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Puzzling Situation - Really Old Loan (2000-2002)

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klcn View Drop Down
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Joined: 08/February/2013
Location: North York, ON
Points: 2
Post Options Post Options   Thanks (0) Thanks(0)   Quote klcn Quote  Post ReplyReply Direct Link To This Post Topic: Puzzling Situation - Really Old Loan (2000-2002)
    Posted: 08/February/2013 at 6:12pm
I had a really, really old loan that I am positive has been paid off through my income tax returns being seized for years.  Finally after ten years I have all my income taxes back.

The truly fun part - RBC (the original lender of the OSAP loan) has no loan on record.  It's just gone as if it never was.  The NCLSC?  Same thing.  Oh, they know I had one at one point because if I want another one I have to pass a semester on my own penny before they'll loan more... at which point I don't see the point in taking out an OSAP loan.  My credit line has a better interest rate.

Flash forward to last year when I got a puzzling phone call from ARC.  I was very, very careful to not acknowledge anything, no matter how hard they pushed for payment, etc.  I just didn't give them anything except, "Send me the paperwork to prove your claim, I'll take it to my financial advisor and if the money is legitimately owed we will come to an agreement then, however, I'm not taking your word on it and no, you're not getting my financial information or credit information until you do."

They would call me three times a day, every day, until I took the complaint to my MP and the calls stopped.  But not once, even though they had my physical address, did they send one letter or any proof.  So my stance never changed.  And after the MP's intervention the calls stopped too.

So, I did my income taxes this year and then I had to move from Sudbury to North York.  I haven't had a chance to update my address with the CRA or anyone else but my bank and my cell phone company, which are the only two places I ever receive mail from anyway.  As per usual, the CRA lines are either busy or not available so I can't get a hold of them - I'll have to consult my MP over that again, so I can handle that on my own.

The latest is still coming.

Now, I know if an OSAP loan is in default, as in truly default, the CRA will honour a lien and any money owed in return or HST will be seized to pay off that loan.

I have received every single last penny for every year, including 2011 that while I was late, I still got it (I have instant deposit, not physical cheque) even though we moved, which brings me to the next "Things that make you wonder..."

The CRA is not aware of the move.  The NSLSC is not aware of the move.  I never took a private loan, only OSAP.

I just received a rather insistent letter in the mail from CBV Collections stating I owe $9200 in a Student Loan from Royal Bank... not a government student loan... a PRIVATE student loan.

I have not yet responded to the letter as I am not overly sure how I should respond, or if I should respond to it.  If it's a scam, the last thing I want to do is confirm that the information they have is correct because if they have this already, what else do they have?

I am worried about the report on my credit rating, and while I could be one of the ones affected by the lost hard drive, I haven't been able to get a straight answer out of the HRDC one way or the other.
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komiiro View Drop Down
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Joined: 22/June/2009
Location: North York, ON
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Post Options Post Options   Thanks (0) Thanks(0)   Quote komiiro Quote  Post ReplyReply Direct Link To This Post Posted: 12/July/2013 at 11:05am
As an update to the above (I am klcn, but I no longer have access to the email used to make that account and can't remember the password) I am now a current post secondary student.

We did finally find out where and to who I owe money to (it was ARC after all) but now, because I'm a current student, they aren't sure "how to handle my case" as their computer says I should be on interest relief because I'm a student but I can't be on interest relief because of the default loan, and they have acknowledged that it is possibly a statute barred loan which further complicates things.

I just want this noose removed.  I can't exactly afford to pay it all off, but my questions are:
1) Should I, if I can afford to, just come up with an affordable payment arrangement, even if the loan is Statute Barred?  I couldn't afford to pay for it before because I was always on a very fixed income, but after I graduate my income is expected to rise by quite a bit (As in from Welfare to a professional accountant with a degree...)
2) Because I am a student and expected to pass with a very high grade (I didn't finish last time because of some unfortunate circumstances in my life) is it possible to get some of my loan forgiven?  If so, what do I have to do?
3) What does this crazy situation mean for my future credit?!

Sort of off topic but yet not since it is about loans, credit, money and student loans... would this make a good thesis topic Wink
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