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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Forum LockedCredit Councelling and Wells Fargo

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whattodo View Drop Down
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    Posted: 20/February/2007 at 8:21am
Hi everyone. 
I'm not going to get into all the details how I got into Credit Councelling...basically it was a forced decision.  Not entirely bad in a way, but our counceller didn't seem to do much to better our situation and not really being helpful now. 
Wells Fargo was one of our creditors...we have a longggg history with them (trans Canada Credit before them)...our original loan was for 25,000 and over a ten year period, they rewrote the loan 4 times...by January of 2006 the loan was down to 9400.00...WOW...it was at 20% interest...I know it was a stupid move...but desperate times called for desperate measures and we sure paid for it...
So in January my husband negotiated with Wells Fargo and he brought the loan down to 5900.00 at 10% interest....but the only way they would accept would be through credit councelling...so we did it...we pay 191.00 a month for 36 months....
So, in January I received this letter from our credit counceller that we needed to pay x amount of dollars by a certain date or Wells Fargo is going to cancel the deal...I got nervous and paid it but I couldn't understand why this would happen....I received a year end report from Wells Fargo and it states that the total amount paid to them equals (less 29 bucks) the total amount that I should have paid.
So, I received this call yesterday on my voicemail and it was a woman in the bad debt department of Wells wanting me to call her back. 
Can they cancel this at anytime, and if they do will they revert the loan amount back to it's original amount at 20% interest?
 
My credit councellor doesn't seem too interested in dealing with this so I would like any advice you may give.....
 
I am seriously thinking about taking Wells to small claims court and see what will happen.....do you think that's a wise idea?
 
 
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masy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote masy Quote  Post ReplyReply Direct Link To This Post Posted: 23/February/2007 at 1:37am

Is this credit counselling place under Credit Counselling of Canada? I'm also in credit counselling for my student loan and it's my understanding that when you work out a payment plan, it's a contract that can't be changed without reviewing your finanical situation with you in person. The job of the credit counsellor is to work with your income and expenses and deteremine a payment plan, and it doesn't sound like your counsellor is doing their job and now you got a call from someone in the bad debt dept? Call her back and see what she has to say, then call credit counselling and make a complaint, because I'm sure you paid a fee to credit counselling to help you with your debt and they clearly failed to work on your behalf. Find out what your rights are.

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