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SolveStudentDebt
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Location: Canada
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Posted: 27/December/2011 at 2:14am |
In relation to the banks draining mioney from accounts, this is a process call set-off. When you owe a bank money for a student loan, and you also have a chequing or savings account with that bank, the bank will go in and take that money and apply it to your outstanding student loan.
The month of December is a time banks are more active in seizing bank accounts because they recognize that Christmas is coming, and people tend to have more money int heir accounts this time of year because of the holidays (Christmas bonuses, vacation pays, and whatnot).
Some of these banks seize that opportunity, unfortunately. You have to consider the fact that these collection centers within a couple of the banks are really no different than your run of the mill third-party collection agency. They have the same outlook, attitude, and methodolgies. Many bank employed collection officers just like third-party collection agents seem to get a "high" from making life miserable for people.
In Royal Bank's defense I will certainly say that they do not think and behave like the others during this time of year, or any time for that matter.
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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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Brian_Toronto
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Posted: 27/December/2011 at 3:00pm |
Is it true that you can now claim bankruptcy on student loans after 7 years like someone in this thread claimed? Is this nationwide for Canada or just some specific provinces?
Can Johnny clear this up?
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SolveStudentDebt
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Posted: 28/December/2011 at 2:55am |
Anyone can go bankrupt. They can include and apply to have a student loan discharged after the bankrupt has ceased to be a full or part-time student. THere is NO ONE that can guarantee that the student loan will be discharged. If you are experiencing hardship with extenuating circumstances then that will aid in a section 178. It is all up to the adjudicator in court at at a discharge hearing, either at the closing of bankruptcy proceedings, or application for relief under section 178 after the fact.
Bankruptcy is governed by federal law and not provincial. same rules apply no matter where you rest your head.
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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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nido
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Posted: 28/December/2011 at 5:31am |
Hi, sorry it took me so long to get back here-on top of everything else my laptop crashed :/ I am still fighting with CIBC and FDR regarding even the validity of this student loan. And unfortunatly as I stated-this loan goes back to 2001. And I am pretty good about getting rid of paperwork after about 5 years-but I am still looking for it. I requested that CIBC send me the documents they had-I had a very hard time trying to get them to agree to this. FDR flat out refused-they told ME to send me MY documents-yea whatever-like I just fell off the turnip truck... So If I cannot find paperwork from over 10 years ago-does CIBC have me up against the wall? I am not going to have any choice in paying this back am i?
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nido
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Posted: 28/December/2011 at 5:33am |
sorry-loan goes back to 1999-the last note on file from me is 2001
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administrator
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Posted: 28/December/2011 at 5:44am |
Nido, I send email about CTV wanting to do a story... Can you email me at webmaster@candastudentdebt.ca thanks
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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CrystalUnicorn
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Joined: 22/December/2011
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Posted: 28/December/2011 at 10:09am |
Well sitting here still fighting. FDR said they will send me the papers but not by mail but by fax.
will be interesting too see. I contacted Student loan center they cannot find the originating documents. I don't know how this is going to play out. I didn't have a loan and no one can show me. And with out being able to verify my signature. I don't know where I'll stand. It is really hard to prove a negative.
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administrator
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Posted: 28/December/2011 at 10:32am |
You shouldnt have to prove a negative!
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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nido
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Posted: 28/December/2011 at 10:53am |
a question for someone who knows what they are talking about:
I realize that if you owe money to a bank they have the right to offset-however, if they "sold" (not sure of the proper terminology) your debt to a collections agency-do they have the right to "sell" your account information (bank account info) as well?
I am still confused to the CIBC/FDR relationship. Found out today that the "IBB" is actually an interbranch something or another-now I am pissed that no one at CIBC could tell me this?
Still all a bit sketchy in my book.
However, I got the "documents" from CIBC-do you want to know what they sent me? A copy of a letter from June 2001 saying that a check was returned NSF-now mind you I don't recall ever writing them a check but however stranger things have happened-but I guess they misunderstood when I said send me EVERYTHING. I requested these phantom checks. They have yet to send me something with my signature on it.
I want this to go away in the most painful way on CIBC's part-any thoughts?
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administrator
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Posted: 28/December/2011 at 4:47pm |
I think this might be grounds for a privacy complaint.... Perhaps John can answer this question about the offset.
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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SolveStudentDebt
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Posted: 29/December/2011 at 4:02am |
CIBC is not permitted to "sell" the student loan to a third-party agency. A lot of that has to do with Federal legislation and law. The only party that is allowed to buy a federal student loan from the bank is the government of Canada (known as the put-back agreement with the financial institutions involved int he first generation program).
If they are saying that a cheque was returned NSF they should also have a copy of it for legal purposes. If they cannot produce evidence of it then it is hearsay. Anyone can put a note in someone's file saying that.
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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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CrystalUnicorn
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Joined: 22/December/2011
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Posted: 30/December/2011 at 11:16am |
Hi again everyone.
Well been doing some digging around trying to figure out my own situation however to date, No Joy on that one. I keep calling the bank the student loan office and faxing off documents to the oh so wonderful people at FDR Ltd. (who by the way seem to be very dry automated and repetitive)
Well after sending a denial letter and a letter for demand of documents photocopies of my NS Id and Health card (which I was very nervous doing since I have been a victim of Identity fraud from 1994)
Here are some details I have discovered.
Insert any bank branch on the line *__________Bank*/Student Loan Center/FDR Ltd.
They share a database any notes made on file with student loan will be viewable by FDR Ltd. It is the bank that alerts FDR Ltd. There is money in the account and they use their “off set rule” to grab what ever money is in the account the only money they are not allowed to touch is Senior Tax Refund.
It does not matter if the only thing going into that account is the CCTB or GST or any other funds.
Their is somethinggg very off with relationship with the bank and NSLC and FDR (by the way NationaStudentntnt Loan Center lol shares it initials with the Nova Scotia Liquor Commissionsion which I would love a drink rinownowf(maybe FDR will buy me a New Years Eve drink)) and I have no problem with the NS liquor commission . Just to clear that up.
It seems to me that my next plan of action is going to be going back to the CIBC for my account and show me where I signed away my right to privacy.
I am pretty sure the only people that have the right to “look” in on my personal accounts are people I have given the right too. *(Example: I am receiving disability from the province of NS. I have to sign a waiver every year that allows them access to my bank accounts income tax returns etc...) However I much like any other person out there barley reads the entire document when they sign for a bank account
FYI- my CIBC account was opened in 2005*
I have found that the loan was taken out in Feb 1994 In Feb of 1994 I was seven months pregnant with my youngest son who was born in April 1994 and at that time I had a 18 mo old home on the floor. Where did I have time to go to school. It may be a null point but I know I did not take out this loan and I know I don't have to prove anything to this forum but well that is one of the facts.
Well guys here is where I have gotten too.
I'm not holding my breathe in this matter.
I would for sure hire someone if they had left me even a dollar to work with but they took every cent.
Do I feel bullied or what All I can do now is start my harasment in 2012 to get my funds back or have them prove it was me that took this out. If anyone has any additional ideas or thoughts to share. I'll be here I'm too damn broke now to even buy a lotto max for tonight
Oh well they will probably draw my numbers.
Regards
CrystalUnicorn
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beatsbydresale
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Posted: 08/January/2012 at 3:24pm |
I quite agree with you there!
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nido
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Posted: 09/January/2012 at 2:13am |
FDR is the most ridiculas "company" I have ever dealt with in my life. Will not send me any documents-wants me to send them documents....like really...what kind of ars-formis place is this? What do I need to send CIBC and/or FDR to get them to back off? Do I need any type of legal documents from anyone? Any advice would be awesome
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CrystalUnicorn
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Posted: 10/January/2012 at 8:08am |
FDR as stated before enploys only automated dry soulless people.
FDR also has not sent me any documentation. They told me it would be three to four weeks to get the information and Cathy Worth who I originally talked to won't even take my call anymore. I still don't have my money back but am working with the police now to find out what can be done.
One of the things I have come up with is there is a part on the canada student loan document that states you give permission for CIBC/RBC CANADA TRUST/BMO etc they have the right to contact family friends credit reports etc to find you to secure this debt.
I have recently sent in a letter taking back that permission. I don't know how effective it will be. But in the letter to the CIBC student loan center I have stated I am removing my consent to release any and all information about me I have also delivered a copy of this to my bank. My intention with this letter is to stop them from looking into my bank account and seeing any and all money or transactions. I will post and tell everyone if my action works.
Until then a note to all
** clean out your bank account if you have any auto deposits
GST or CCTB they go in on the 5th of each quarter Jan/April/July/Oct CCTB the 20 th of each mo. Get to a bank machine the night of the deposit or first thing in the morning and take your money out or switch to a credit union.
The website shows FDR's clients and the big five are right there (CIBC/RBC CANADA TRUST/BMO)
Also any and all conversations you have with CIBC/CIBC student loan Center/ or FDR are noted in a shared data base and if one is recording it they are all reading it. Hope my info can at least help.
One finial note the CIBC collection (IBB) told me they only money they cannot touch is senior tax returns everything else if up for grabs.
Crystal Unicorn
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SolveStudentDebt
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Posted: 10/January/2012 at 1:49pm |
Nido,
First, before you write any letters, how old is that loan? When was the laswt time you made a payment on it (voluntarily), or sent anything to them signed and in writing?
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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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CrystalUnicorn
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Posted: 11/January/2012 at 8:39am |
I have a question about a post you made. And the law's in which govern them if you could put me in the right direction to find out more that would be great.
as I stated before I did not take out a CLS from CIBC.
But the money was IBB transfered out of my account. Did the money actually go to FDR Ltd or did it stay with the CIBC. If FDR Ltd isn't allowed to buy the debt how are they allowed to speak on any of the details.
Here is the info you posted
CIBC is not permitted to "sell" the student loan to a third-party agency. A lot of that has to do with Federal legislation and law. The only party that is allowed to buy a federal student loan from the bank is the government of Canada (known as the put-back agreement with the financial institutions involved int he first generation program).
I would be interested in the answer as I am still caught in this swirling mess.
Thanks
CrystalUnicorn
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nido
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Posted: 11/January/2012 at 11:01am |
Johnny- The student loan from what i gathered is either from 1997 ot 1999. I dont recall ever making a payment to cibc for this loan. The " letter" they sent me last week was dated 2001 regarding a nsf check.
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SolveStudentDebt
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Posted: 11/January/2012 at 11:02am |
Student loans are written under the federal program, otherwise known as the CSLP. CIBC is not permitted to "sell" a debt as a receivabe to a third-party. They would have to get the government to back them on it and approver such a thing.
THe CSL program is cited int he CSLFA whereas the government can purchase 1% of the bank's losses after a certain point for a few cents on the dollar. Collectionagencies and third-party debt buyers have no access to student loan accounts.
Trust me, FDR did not buy the account from CIBC. It is just assigned to them for collection.
The money that was off-set from your bank account is applied to your CIBC student loan. FDR does not handle that money. FDR has access to information thatis given to them through CIBC. THis access allows the collection agency to view certain data. One of these access routes is called "Collection Highway".
Johnny
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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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SolveStudentDebt
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Posted: 12/January/2012 at 4:06am |
There is likely a limitation issue and if you write to them then you have to be VERY careful how you word what you write to them. If the debt is statute barred then no action or proceedings can be taken to recvoer it. An off-set is an "action", and if it is statute barred and an action was taken to recover all or some of the debt, then the argument is there.
You will need some pro help writing a letter like this that protects you, and that does not jeopardize your legal right in that respect.
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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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