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.


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toomuchbills View Drop Down
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Joined: 14/October/2005
Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote toomuchbills Quote  Post ReplyReply Direct Link To This Post Topic: TOO MUCH STRESS!!
    Posted: 14/October/2005 at 10:12pm

Hello Everyone,

I am sure that my story isn't much different from anyone elses but I will still describe. I have over $10,000 in debt ranging from student loans, lines of credit and credit cards. This year my name was sent to 3 different collection agencies. One for a visa, one for a line of credit, and one for a cell phone. Well right now I recently graduated from College and I am trying to regain status towards paying off my bills. I honestly never knew how having bad credit can literrally leave u in shambles. When I finished school I wanted to launch my own business (written a business plan and everything) and all my goals have been placed on hold through all of this hectic worry. No one will grant me a loan with a bad credit score and especially with the fact my name has gone to collections 3 times this year. All of my debt came from the fact while I was in school I practically had to live off of credit in order to get by due to the fact my parents were unable to help me out financially. To add to my stress I went to a credit repair place and paid money to have my credit repaired and nothing happened at all. I found out afterwards that their promises were all bogus and meaningless. I am in the process of trying to get my money back by going to the police and the Ministry both provided me with help that hopefully can get me back my money.

I have some real important questions to ask.

All of my debt consist of the following:

A student loan

A Visa

A Line of credit

(Visa and Line of credit are with TD Bank)

the total off all of this is $11,000 (rounded off).

My student loan is still not up for payment yet not until December so that is still in good standing. But both my TD accounts are in collections.

1.)What I want to know is say within the next 6 months- 1 yr. I repay everything. Can I request to these collection agencies that those inquires be removed from my credit rating?

2.) To do so will I have to consult a credit repair agency (to which I dont I rather handle it myself).

3.) Knowing that I after paying off my debt I would like to be granted a business loan or a line of credit towards starting up my own business and later hopefully becoming a home owner. Will I have to wait 6 yrs before anything is granted?

Please let me know. I am so stressed out over all of this debt. I just want to get my credit in order so I can start building a future.

Thanks,

Too Much Bills.
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SolveStudentDebt View Drop Down
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Joined: 05/November/2003
Location: Canada
Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 15/October/2005 at 1:50am

Welcome to the forum Too much!

1. Collection agencies have absolutely no say in what a creditor or money lender reports to a credit bureau. Unfortunately, once the remarks are placed on the file, they will stay there until the limitations for such reportings have run their course.

Focus on the "a debt paid is a relationship made" theory. It is more important.

2. There are no "credit repair" agencies that can repair your damaged credit. They sell that concept to consumers to draw them into the scheme. Only YOU can repair things. Again, focus on the "a debt paid is a relationship made" theory.

3. It all depends on how prepared you are for either transaction, and the financial relationships you have developed over the course. The size of your debt is very small by comparison.

You need to be more aware of how to build new financial relationships, and measure and control personal financial risks to prevent problems from occuring. That is your solution.

If you want this sort of assisance, let us know at such time when you are ready.

Johnny

www.cfwgroup.ca

www.cfwgroup.ca/forum

 

 

 
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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Mz-Pricey View Drop Down
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Joined: 28/April/2006
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Points: 2 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mz-Pricey Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2006 at 8:14pm
I have been having a problem with cbcl..first off i was trying to clear up a debt i had with td visa and i was told that it was in the hands of cbcl.. i contacted cbcl to clear it up (which was on the 17th of april) and the gentleman(an over statement)BY THE NAME OF mr.lando EXT 6153 @ (416) 753-2575  told me he could reduce one of the debts from $883 to $480 and the other from$955 to $500...

WELLLL... here in the mail ( my last known address which is my mothers house)comes a letter  stating that the deal he gave me for $500 actually noted on the letter that i needed to pay $200.04....WOW i said and told my mom to rush to the bank and pay it .... upon me calling this man and getting the offer,  they obviously had my NEW address in a NEW province.

Another letter was now sent to me in calgary for the acct owing the $883  offering me a special discount of up to 65% off. The letter stated that i needed to call to qualify for the discount(which I did). I called back to get this special offer and i was transfered to the same man who gave me the first offer.MR.LANDO ext.6153 ( Note keep this name and ext. number in mind for futire refrences).WELL.. he jumped down my throat telling me i did everything wrong and that the amount on the first letter recieved was WRONG and that the amount sounded rediculous..I explained that  "Hey!! this is what the letter from YOUR COMPANY asked for and that is what i paid IN FULL!!" He tried to challenge me down stating that we had an agreement to pay $500 not $200.. but funny thing is the $200 was in writting and his verbal agreement surely couldn't cash the $500 cheque he was expecting !! LOL ...Now he wants to disregard the second notice i recieved to obtain the $480 instead of giving me my 65% off of the $883 owing ( which would bring it to $309)..I had agreed to try and pay it by the 28th of April..Well guess what ..TODAY IS APRIL28 AND THEY AINT GETTIN SH*T!!!!!...

I am reading all of the entries on this collecting agency and i am disgusted that TD Canada Trust would even think to hire such a company to collect on their behalf which such horrible business ethics and flat out vultures they employ... Might I add the Vulture that i was dealing with was an african, i believe nigerian or ghanian (NOT BEING STEREOTYPICAL ..BUT TALKING FROM EXPERIENCE ) and god knows they hired the best person to collect money from other ..i.e. FRAUD SPECIALIST  AT THIER BEST !!!

I thank each and everyone of you that have posted your involvements with this agency, collectors, loan shark collectors .. whateva the hell they are.. and have used your internet time wisely  so that WE may ALL be aware of how people like these try to annoy our lives...

Might i add .. i am not trying to runn from my debtss.. as u can see . I CALLED THEM B4 THEY EVEN THOUGHT ABOUT SENDING ME THESE FOOLISH SETTLEMENT OFFERS TO TRY AND CLEAR UP MY CREDIT.!!!!!!!!

The reason for me trying to clear up this debt is that i have just been accepted in college and i need to apply for a student loan .. which they wil do a credit chk.. now i have done research on the net about what they look for when doing a credit check...here is what it out lines

Applicants will be denied a Canada Student Loan where their credit history shows at least three instances when an installment on three or more debts (each of which is more than $1000) was more than 90 days overdue. The screening is limited to the three-year period preceding application. The credit screening criteria, which were implemented under the Canada Student Financial Assistance Regulations

well after obtaining my exqufax report .. i noticed that i only owed 1 creditor which was TD VISA.. the amount stated on the file was $585.. i figure that i don't fall under the category that would prevent me from getting a student loan but there still is the matter of trans union canada.. does anyone know if different creditors may be on their files ???

I am just so scared that i will not get a loan for school and it would really kill me inside that i finally got into college at age 26 and still couldn't attend due to finances. I have excersized the routes of applying for each and every scholarship, bursary, grants and awards that I am eligible for.. but as we know there is no guarantee in that also .....

PLZ SOME ONE HELP ME !!!!!

p.s. Donations are accepted ... lol jokes .. no imma handle this on my own.. just like when i got myself into this mess.. I just need some words of advice on this particular matter.. mostly with dealing with CBCL
pricelesss... for everything else there's MASTERCARD
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