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 LockedAbility to pay off a debt, need to know right way

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andyW View Drop Down
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    Posted: 16/March/2009 at 8:11am
Hi there,

I am in a position where I am able to pay off the remaining item in the collections section of my credit report. It is nearly at 7 years so I would like to pay it off the proper way and not have it negatively report on my credit by resetting the date of last activity. I am certain that this debt was paid well before it ever went to collections as it seems to be for the amount of one of the payments we agreed to and sent post dated checks for though it will be more hassle than its worth to look into. Non the less I just want it gone.

I did some reading and found lots of "Pay for Deletion" type letters including this one:

####################
Collection Agency
666 Evil Street
Hades, Hell 00000

Re: Collection Account for Original Creditor
Account #: 00000xxxx
Amount: $25.00

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.

In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

Mr. INeedCreditHelp
123 Any Street
City, State ZipCode
#######################


Now I am Canadian and the above letter is American, does this kind of thing work here and does someone have an example of a Canadian "Pay for Deletion" letter. Like I said I am able to pay the full amount reported on my credit.

Thanks for any help you can provide,
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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: 16/March/2009 at 11:21pm
It doesn't work anywhere.
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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andyW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote andyW Quote  Post ReplyReply Direct Link To This Post Posted: 17/March/2009 at 4:50am
So what can I achieve in paying it off that wont be as negative as a renewed date of last activity?

Does the date of last activity even mater that much to my credit?

Thank you in advance
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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: 17/March/2009 at 11:49am

I guess you will be that much less in debt once you pay it. That is a good result is it not?

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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Graywulf View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Graywulf Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2010 at 12:08pm

I can confirm that a pay for delete does work, but, it depends on a lot of things and the process for me was extreamly long and drawn out.

It took me almost two years of sending letters to different agencies as the debt was passed around, but finally I ended up at one that offered me a pay for delete.
 
I paid them in April of 2009, and I pulled my report a few months after this and saw the collection was gone. However, they did place it back onto my report in October 2009 (which royally screwed me out of a mortgage). I contacted the original collection agency about this, as what showed on the report they pulled was the original agency. After months of sending letters to the original agency and the original creditor I was ready to give up.
 
I pulled my credit report again and saw that it was now listed under the most recent agency I had paid, I wrote them a letter on February 14th, they recieved it on the 17th, and I got a letter from them on the 4th of march stating they had closed the account and removed it from my credit reports. I pulled my reports again on March 5th, and the collection account was gone.
 
So I mean, if you want to spend the time, you might have a chance, but almost all agencies will not agree to a pay for delete, I'm positive I just got lucky with this.
 
 
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Rachel Paige View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rachel Paige Quote  Post ReplyReply Direct Link To This Post Posted: 12/March/2010 at 9:22am
I recently settled a $20K student debt with Nordon and a week later it showed up as "settled" (and the date it was settled) on my Equifax and Transunion. So I eagerly applied for a credit card and was denied. When I called to ask why they said it was because I just settled the debt - they would want to see a clean record for 2 years *after* the collection debt was cleared. In other words: keep up the good work and apply in 2 years. So sometimes these things just don't disappear from the records.
 
Rach
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