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RBC Risk Student loan over 10 yrs old

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rosiel View Drop Down
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    Posted: 15/September/2017 at 9:40am
I am hoping for some advice.
I received a call from NCO collections today on my "risk portion" of my RBC student loan.  I live in Nova Scotia and the loan was with RBC in NS.  the loan was issues in 1998-2000.  I went to school twice in those years and have no idea what one they are talking about.  The total amount they say I owe is 12 thousand something.....

I did not say I owe the money and I have not heard from RBC or NCO or any other collection agency in more than 7 years.  I told them I have paid my loans off already and that I was not going to give anyone any information until they can send me a letter with a registered number and account information.  I do not give information over the phone, as I have no way to verify they are who they say they are.

I thought there was a limitation on the loans and when they can collect.  I did pay the province and other portion of the loan.  The lady today said that there was 3 parts to it.

Can they start making me pay or collect via court?


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rosiel View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rosiel Quote  Post ReplyReply Direct Link To This Post Posted: 17/September/2017 at 1:51pm
Just went through my papers and I have paid in full on me defaulted student loans via monthly payments and tax credits being taken to Canada student loans ( employment and social development ) and department of labour and advanced education (nova scotia).
I am being called by NCO for the RBC portion of the loans.

I am guessing this part does fall within the statue of limitations and should be status barred

Anyone else here dealing with the crazy BS of these 1996-200 student loan fiasco ? I can't make heads or tails of it
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2017 at 3:51pm
I would suggest reading through our sub-forum on Old Stats Barred Loans
http://canadastudentdebt.ca/collection-of-old-stats-barred-loans_forum90.html

Under no circumstanced should you write anything to them.... as that might constitute acknowledgement of the debt.


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Royal-NCO View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2017 at 6:13pm
I continue to have a collection agency trying to collect from me for a RBC student loan from BC, left over from about 1996 - a loan that was incorrectly driven back into repayment status while I was still a full-time student, collecting OSAP, in Ontario, in 2005.  I have no idea what piece of the loan this belongs to, but I am certain that it is statute barred, and according to BC rules, should be extinguished. 

I simply ignore the collection agency.  However, every 3 to 6 months, they appear as a soft enquiry on my credit report with Equifax.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 20/September/2017 at 6:53am
If the bank is the one pursuing you, and the loan is in fact barred, the bank is bound by the BC Lim Law, section that says the creditor loses all right to continue collection of the debt and must be closed. The problem though is people who do qualify have to raise the argument with the bank. The bank is not always paying attention to this stuff, perhaps deliberately or inadvertently depending on the case, Traditionally, the onus is on the person (borrower/consumer) to prove it if he or she raises the argument. 

Royal, you should get a statement of account with the historical data from the time the loan entered into default. 

If the BANK share is barred off, and the loan originated in BC, then the law of extinguishment applies.  
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 20/September/2017 at 3:58pm
Originally posted by Johnny Johnny wrote:

If the bank is the one pursuing you, and the loan is in fact barred, the bank is bound by the BC Lim Law, section that says the creditor loses all right to continue collection of the debt and must be closed. The problem though is people who do qualify have to raise the argument with the bank. The bank is not always paying attention to this stuff, perhaps deliberately or inadvertently depending on the case, Traditionally, the onus is on the person (borrower/consumer) to prove it if he or she raises the argument. 

Royal, you should get a statement of account with the historical data from the time the loan entered into default. 

If the BANK share is barred off, and the loan originated in BC, then the law of extinguishment applies.  

You're likely right, however I am sickened at the idea of reopening that can of worms.  Putting the collection agency on block and ignoring the soft enquiries on my credit report, seems much easier.  

I made that post for the sake of the OP.  I wasn't very clear, however.  OP, I think this is a case where you can simply ignore it.  However, the advice that Johnny is giving me is quite good.

I will quote a post from Johnny from years ago.

For people who were involved in the first generation of the student loans program (that being the risk shared program), loans that were taken out between 1996 (and earlier) to 1999 may find a benefit of limitations in cases where the borrower has not engaged in any action or communication for a lengthy period of time.  - Johnny (September 23, 2011)


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2017 at 8:27am
There are no government liens on any rebates, right? 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2017 at 8:56am
Originally posted by Johnny Johnny wrote:

There are no government liens on any rebates, right? 

That's a good point.

OP, if any part of your tax refund is being withheld, or HST, or any other provincial credit is being withheld, and applied to your student loan, you need to check this very carefully.  Which part of your loan is causing that lien??  If you're filing your tax return regularly, you will see this noted in your notice of assessment.  There is a phone number associated with the description.  Let us know what that number is, or google it, and we'll be able to tell you its source.  You will also see this on your online account with the CRA in the statement of account for each relevant program or credit.

In my cases, there were two liens applied: one for the Canada portion, and one for the Ontario portion. Perhaps, the BC one was there before, but it eventually fell off.  I actually don't know with certainty, because I wasn't paying attention to this closely until about 2010. 

In about November of 2012, the Canada lien suddenly fell of my tax return of its own accord, without me paying off that portion of the loan.

A couple of years later, I paid off the Ontario provincial portion entirely, in a lump sum.  That lien fell off almost immediately after making that payment.

No liens remain for me.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2017 at 11:45am
Your federal is actually closed and written off. Royal, did you take out the loan IN BC, and does this bank segment fall in that loan cycle? 
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2017 at 4:43pm
Originally posted by Johnny Johnny wrote:

Your federal is actually closed and written off. Royal, did you take out the loan IN BC, and does this bank segment fall in that loan cycle? 

I took out different types of loans from two different provinces.

In about 1996 while living in Victoria, I took out a risk shared student loan through BCSAP, financed by Royal Bank.  I kept that in good standing for a while and was working and paying the loan as required.  I then moved to Ontario to work, and was laid off 10 months later as a part of the tech bubble burst in 2000/2001.  Unable to find work and with my EI running out, I returned to university in Ontario and collected OSAP for four years.  During that period of time, for every year of my studies in Ontario, my loan with Royal from BC, was correctly updated through the application process with OSAP, until suddenly in my final year, in about 2005, they failed to correctly update my full-time student status.  I believe that at that time the banks were passing off the responsibility of dealing with the student loans to another agency, and a lot of people lost contact with their loans.  I discovered this way too late after it had already been sent to collections and caused a fair amount of damage to my credit.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rosiel Quote  Post ReplyReply Direct Link To This Post Posted: 21/September/2017 at 5:14pm
I am so confused.

The laws in BC do not apply to me and I am having a very difficult time finding anyone to tell me anything about NS loans.
The old posts on status barred are too many and I cannot find anything helpful.

I did have a Lien on my taxe returns and they have been paid for 3 years. I no longer have any liens on my federal or provincial portions anymore.   From what I remember, I have never made a payment in the 17 years I have been out of school to RBC.

What NCO is calling about seems to be RBC loan and they used the wording “risk loan”.

Can someone tell me what risk loan means and how do I find out if they are legally asking me for money?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 22/September/2017 at 6:35am
"risk" loans are the bank's portions that are not guaranteed by a government. They are owed to the bank and collected by them. Once the subrogation process occurs (meaning government fulfilling their obligation to reimburse the lending bank for the guaranteed share), the bank is then responsible to collect on their agreed-upon share. This is the "risk-shared" generation student lending. 

If it is indeed statute barred then you should be very careful what you do or say really. 




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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 22/September/2017 at 8:47am
Originally posted by rosiel rosiel wrote:

I am so confused.

The laws in BC do not apply to me and I am having a very difficult time finding anyone to tell me anything about NS loans.
The old posts on status barred are too many and I cannot find anything helpful.

I did have a Lien on my taxe returns and they have been paid for 3 years. I no longer have any liens on my federal or provincial portions anymore.   From what I remember, I have never made a payment in the 17 years I have been out of school to RBC.

What NCO is calling about seems to be RBC loan and they used the wording “risk loan”.

Can someone tell me what risk loan means and how do I find out if they are legally asking me for money?

I'm really sorry to have caused confusion with my comments about BC.

I only commented because I too am dealing with the same collection agency with regards to a risk loan with RBC from about the same time as you.  These banks and the associated collection agencies are still pushing to claim what they think they're owed from almost 20 years ago.

In my case, the debt is extinguished.  In your case, it MAY be statute barred, but you should step carefully because writing anything to them or making a payment, may revive the barred debt.

I am not familiar with the limitation rules in your province.  I'll let Johnny discuss that with you.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 22/September/2017 at 8:56am
Originally posted by rosiel rosiel wrote:

 I no longer have any liens on my federal or provincial portions anymore.   From what I remember, I have never made a payment in the 17 years I have been out of school to RBC.

Forgot to mention that that statement above suggests to me that your debt has been accepted by the government as being statute barred ( or perhaps paid off through previous liens).

Therefore, what you are left with is the risk portion, as Johnny mentioned above, that the bank is trying to collect.  I think this risk portion is also statute barred, and as I said in an earlier post, you can likely ignore them.   Note that the government typically stops trying to collect statute barred debt.  The banks will continue their effort to collect.

However, in your case, getting confirmation of its real status, would be a good idea.  Perhaps, Johnny can help you with that.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote nssailor Quote  Post ReplyReply Direct Link To This Post Posted: 16/October/2018 at 7:36am
Johnny how can I contact u regarding a old SL. I tried filling out the Free Assessment on solvestudentdebt.com but when I click after #8 it just spins?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 16/October/2018 at 8:13am
Hi - The assessment function is working fine. You have to click "submit" after step # 8 and then you will receive a confirmation message. It is working because people are using it right this moment without any glitches. 

Please revisit the assessment page and try again: 
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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