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 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 have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


  New Posts New Posts RSS Feed - Loan sent to collection while on interest relief
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedLoan sent to collection while on interest relief

 Post Reply Post Reply
Author
DoneWithIt View Drop Down
Newbie
Newbie


Joined: 09/March/2010
Points: 5
Post Options Post Options   Thanks (0) Thanks(0)   Quote DoneWithIt Quote  Post ReplyReply Direct Link To This Post Topic: Loan sent to collection while on interest relief
    Posted: 13/March/2010 at 4:00pm
I graduated from post secondary in the spring of 1998. My understanding at that time was that I had 6 months before I was allowed to apply for interest relief. In December 1998 I started my first portion of interest relief.
 
I studied from 1993-1998. Why was a portion of my federal student loans sent to collection and the other part not? I should have been getting interest relief on my entire student loan.  As a result of my student loans going to collection in 2001 I filed for bankruptcy.  After filing for bankruptcy all of my student loans were in collections once I was discharged. However nobody except CBV loans knows who I am. CRA is not collecting on my CBV loan and no portion of my income tax is being put towards the CBV loan. Why is that? CRA doesnt even have the CBV loan listed on their system.
 
I phoned Canada student loans and they have no idea who I am
 
My credit score is quite low due to my CIBC student loan in CBV collections and is reported as in default. Funny enough it also shows that there has not been any activity on that debt since April 2007. Even funnier is that I have not missed a payment with CBV since 2002. The funniest thing is that CBV never once has told me that my student loans have been written off.
 
I feel like perhaps I got caught between the old student canada loans system and the new one and that somehow that caused only a portion of my federal loan to be covered by interest relief.
 
I hope this was not confusing and I am really looking for direction as to what to do next because I do not have the 15,000 dollars that is still owing on my student loan to pay in a lump sum. It is pretty amazing that I have been paying for 8 years on my loan and in reality I have not even paid a dime as it is pretty near the same amount that I owed initially on this portion of my student loan.
 
Nobody that I have spoken with has answers for me, not CIBC, CRA, Student loans and definitely not CBV.
 
I would appreciate some direction
 
 
Back to Top
Sponsored Links


Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.