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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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Topic: New Activity-CIBC and Collection Agencies
    Posted: 08/February/2010 at 12:41pm
Originally posted by Johnny

Here's the drill concerning the recent increase in collection agency activity regarding CIBC student loans. Certain agencies involved in the race for higher recovery and marketshare are approaching people more aggressively. Part of this aggressive approach involves suing people, of course. Certain agencies are quick to sue those who owe larger and aged loans, which brings me to the next point.

From what I know at this point, CIBC is giving collection agencies 50% commission on older products - especially those that are statute barred. In a few recent cases I have seen and resolved, two separate agencies proceeded with legal action against people where a limitation issue is in place. For 50% commission on recoveries there will most certainly be an increase in these activities. So, for people who have CIBC student loans in default earlier than 2006, you should be on the alert.
 
If you are having problems and need help we are here for you.
 
Johnny
 
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