Which number did you call?

So we are working with a mortgage broker to set up some financing for our new home.  Luckily, my hubby's beacon was only 1 point off so we qualified. 

Thanks to CIBC and their lack of ______________ (just fill in the blank), I have a crappy credit score.  So my mortgage broker suggested that I call CIBC and find out who to talk to.

WELL..  That has been a treat and a half.  After leafing through the phone book, I turned to the internet because golly gee, I am in BC and my loans are in Alberta.  I ended up emailing CIBC to find out what number I should call.

I was emailed back with 2 numbers.  One for Edulinks, and one for the CIBC National Student Loan Center.  After calling both and getting no where, I was directed to some kind of Alberta Collections because I am one of those lucky few that got to go to school before 2000.

After talking with this person from Alberta collections, I was told to call the credit bureau, who in turn told me to call..... Wait for it.....  Take a wild guess........ THE BANK.....

So now I am stuck in a circle.  I left a voicemail message for a person at the bank.  What do I do? I was kind of thinking that if I get no response by tomorrow at noon that I should call at least once a day.

Oh, I should mention that I filled out and sent the interest relief forms 3 times, which of course, were never received by the bank.  I called them numerous times to find out what to do to start paying back, etc, but no one seems to know.  Its like any student loan issued in 1999 and earlier is lost in LAA LAA Land.

 

 Jennifer,

 What you have described is a common ocurrence. Let me know if you need any help.

 

 Johnny

 

 Just keep records of conversations, ask for agent numbers and names. Diarize things as much as possible. This will prove beneficial on your part.

 Johnny

I forgot to mention that I asked them if they could call the credit agency on my behalf to say that I had been in contact with them and to see if I could get it reversed out of the bureau.

She used the words default and write off....  SO.  Maybe I should let this crap ride for a year and then it will be like it never existed!  She basically  told me that after 6 years it would be gone....  HHHHMMMMM  kind of gets you thinking

I know not to think that way, but in the past two weeks I have been bouncing between the credit bureau who won't take my money and Student Loans who won't take my money. 

And I think what is going to happen is that when the bank calls me back they are going to try and claim that I didn't do anything on my end, which is not true. 

I am more than will to pay it back, but I am not paying $10,000 in interest.  Apparently, that is not something that the bank wants to care about, I have to take that up with collections who says that I need to take it up with the bank.

jen

ask your "friend" the CA to lend you the money ...

yes the default will show on yor credit rating for six years.  HOWEVER as cargo just pointed out in another thread, most mortgage brokers will work the deal to their advantage.  if this is the only blip on the radar for you they may overlook it if your spouse has good credit.  all you have to do is show that you are willing to work out a repaument arrangement.  open a seperate bank account to set up a PAP ( pre authorized payment plan) to pay your loan each month.  you then have your bank statement to show your payment history and your willingness to comply with the lender's request.

if you're getting frustrated, i'm certain johnny can help you.  email him and let him tie it all up in a pretty bow for you.  he has a gift in sifting through the crap and making things work. 

it will show for six years from the last date of activity.  meaning, each payment you make resets the six years it will take the loan to fall off your credit report.

however, once you have been making payments faithfully ( ie six months on time and of a substantial amount) you can request that your credit report reflects that the account is currently in good standing and is being repayed as agreed.

i would suspect that the original lender has already written off the debt.  your inquiries into the matter may have reset your clock for pursuing stats barred, however.  i would suggest speaking to johnny on this matter, honestly, he's the one who knows the most around here.

keep us posted.

See they dont want to say the word defaulted because it initiates them getting screamed at.  Gutless response by them.

So here is the update so far.....

NOTHING.  Nothing at all.

I keep calling two people who tell me nothing and they still say that they are "looking" for my files. 

The one keeps saying to let it default, but won't that really screw up my credit rating? 

I completely give up.  I am willing to pay a small amount of money a month if I have to, but I am not allowed to.  What am I to do?  I don't have the money to pay someone to take care of this and I am going nowhere on this by myself.   I give in!!  I surrender, look, there's the white flag...... 

So I got my file!!!  I have actually had it now for a while but I was too flabbergasted to actually get back page 1.

The opening note states that I didn't show a willingness to pay back my loan...  Hello???  I was in school.  I had no money. They knew that......  Idoits.

Anyway.  The collection agency called me and I now have 7 days to come up with the 30 G's or I am being summoned to court.  Jackasses..  I will bet its because I emailed everyone in the whole freaking country and once Human Resources stuck their nose in, it cheesed off the bank.

Thats okay.  CIBC gave HR the wrong info anyway...  See, they want to sue me, but still don't know which end is up, whats a girl to do?