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CIBC/IBB/FDR

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nido View Drop Down
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    Posted: 19/December/2011 at 5:16am
Hi There,

I am hoping someone can help me?  I went out Christmas shopping Saturday Morning and tried to use my debit card and got insufficient funds...I got paid a few days before so I know money was there.

I went to the bank teller and they told me that there was a debit for the exact balance on my account..

So here is where it all gets fishy...The "debit" it was from "IBB Loans"...never heard of it.
The message on my account was to call "FDR"....never heard of them.

I have never authorized any type of automatic debits on my account so I got angry at the teller (for obvious reasons they just cleaned me out-literally-they never left me 5 cents) so I demanded to speak to the branch manager.
After some digging on his part he told me that "CIBC Collections" authorized the debit.  He calls them while I am sitting there.

This mope proceeds to tell me that its for a Student Loan.  I lost my freakin mind.  As far as I am concerned my student loans are paid off.  I paid the government-they took over my cibc loan back when they integrated the student loans.

Am I missing something?  Are they allowed to literally clean out my bank account one week before christmas?  I have 2 kids, I couldn't go to work this morning because I had no gas in my truck or any money for parking even.

I have been trying to contact someone from all 3 of these companies regarding this phantom loan (btw this "loan" is from 1999)-CIBC collections, IBB, and FDR, and keep getting sent around in circles.

Advice?






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pvcm View Drop Down
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Joined: 14/December/2011
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Post Options Post Options   Thanks (1) Thanks(1)   Quote pvcm Quote  Post ReplyReply Direct Link To This Post Posted: 19/December/2011 at 4:41pm
I would check the judgment roll at the court house & i would do it quickly. i was told by a government collector that student debt is 100% recoverable which means that they can keep cleaning you out until the debt is paid. unfortunately, i don't have any valuable advice other than try calling hrdc, cibc, the collection agencies. keep calling until you get someone who can track down this loan. CIBC should still have it all on record.  i'm not a professional, i just wanted you to be aware that if they got the right to do it once, they can probably do it again. bless you & your family
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 20/December/2011 at 3:22pm
Immediately open another bank account at another bank.  Change your direct deposit info immediately.  Otherwise it will likely  happen to your next pay as well.


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CrystalUnicorn View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote CrystalUnicorn Quote  Post ReplyReply Direct Link To This Post Posted: 22/December/2011 at 12:38pm
 
Grinched by FDR
DeadHi I am in the exact same boat. Saturday afternoon I went to the store to start my Christmas shopping  I got NSF funds on my  bank card. I went direct to the bank machine to check the balance.
1566.00 Poof gone on Dec 16. I have been sick to my stomach ever since. I too had a canada student loan years ago back in the 80's
When I tried to get a hold of information the only thing the CIBC phone center would tell me is they could do nothing until I talked to FDR LTD
Saturday afternoon they were closed
I didn't eat all day Sat/or Sun Monday I filed a police report I just got my report number today Dec 22 2011 I still have not spoken to a officer yet.
I pulled my Equifax Credit report and no mention anywhere in it of a loan
I have composed my dispute letter
I have made a request for original documents to be faxed to me.
I have found out that this loan is from 1994-1995
I never took out a loan in the 90's 1994 April my son was born and then I was embroiled in a long and messy case with CSA that went on for 3 years I would not have had time to go to school.
I have found out that even tho the only funds that were in my account was my CCTB
Doesn't matter where the funds came from they took it.
So for you out there if your CCTB is direct deposit they can take it. All of it..
I have to rely on friends and family now just to buy my Christmas dinner.
I have been trying to find some way to get my funds back but now I am in fear that any money that touches my account will be taken I don't even have enough to open another account.
NS and Ont are the only two provinces that do not have a statue of limitations on student loans
I don't know how FDR has any legal right to go into anyone's account. If anyone has any additional information on how this is possible how a collection company has the legal right to go into an account and just wipe someone out. There is on thier website a listing that CIBC is a client of thiers and I'm pretty sure when I opened this account in 2005 I did not give the CIBC the right to give access to a third party.
Any info would be helpful at this time.
Grinched by FDR
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 10:29am
Crystal  and Nido ....    Did you get your loans through CIBC?  
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CrystalUnicorn View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote CrystalUnicorn Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 11:53am

I took out a loan with Scotia Bank in the 80's. And consolidated after to pay it off

I Never had a loan with the CIBC.

 

 

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Post Options Post Options   Thanks (1) Thanks(1)   Quote ChugBug72 Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 12:15pm
My CIBC account statement showed up in the mail in October.  The closing balance was $0.09. 

I had put in $88.50 to put the balance in the black (the account was -$3.91, probably due to bank fees on a $0 balance!) minimal, as this account is one I don't use very often.

A withdrawal was taken out as a "LOAN PAYMENT" of $85 to "IBB COLLECTIONS, TORONTOTORONTO" [sic] on Oct. 17, three days after I made the deposit.

Royal Bank did this to me when I was still a student in 1997.  I have never done business with them ever again.  That's what will happen to this account as well.  I will close it and never do business with CIBC again.
Dreaming of a debt-free future.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote terrym Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 5:11pm
CIBC also did the same to me years ago for my loan from 1990. Please, learn from my mistake. Join a credit union immediately, NOT a bank. Initially when my CIBC account was drained, I went first to TD Canada Trust. CIBC drained my new TD account. Next, I opened an account with the Royal Bank, and it was drained by a collector in Burlington, Ontario. Finally, I opened two accounts with credit unions (Alterna and my local municipal credit union). My credit union money has never been touched. However, since 2004 the collector takes my tax refunds. From my own personal experience, expect your wages to be garnisheed by CIBC's collector as the next scare tactic. This happened to me twice, even when I changed jobs. (Incidentally, I've repaid all of the principal of my loan, only interest is outstanding.)

My oldest son had the same problem with CIBC last September, although he lives hundreds of miles away from here, has a different surname, and only defaulted in August 2011. Bank account seizure must be systemic throughout Canada and spans generations. Luckily, my son receives ODSP, which is legally protected. He got a student lawyer to confront CIBC, and all but $50 was returned to my son's account. The $50 was a birthday gift, not pension money. It took two months to resolve the pension seizure. Unfortunately, my son is now so afraid of losing his pension that he does not trust credit unions, either. He switched from direct deposit to paper cheques, which he cashes at Money Mart for extortionate fees.

My heart goes out to you both. I remember exactly what it's like to go to the grocery store after work on payday, only to be embarrassed at the check-out counter. Just phone 211 for the contact info of your nearest food bank. You'll be surprised to find so many food bank recipients in exactly the same predicament. CIBC is quite aware that many of them have young children, and they will also suffer. The timing of your account seizure is no accident. Please keep us posted about how you resolve this.

Merry Christmas!

trm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 6:56pm
Comrade-conrad
Appreciate your help, but we dont post emails here due to phishing by collection agencies... Could you post the info here?

Thanks
Mark
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Post Options Post Options   Thanks (0) Thanks(0)   Quote terrym Quote  Post ReplyReply Direct Link To This Post Posted: 23/December/2011 at 7:25pm
Please try a credit union or caisse populaire, instead of a bank. The Big Five banks seem to have a reciprocal agreement for identifying and siphoning off money from the accounts of "deadbeat" student borrowers without due process. Even if you fight to get legally protected money back, it may take a couple of months to recover it. Click to find a credit union near you:  http://www.cucentral.ca/
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Post Options Post Options   Thanks (0) Thanks(0)   Quote m66m Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2011 at 1:55pm

i'm just wondering whether there is a way to parlay a student loan into a run-of-the-mill loan through a bank which isn't treated the same way as student loan:)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote m66m Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2011 at 3:51pm
Originally posted by CrystalUnicorn CrystalUnicorn wrote:

 
Grinched by FDR
DeadHi I am in the exact same boat. Saturday afternoon I went to the store to start my Christmas shopping  I got NSF funds on my  bank card. I went direct to the bank machine to check the balance.
1566.00 Poof gone on Dec 16. I have been sick to my stomach ever since. I too had a canada student loan years ago back in the 80's
When I tried to get a hold of information the only thing the CIBC phone center would tell me is they could do nothing until I talked to FDR LTD
Saturday afternoon they were closed
I didn't eat all day Sat/or Sun Monday I filed a police report I just got my report number today Dec 22 2011 I still have not spoken to a officer yet.
I pulled my Equifax Credit report and no mention anywhere in it of a loan
I have composed my dispute letter
I have made a request for original documents to be faxed to me.
I have found out that this loan is from 1994-1995
I never took out a loan in the 90's 1994 April my son was born and then I was embroiled in a long and messy case with CSA that went on for 3 years I would not have had time to go to school.
I have found out that even tho the only funds that were in my account was my CCTB
Doesn't matter where the funds came from they took it.
So for you out there if your CCTB is direct deposit they can take it. All of it..
I have to rely on friends and family now just to buy my Christmas dinner.
I have been trying to find some way to get my funds back but now I am in fear that any money that touches my account will be taken I don't even have enough to open another account.
NS and Ont are the only two provinces that do not have a statue of limitations on student loans
I don't know how FDR has any legal right to go into anyone's account. If anyone has any additional information on how this is possible how a collection company has the legal right to go into an account and just wipe someone out. There is on thier website a listing that CIBC is a client of thiers and I'm pretty sure when I opened this account in 2005 I did not give the CIBC the right to give access to a third party.
Any info would be helpful at this time.
Grinched by FDR


as long as there's judgement on you, it will be there in perpetuity until monies owing get paid back to the bank or other institution. It's just a matter of time. I feel for all of you, but, get better educated in things like this by shielding your hard-earned money a bit better. Leaving money in the big 5 is just begging for trouble. Merry Christmas, anyway.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote m66m Quote  Post ReplyReply Direct Link To This Post Posted: 24/December/2011 at 3:54pm
student loans are the bane of western society. My kids will work their asses off before they ever apply for a student loan. With the job market the way it's been for so long, owning a student debt is virtually a life sentence of misery.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote hwillm1977 Quote  Post ReplyReply Direct Link To This Post Posted: 25/December/2011 at 8:37am
This happened to me a few years ago... when I originally started paying back my loans I had set up automatic withdrawals for my payments, then stopped making payments when I lost my job.  The loans were taken out from 1995-2001, I stopped making payments in 2003.
 
About 4 years ago they took my entire paycheck... it was deposited through direct deposit, the next afternoon when I tried to pay my rent the balance of my account was $0... I called CIBC, they said 'You owe us money, so anything you make is ours...'  I said, 'well, I can't drive to work without gas so you won't get much more'... they didn't care.
 
They got four of my paychecks (not all in sequence, I would get to the bank early the day I was paid to withdraw the entire check) before I finally got an account they didn't have access to, and haven't gotten access to in the last 4 years.
 
I'm now at the point where I just want to declare bankruptcy, and I don't even know who has the loans anymore... I requested my credit report, but it's been so long since I've paid on them that all but the CIBC one (which was the one that stole the money from my account) has disappeared from my credit report.  I only get statements from one of the loans... I have 4 different ones, each with different banks and I'm assuming now each with different collection agencies.
Heather Williams
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Post Options Post Options   Thanks (0) Thanks(0)   Quote terrym Quote  Post ReplyReply Direct Link To This Post Posted: 25/December/2011 at 12:07pm
Heather,

Unfortunately, bankruptcy and consumer proposals don't work, because student loans are survivable debts. A trustee can only help with your credit cards, mortgage, and other debts that enjoy a legal moratorium. If you list the student loan as a debt on your proposal -- and you are legally obliged to disclose it -- then your problem will actually worsen. Your trustee must include the student loan in the repayment plan, which acknowledges the debt. When my trustee disbursed money to pay my student loans, it started the "10-year clock" ticking again. As soon as my consumer proposal was finished, CIBC's collection agency started pursuing me in earnest, sometimes phoning ten times per day. The collector knew I had no other outstanding debts that survived the proposal, so figured it was open season on me. Pursuit by the collection agency lasted more than five years. It was quite upsetting to argue with a collector while I was in labor with my youngest son. Please, don't consider bankruptcy or a consumer proposal as your salvation.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 25/December/2011 at 7:25pm
Terrym,  Your trustee was wrong. It should not have started the 10 year clock again on including loans in a bankruptcy. The 10 years is from the end of studies (and apparently some case law has shown its the end of studies for Student Loan funded studies only).   This has now been changed to 7 years or 5 years in the cases of hardship.

If the loans are statute barred, and you declared them in bankruptcy, then it would likely restart the clock on a statute barred issue, but not for inclusion in bankruptcy based on the end of study date.

Terrym is absolutely correct to warn you about a consumer proposal.  It is treated just like bankruptcy and if the lenders reject your proposal, I believe its an automatic bankruptcy.  And at the end of the proposal, student loans are not usually discharged..  something in the student loan act I believe.

If you are applying for credit, the banks treat a proposal as though it were a bankruptcy.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Lurch Quote  Post ReplyReply Direct Link To This Post Posted: 25/December/2011 at 8:43pm
Actually that srudent loans can survive bankruptcies is no longer the case. About two years or so ago that was changed so that any student loan 7 years old or older can be included in a bankruptcy.
 
I know this from experience, I had collection agencies and Revenue Canada hounding me, threatening garnishing of wages and even contacting my employer to establish the garnishing of my wages. I was looking to get this trustee that I've had dealings with in the past to set up some sort of negotiated settlement but he informed me that in these cases the debtors (Particularly Revenue Canada) are not the least bit open to proposals and that bankruptcy was my best choice.
 
He explained to me that if I got anymore calls from any collection agencies about student loans or any other matter to put them in contact with his office. As it happened I started to get calls from CIBC collections several weeks after my trustee filed and when I told him that this debt was assigned to bankruptcy he replied that this was impossible and I was still liable for the debt, just as my trustee had indicated would happen. I received several calls from the same person at CIBC collections on that matter over the following few months and I referred him to my trustee each time, on the last call I told him to loose my number or face legal action, as my trustee suggested, and that any further contact would had better be through my trustee. He then actually got in touch with the trustee who had to fill him in on the changes to the laws that deal apply to student loans and bankruptcies. And this matter is now handled through bankruptcy and simply waitng discharge.
 
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Lurch Quote  Post ReplyReply Direct Link To This Post Posted: 25/December/2011 at 9:00pm
Heather,
 
Please be advised that 'terrym' is not quite correct about the survivability of student debt. The laws regarding this were changed a few years ago and any student loan that is 7 years old or more may be assigned in bankruptcy. I know this from personal experience and I am now merely waiting for the discharge date of my bankruptcy to arrive to be completely finished with the matter.
 
Please see the explanation that I have provided to terrym that has some details.
 
What you can and should do is to move your personal banking to a financial institution that you have no outstanding debts with and start looking for a competent trustee with a sound reputation. Some trustees can be less than honest, trustworty or professional so performing due diligence before selecting one to handle this matter is a MUST. Usually a small independant trustee firms will go to bat for you on these matters. Those who work for/with large account firms are not really interested in this sort of matter as it isn't worth their time so they're not always up on the changes to the laws that apply and they'll provide poor or uninformed advice as a result.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote terrym Quote  Post ReplyReply Direct Link To This Post Posted: 26/December/2011 at 11:04am
Lurch, may I ask the name of your trustee? I dealt with A. Farber & Partners. According to the posts from you and Mark, I got less than stellar service. It's probably too late to re-open my file, but it would benefit other members of this forum to know whom to avoid.

I found A. Farber & Partners to be quite dismissive and sarcastic, but I didn't realize they were actually giving me obsolete information and advising me to file for the wrong relief (a consumer proposal instead of a bankruptcy). I've since paid off the Canada Student Loan by transferring 
> $11,000 in disability tax credits to wipe it out. However, since I live in Ontario, the OSAP portion will never be forgiven.

Thanks for all your feedback.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 26/December/2011 at 11:48am
CTV is interested in doing a story on the draining of bank accounts. I've sent emails to those who posted in this topic with contact info for CTV if you are interested.  As per the privacy policy, I dont give out emails so please check your email if you are willing to talk about this.
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