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This Settlement saved me $30K

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marblebean View Drop Down

Joined: 10/February/2014
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote marblebean Quote  Post ReplyReply Direct Link To This Post Topic: This Settlement saved me $30K
    Posted: 26/February/2014 at 7:36pm
I know, I have posted before, but I just don’t think there can ever be enough good things said about John and Heather at the CFW group.
It was never my intention to not pay my student loan. It was not a case of failing to plan, rather it was partially a failure of the plan and probably more significantly a case of falling through some pretty gapping cracks in the system (like having my student loans called for repayment while still attending school fulltime –taking four courses over seven weeks rather than three over twelve meant I was unable to get the needed paperwork to prove full time attendance, but attending fulltime over seven weeks left me unable to apply for a part-time student grant to help me begin paying off the loan). So already teetering on the edge of falling into default I paid the expenses on a move across the province to work in my field of study, while my family remained back at “home”. After a year of paying rent in two places, we decided to move us all to where I was working, yet before we could realise any significant savings from the re-unification of the household I received a lay-off notice. Then, having to pay up front for subsequent inter-provincial moves to pursue my chosen career and having to wait a number of months for the reimbursements to be processed the loans went into default……..
I remember phone calls from collection agents: One agent asked about the model car I drove. When I answered “Volvo” I could practically hear her salivating into the phone! She asked “What year?” I answered “1980” and her voice dropped in disappointment. –Did these people honestly think I was buying high-end cars and ignoring the fact I had a student loan?
Then there were the fishing expeditions: The next collection agent offered the hope of a settlement in order to assess the level of available funds. I must admit I did fall for it and scrambled to find money in corners and from family. The agent was none to happy with the answer of what I had available. “They would laugh at me if I brought forward that offer,” she said. Then things were quiet for a bit until the next collection agent got hold of the file.
And it went on with a new collection agent: Phone calls at my place of employment, Insinuations that my partner was somehow absconding with my hard earned pay (with two rents to pay and three kids to support), and on……
Then the lawyers came a knockin’…………
I don’t think I would have stood much of a chance without John at the CFW Group. Thanks John!
Now I am free! We reached a settlement which saved me just over $30K (almost two thirds of the loan amount –including accrued interest). The settlement offer was accepted and has been paid. I am free!
Now I am (im)patiently awaiting the original signed court document from CRA via Canada Post so I can frame it and hang it on the wall.
Thanks again to John and Heather!
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Royal-NCO View Drop Down

Joined: 17/March/2010
Points: 243
Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2014 at 1:01pm

I am really glad you think everything is fixed for you now, but the sad reality is that you may discover you're still going to get chased by a random collection agency that thinks you owe them money.

Watch you credit reports like a hawk to see if random collections starts popping up on your report that shouldn't be there.  You can likely get them deleted, but what you will struggle to get deleted is the hard enquiry done by the collection agency.  These hard enquiries are visible to all agencies currently giving you credit and who may give you credit in the future.

Just be wary and don't fall into a false sense of comfort.

You can get your credit reports here.

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administrator View Drop Down
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Admin Group

Joined: 25/January/2003
Points: 1795
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 03/March/2014 at 4:30am
They can't really try to do this, and no one else on this board has reported this happening after a duly executed settlement.   I haven't heard of this happening.   If it did happen you would have grounds for suing the collection agency for any harm done to your credit bureau and at the very least a privacy complaint because the collection agency would have no authority to do a credit check on a past client.  They need authorization to do a hard inquiry.

As always, its a good idea to do a credit check every so often, but I don't think you have to live in fear.

Congrats on the settlement.  It must feel good to be free of this burden.


Mark O'Meara

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