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 - Forced to apply to high risk lenders?
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedForced to apply to high risk lenders?

 Post Reply Post Reply
Author
otisdeezer View Drop Down
Newbie
Newbie
Avatar

Joined: 24/February/2008
Location: Canada
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote otisdeezer Quote  Post ReplyReply Direct Link To This Post Topic: Forced to apply to high risk lenders?
    Posted: 10/September/2008 at 2:51pm
I have been paying double the minimum payments on my loans for years, and am current on all payments. Today I was told by CBV Collections that I HAD to apply to wells fargo or citifinancial for a loan to pay my balance and If I didn't I would have to repay in full at once. This is just a line of BS isn't it? They also said I need to send copies of my wifes income to them as well, even though I was single when I was in school. Can they do this?  
Back to Top
Sponsored Links


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: 11/September/2008 at 2:11am
yOu do not have to do anythng that will put you in further financial trouble. Going to a high hisk lending institution to pay out debt at an even more exhorbitant interest rate is not productive. Collectors are not helping you by suggesting this. In fact, they are causing more harm.
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
Angela View Drop Down
Newbie
Newbie
Avatar

Joined: 15/September/2008
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote Angela Quote  Post ReplyReply Direct Link To This Post Posted: 16/September/2008 at 10:13am
If you are current with your payments why was the CBV calling you? I think that would be the first question I would ask them.... Then  I would report them to the Student Loans company.... sometimes that helps... sometimes... once in 1,000,000 times maybe....
Dance In The Sunshine
Back to Top
misscadets View Drop Down
Newbie
Newbie
Avatar

Joined: 20/December/2006
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote misscadets Quote  Post ReplyReply Direct Link To This Post Posted: 21/January/2009 at 9:57am
Ok...my situation is similar to Otis's.
 
My Federal loan is with Metropolitan Credit.
-For over 2-3 years I have been paying the agreed upon amount plus some. I've  requested documentation re: that agreed amount, but never has anything been sent. (via phone msgs/email/letter). I have ensured that all info they have is up to date (new address etc) and I have NEVER missed a payment since I defaulted initially.
 
For the past 1-2yrs I have asked them to contact me regarding outstanding balance and possible reduction in interest to pay more of the principal off (yeah right). Friday I emailed them, yet again and finally this past Monday someone called. This "gentleman" said that after 2 years of this loan being w/them, that he can recommend that I be sued for the full amount unless I prove and verify a resolution to give them the full $11,300 by 4pm today. He told me I have 2 options. Either I get a cosigner (which is not available to me) OR get a high interest loan from Citifinancial to pay off the debt. (why would I get a loan that's 3x's the interest of what it is currently - I know it's not great being in credit..but ?)
 
I told him that less than 24 hrs notice to accomplish paying $11,000 is not enough time. I asked why he is doing this to me when I have been faithful. He said because it's after 2 yrs and the financial agreement is void, he can. I asked him-if the financial agreement is void after 2 years...and I've been paying faithfully for more than that...why are they still accepting my payments?  he said they cannot refuse and changed subject and said 4:00 he is recommending they sue me.
 
Why sue someone when they're doing what is asked?? What can I do??  This guy had me in tears. I contacted my lawyer and am waiting for a response - Met. Credit didn't like that and he said I contacted my lawyer to find a way to NOT pay. I said I have every right to know my rights when I have been paying AND not being contacted for so long, then to have him threaten to sue me. That me looking for a way to NOT pay are his words and not mine.
 
I don't know what to do :(  any suggestions would be most helpful
Miss Cadets :)
Back to Top
beerstud View Drop Down
Newbie
Newbie
Avatar

Joined: 03/October/2007
Location: Canada
Points: 19
Post Options Post Options   Thanks (0) Thanks(0)   Quote beerstud Quote  Post ReplyReply Direct Link To This Post Posted: 05/February/2009 at 11:02am

CBV is back after me to pay my entire loan about 22000, but they will settle for around 16000. I just need to go to wells fargo and another lender to borrow the entire amount, as my collection agent Abdul only has 6 months to close my file. Get a relative to co-sign. I had been paying 300 a month by internet banking since July 2006. In Dec of 2008 i only payed one payment of 150 due to needing some car repairs. In Jan I made 2 payments but because one was made on Jan 30 th, that does not count because they did not process it until the 03 Feb. Abdul is becoming more aggressive wanting my wife's income, and me to re-fill out the financial statement to include her income and the income of all residents of my house. This is FOIP which i told him, and did he get mad. Anyway, I really do not care I an going to continue paying the money each month. Why take out a higher interest rate loan to pay off my student loan? I know I have the loan and have no problems making the payment, but since my credit is so bad I cannot even get a credit card increase, what financial or loan institution lends money to someone with no collateral. The first time we had this chat about getting the money, I spoke with his supervisor Shaun who okayed the monthly payments to continue, after giving the speech it is in your best interest to pay off this debt. I told Abdul take me to court, and i hung up on him as he was being rude and raising his voice. I was getting frustrated and hung up before I said something that I know I would later regret. I am not going to return their calls, it just becomes an argument.

I wonder if CBV will lend me the money to pay off my debt, as nobody else will lend me the money? Maybe Abdul himself will cover the cost! I will have to ask that being the smart ass I am.......lamo
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.