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towarf
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Topic: After me for phantom loan after 10 years Posted: 05/June/2009 at 4:49am |
I am 37 and have been out of school for over 10 years (and started Uni in 1989). My loans were finally paid off as of Dec. 2008. Last week I get a call from CBV that CIBC is now chasing me for a phantom $7000 that has never been brought up before.
I did due diligence in 2006, verified all my loans with CIBC and government, got credit reports etc. I then made regular payments with bulk payments in Dec 2008 to finish them off through collectors (Both provincial and federal). In 2006 I was told by CIBC that there was nothing outstanding beyond what I was aware of (some portions were auto forgiven, I don't remember why but maybe because I did have a bankruptcy in 2002 and some of the loans were very old.).
Anyway, I finally get rid of these wackos and now they are back looking for more. I have the collections agency getting records from CIBC to justify the amount. CIBC is absolutely no help to me whatsoever, they are useless. Either they have made a mistake or they have hidden some amount from me for over 10 years.
If its a mistake, then I have to trust they find and fix it (I have no faith at all). If it has been hidden, then I have 10 years of interest at minimum added on without any opportunity to pay. That and it could easily be from the early 90's and could have been handled differently (I think anyway). Right now I am told to wait for the collection agency to get info (weeks) and then I am supposed to trust the process. CIBC simply said the "hidden" scenario is very possible. In the meantime, they are posting negatives to my credit rating.
So the question is, what more can I do now? How do you prove that something fictitious does not exist? I feel like if CIBC wants to make up a number and assign it to a person, then they simply can. Also, if they claim that the amount has simply been dormant, with them not coming after me and not identifying it when asked then what can I do?
I am so angry it hurts, my business with these people should be finished long ago.
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towarf
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Posted: 14/June/2009 at 3:38pm |
Should I assume the lack of any informed response means this forum/website is inactive or not moderated now?
If they can't provide: 1) Full proof of the loan's existence 2) In the unlikely event it is somehow real, a rollback of interest given hiding this has prevented payment
Then I will be seeking out either an informed/capable mediator or some form of legal representation. Is this forum a dead end?
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Madmorrigan
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Joined: 09/March/2005
Location: Canada
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Posted: 17/June/2009 at 6:49am |
Check through all the posts here and you'll discover that you are of the "generation" of loan borrowers that had their student loans split into THREE portions (like mine). While you've clearly taken care of the provincial and federal portions, there is a third BANK RISK portion that likely is the one that remains outstanding (I've been searching for mine for the last couple of years...they move from collection agency to collection agency so it's hard to pin it down).
I can't give you any advice on how to handle it, but at least it's an explanation as to why you're getting shafted.
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towarf
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Posted: 18/June/2009 at 3:06am |
Yeah see here is the thing....
I have 3 student loan portions already posted as "settled" on all my credit reports. One was settled long ago and the others were the provincial portion and the portion kicked off to the gov't which were the two paid off in full in December.
From everything I have read that would be "the three" unless the federal amount has been split into three pieces making the provincial a fourth.
I *think* that has me covered, no?
If not, I don't see how they can not contact me for 10+ years and still charge interest over that period. It not just non-contact, I actively looked and asked as well. Given interest on a debt is penalty for non payment and I have not had the ability to pay beyond my control, I will be happy to spend more on legal than that interest just on principle.
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frustrated-guy
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Posted: 18/June/2009 at 6:54am |
I would think it would be worth engaging the services of John at CFW group (there is a link to him on the home page of this board) to inquire on your behalf. It would cost a few bucks to get his help but be worth it. John knows all the people and will be able to find out the status of the loan for you much faster than you could.
The loan could be stats barred, and if you are not careful your inquires could bring an inactive non collectable loan back to live. John knows how to inquire without acknowledging the debt and bringing it back to live.
I would suggest that you give John a call.
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towarf
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Posted: 26/June/2009 at 3:25pm |
I may well do that, thanks.
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katkat
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Posted: 14/October/2009 at 11:45am |
There could be up to four portions. federal, provincial, federal bank risk, and provincial bank risk. It sounds like one of these was never mentioned to you and that is what this is.
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administrator
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Posted: 15/October/2009 at 4:15am |
actually in some cases, 6 loans....
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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