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aimcomics View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aimcomics Quote  Post ReplyReply Direct Link To This Post Topic: NCO, Royal Bank & Consumer Proposal
    Posted: 23/April/2008 at 6:58pm
Hi All,
I have recently been contacted by NCO in regards to a Student Loan that I had from Royal Bank. I graduated in 1999 and made regular $100 a month payments on the loan.
 
The balance of the loan was included in a Consumer Proposal that I did in 2003. In 2006 I completed my Consumer Proposal and have the paperwork indicating that the Student Loan was included in the proposal. I also have copies of my credit report indicating that the loan was included in the Consumer Proposal and has been paid through it.
 
Can NCO really be forcing me to pay this supposed "debt" to them when I have all the paperwork indicating that it is paid? They are trying to tell me that it is not paid?
 
The NCO collections people posed as people that lived at a previous address in order to get my new address. They told my wife that they had mail for me that was sent to a house that I haven't lived in for nearly 5 years. Of course, my wife, not knowing, confirmed my address and phone number with these people in one call. They have since called every day, leaving both automated and live messages for me. Are these typical tactics of collection agencies? I have never dealt with collections before.
 
Thanks for any help that anyone can provide.
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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: 24/April/2008 at 5:24am
This is the oscar award winning creativity that I have been mentioning in numerous posts dating back to 2005. Collectors collect information first. They create little acts and plays (like you had described) so they can ease the information out of you. Information gives them more power, or at least that is their belief system. Nonetheless, if they have no information about you they really can't be as effective.
 
Now they have your phone # and and address. THey can campaign you daily now. THey couldn;t before because they had no information.
 
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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Katrina_+ View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Katrina_+ Quote  Post ReplyReply Direct Link To This Post Posted: 24/April/2008 at 7:17am
Welcome to the mental exhausting game play of collection agents.  Their tactics are ruthless and the longer they've been in the industry the better they are at it.  Information is power to them as it is to you as well. 
If you know that you have paid this debt, do not give in to these collectors.  Educate yourself, read through the forums and arm yourself with knowledge.  They can't stand it when you know what you are doing! Be confident!
**Formerly known as "kwelmm"** You never know what life has in store. I was silly enough to think I did! It's all good! Life goes on!
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aimcomics View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aimcomics Quote  Post ReplyReply Direct Link To This Post Posted: 29/April/2008 at 6:54pm
Now NCO is asking for copies of my Credit Report and the paperwork from my Proposal.
Should I provide this to them? I thought they should have access to the Credit Report. I am not sure what info I should and shouldn't give them.
They are insistant that this loan was not covered in the consumer proposal, but all the paperwork I have indicates that it was.
 
Has anyone experienced a similar situation?
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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: 01/May/2008 at 4:09am
NCO can access your credit report. Do you need help with this?
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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prior View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote prior Quote  Post ReplyReply Direct Link To This Post Posted: 19/October/2008 at 8:46am
NCO Financial Mississauga, Ontario
I received a notice of claim from NCO financial for the creditor of Min of Training and, Coll & Univ, OSL and it has an account number below the above part, with an outstanding amount of 503.64 but below where you are suppose to send the return portion there is a different account number, why is that.  Also they have been taking my income tax for years now, so how do I know if this is the full amount owing for the ontario student loan which was done through the Royal Bank.  How does anyone know if the income tax witheld has been put toward paying down the osl portion.  I have lost my papers and I can't remember how much the original loan was for ols.  How do I get a copy of my orginal ols, and how do I find out with they applied my income tax to be applied towards paying down the ols portion.  I have never payed on this loan due to hardships but now I need to do something about this.  If I make this payment, how should it be made, so I can have it verified that they received it.  I really would like to know, first what I owe in total for the ols.  I still have the Canada Student loan portion to pay also.   Don't know what to do first, exept that I would like a copy of the loans.  What interest rates do they charge also.  Also can I appoint someone to handle this for me, done in writing of course, so I don't have to deal with these people.  I haven't had a credit bureau check done in years so I do not know if there is anything in there.  Also afraid of my wages being garnished.  Any suggestions please. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote icemaiden129 Quote  Post ReplyReply Direct Link To This Post Posted: 13/November/2008 at 12:27pm
I have seen those letters from NCO the 2 different account numbers are 1 is a number put on by MTCU and the 2nd is what they call a collection number. If you bank online or through the phone pay that way. As for requesting the ols documents then just put it in writing and send it in. I think that is how it works.
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Bets View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bets Quote  Post ReplyReply Direct Link To This Post Posted: 22/July/2012 at 7:09pm
Hi aimcomics,

I'm curious to know if you were able to resolve your situation. I am experiencing a somewhat similar situation and I'd be ever so grateful to hear what steps you took and how it went.

thanks

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aimcomics View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote aimcomics Quote  Post ReplyReply Direct Link To This Post Posted: 23/July/2012 at 12:41pm
Hi Bets,
Yes, all was resolved but I ended up having to pay.
 
After numerous calls to Royal Bank, my banckruptcy trustee and NCO, I discovered that the student loan was not completely covered in my consumer proposal.
 
I guess at one point in time, the loans were divided in two. Part of the loan was advanced through the bank and part was advanced through the government. My understanding is that the government portion was a part of the proposal, but the portion that was advanced by the bank was not. That was the part that the collection agency was trying to collect. In my case, the problem arose for two reasons, 1. The trustee did not adequitely explain to me what was and wasn't included in the proposal and 2. I moved during the course of paying back my proposal and did not inform Royal Bank, so when my proposal was complete and I was to continue paying the loan, (which at the time I didn't know I had to do) RBC could not contact me notify me of payment due.
 
I believe the debt was actually transferred to a different collections company as well. They were much more accommodating and freindly. Two years ago I ended up negotiating a payment and paid it off. It should be noted though, that the debt still shows up on my credit report as a bad debt paid. Not sure how long it will be there, but it has been 13 years since I graduated and I am still affected by this student loan. Makes it very hard to get good interest rates when trying to purchase a house or a car.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radagast Quote  Post ReplyReply Direct Link To This Post Posted: 23/July/2012 at 5:08pm
Originally posted by aimcomics aimcomics wrote:

Two years ago I ended up negotiating a payment and paid it off. It should be noted though, that the debt still shows up on my credit report as a bad debt paid. Not sure how long it will be there, but it has been 13 years since I graduated and I am still affected by this student loan. Makes it very hard to get good interest rates when trying to purchase a house or a car.


In my experience (not with a student loan but with another debt and a buyout agreement) it will remain there for 6 years. The only way to improve it is to pay the remainder out, AFAIK.
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Bets View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bets Quote  Post ReplyReply Direct Link To This Post Posted: 23/July/2012 at 5:27pm
Thanks for the reply and letting me know how it went. Wishing you well in the future. Take care. Bets
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