Very frustrating, obviously for reasons beyond my control at the time is why my loan was put in collections to begin with, but now that I have been faithfully paying back the loan the company closes and somehow I bet the new collection agency I will be dealing with will make it out to be my fault  and that I am the bad guy when I have been acting in good faith.   I just hope that I will not  have to go through the ringer again dealing with the abuse the collectors love to dish out. Terribly annoying 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 13/February/2009 at 9:04am

You would contact the party you owe.

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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