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threebrooks View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote threebrooks Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 9:38am
More info....I had another student Loan through CIBC...they refferred me to Account Recovery (18887699272)-talked to the woman there who talked like a used car salesman and wanted me to take care of the $4729 loan...that turned into $8000... since I havent paid anything on it....SO EXPLAIN TO ME......
 
1. both my loans are from pre-1996...yet both are still with collection agencies...who could probably call me anytime they wanted....what is all this talk about Inactive Recovery, can't call you,blah ,blah, blah
Todd
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 11:49am
Inactive recovery does not apply to CIBC. Governments refer to this type of procedure and language. A creditor can try to collect a debt from you if you owe it. Howeve,r if a limitation issue has expired, that means they are actually limited to what they can do to enforce payment.
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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threebrooks View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote threebrooks Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 11:55am
ELABORATE ON "LIMITATION ISSUE"...i MEAN I GET IT THAT THEY ARE 'LIMITED' ...BUT HOW AND WHY WOULD A LIMITATION ISSUE EXPIRE?
Todd
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 12:02pm

Expiry in this case means that the running of the period (time expired) has run it's course, and is applicable in your given case. AI guess the better description would be "coming into force" or  in effect.

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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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 12:07pm
Hic,
 
If a creditor or student loan provider commences an action against a borrower, then that is enought or suspend the limitation period. Or, if a put-back occurs in respect of the Canada student Loans Program's agreement with the banks. A bankruptcy will suspend and reset. There are other activities. You can find these in the new budget implementation act that was passed in 2003 (Bill C 28). I believe sections 16 through 19.
 
The other issue is that a creditor or student loan provider is still allowed to attempt to recover a debt whereas a limitation issue has come in. In cases of this, you have to know your stuff, and be able to get them (the loan provider) to disengage. It is a professional's job. Wink
 
Johnny
 
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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evolutionrules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote evolutionrules Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 12:12pm
This is why I hired Johny.  I don't understand all this garbage and I didn't want to screw up any stats barred limitations by talking to the wrong person.  Johny thinks I may be clear and free but I would rather know for sure and have the documentation from him then to spend the next 20 years wondering about it.  Call Johny.  Seriously.
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gressi View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gressi Quote  Post ReplyReply Direct Link To This Post Posted: 31/July/2008 at 12:50pm
Does anybody have any Idea's. Can these morons come after me later in life even though they didn't follow Floridian Law pertaining to Law Suites?
Oh! man! I can't take this anymore!
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legolego View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote legolego Quote  Post ReplyReply Direct Link To This Post Posted: 09/August/2008 at 12:53pm
Originally posted by mjphillips mjphillips wrote:


your credit rating in canada may be screwed, however your credit rating does NOT follow you to the USA, and most places will not accept it as such. They have thier system and canada is its own.
MJ



Wrong.

They won't give me a credit card in Japan, no matter what.
I know it's because I defaulted on my loans 4 years ago.
The fact that I have a paying job here had no bearing, and all my other foreign friends have credit cards issued in Japan.
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gressi View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gressi Quote  Post ReplyReply Direct Link To This Post Posted: 10/August/2008 at 6:51pm
Replying to my original post ""Does anybody have any Idea's. Can these morons come after me later in life even though they didn't follow Floridian Law pertaining to Law Suites? ""
 
Since these idiots in Canada haven't followed US Law, there's nothing they can do, can't even garnish my wages or other. Nice thing about living here is that the Quebec way of not giving a hoot about an other country's law is know bitting these morrons back where it counts! Seems that if they, the bank continue any type of malicious procedings I can sue them here and since they have investments and other nice goodies, I do believe they are stupid and redicolous enough that they will attempt something so, I can see myself smoking a cigar on the beach in Miami and being very rich thanks to the over zealous CIBC bank, have to love them.
Oh! man! I can't take this anymore!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote anamtark Quote  Post ReplyReply Direct Link To This Post Posted: 25/August/2008 at 8:32am
I am in the same boat. I could not find a job here even in last 2.5 years with my education which just added more than 40k student loan in my life. I am now thinking about going abroad like Hongkong, or singapore where I am being offered some related jobs. Salarwise it won't help me to pay back a single buck of the student loan. However I can live a moderate life there and atleast have some experience. However I may work and stay there for 6-7 years and then must have to come back.

However, I am concerned about my future stay in Canada. What would happen if I eventually come back here (I must have to because this my own country). What would be the worst situation if I come back in Canada after 6-7 years without any extra money (impossible to save!) to pay back the loan. Can anybody help me with it! I have to take the decision very soon. Am I going to trade off my next 6-7 years living moderate life abroad and the remaining life in Canada with anxiety and distress?


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Dr Wahooka View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr Wahooka Quote  Post ReplyReply Direct Link To This Post Posted: 31/August/2008 at 11:15pm

I moved to California as part of a company transfer in July of 2006 and stopped paying my Royal Bank  student loans. Although it isn't a very valid excuse I wasn't sure how to go about paying as when I lived in Canada I made my payments by going directly into a Royal Bank. I fully intend to pay back loans.

 About 6 months ago I got calls from one of the collection agencies (for the life of me I can’t remember which one any more.) They called me at work and I informed the representative that this was a work number and if she wanted to discuss the options of repayment with me she could call me at home to which I would give her my home number. She told me that she had called my house and had left a message. I asked her if she was sure that she had phoned the right number and she told me that she had received my answering machine my name on it and that she had left a message indicating that it was important that I contact her. I told her that this was impossible since my answering machine does not state my name. This is entirely true, I never say my name on my personal answering machine only my phone number. I also told her that I receive many solicitation calls on my machine and do not respond unless I know the nature of the call. I told her that if I had known that this was in regards to a debt owed I would have returned the phone call. I informed her that I would like to set up a payment plan yet she demanded the entire loan in full. (typical borrow from family, get a loan from a USA bank, ect.) I told her that I was able to make a large sum payment, I didn't indicate how much, and that I could continue to make payments monthly. She refused again telling me that she was going to hang up on me and have my wages garnished. I told her to go ahead and try, (in retrospect I probably shouldn’t have said that.) She contacted the Human Resources Manager in our Richmond British Columbia office and he called me to tell me that he received a call and made the mistake of telling her I was in California. I am not sure if it was before or after I had talked to her, however, I believe that my comment of go ahead and try to garnish my wages could be taken as permission to contact my employer.

I didn’t here anything more from that agency after that conversation, and a few more months passed when I started receiving calls on my answering machine from a Mrs. Campbell telling me that it was important that I contact her. The calls always occur when I am at work as I am sure that these agencies can not figure out that there is a three hour time difference between California and Ontario. Were I to be home when they phone I would answer the phone. I am very patient and can handle daily conversations.  Yet they are not going anywhere if I am to be told every time that I have to pay in full. I just got a letter in mail the other day from Nor Don that said I had 48 hours to repay my loan or they would be contacting a lawyer in Los Angeles. It has the same wording as letters I have seen posted in other forums to those living in Canada about seizing my assets, bank accounts, home, car, ect, but with the threat of the LA lawyers.

They have managed to have Equifax Canada check my credit with Equifax in the USA. The other two credit bureaus however have been unaffected. I have a good credit score in the USA despite this but do not have any other credit here other than a $1000 dollar limit on a credit card. In other words I have nothing to seize, besides my bank accounts of which I do not believe they can touch without a law suit. (correct me if I am wrong, but they couldn’t seize any of my assets with out having drawn it out in court.) I am sure that they are sorely disappointed to find that I do not have anything according to the records that they have that they can chase after.   

So that’s the story so far. This is what I plan to do but I need some advice here. As I stated at the start I fully intend to pay my loans. Over the past two years I have been saving a lot of money. (I am single, paid decently, have low expenses, and since I don’t own a car none of financial burdens that come along with an automobile.) I have enough saved to make a MAJOR dent in what I still owe in loans. I could almost pay them all off but that would completely drain me of the safety net that I have established here.

This is where I need advice. First off I do not know how to make a payment from the USA. Every piece of paper that I receive tells me that I can make a payment at the Royal Bank, CIBC, TD, all Canadian institutions. These banks simply do not exist in Southern California. What are my options? Where do I pay? I don’t think I can write a check that can be cashed in Canada.

My second question is who should I pay? I would rather not give collection agency a dime of that money. Their appalling ethics and strong arm tactics do not leave me with any desire to see them as successful. If I make a payment directly to the Royal Bank would Nor Don still receive their commission? If they do, I know that there is nothing I can do about that and would be willing to accept it. Is paying the Royal Bank still an option?

Bottom line is per confusion got me in this mess and I was not diligent enough to figure this out before I left Canada. I have no reasonable excuse for not making payments but do want to and need to know the best route to take.                  

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Post Options Post Options   Thanks (0) Thanks(0)   Quote anamtark Quote  Post ReplyReply Direct Link To This Post Posted: 01/September/2008 at 7:57am
This is very unfortunate. Our all OSAP funded educataion and certificates become waste paper in Cananda when we don't get any job in your field of study. However, lots of countries outside Canada like asian countries honour these Canadian education/certficates and provide us with related jobs there. It pays you lots of experience and moderate salary to live there (though not for life long). However, if you convert this money in Canadian currency it would be not enough to even survive here. So, ultimately you can not pay back even the minimum amount of Student loan if you go abroad for gaining experience and live a moderate life there.

Now think about the benefit of going abroad. Since you are not living on welfare when working abroad, you are saving lots of Canadian tax payers money. Moreover, you are gaining global experience which can be beneficial for Canada when you come back after say 5-6 years (we should not think that all other countries are technically less advanced than Canada). And after returning from abroad that person would be more confident in his profession rather than if he stayed in Canada passing his time in welfare or working $8/hour job not related to his education.

However, if you are not allowed interest relief while in abroad, you will find yourself with double amount of your student loan when you come back in Canada after say 7-8 years, which may discourage you to find and go for a job abroad.

I am requesting all decision makers in Ottawa to think about this. Interest relief should be allowed to all Canadian irrespective of their country of residence. Please allow interest relief to all whether they live in Canada, US, or any other country. Please. It would not only save the tax payers money, but also reduce the wastage of money related to student loan by opening the scope of employement outside this country.
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