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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    Posted: 18/September/2012 at 4:32am
Hi!

I'm trying to keep calm, but I'm not entirely sure what to do.

Long story short: Old student loan through RBC, have through many, many mistakes on my part avoided paying. Paid a small amount last year and haven't paid any since.

Global Credit is telling me that I have two options:

One, to pay my past due balance, which is close to 8000, or if they can "convince" the bank that I've had hardship, that they could try and arrange a settlement where I pay between 10,000-11,000 in a lump sum and have my entire debt of 19,000 wiped out.

I've looked all over the site and it seems like this is something that people have done in the past, but I'm just worried that it's not legit. And that there's not some other payment option available. They tell me that there absolutely is not, even though I don't exactly believe them.

And even if I get it in writing beforehand, what guarantee do I have that RBC will comply with whatever it is I'm doing?

It's all very "must be done now or hell will rain down upon you". 

I must say though, despite all the doom and gloom, they have been the friendliest credit agents I've ever dealt with.

Anyone have any thoughts?

Amanda
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 18/September/2012 at 7:24am
If your situation is bad you can get it down lower than that. The possibility of it being barred is also there.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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They made is sound as though they could present that option to the bank and see if they accepted, and that I would be lucky if I got it down to 10,000. 

I just get concerned about trusting them.

If they do come back with an "offer" from the bank and it's 10,000, I have someone who is willing to loan me the money. I'm just nervous about dealing with them and what they might try and get out of me. They make it sound as if it's all up to the bank and that they're "just trying to help".

I'm worried about giving someone thousands of dollars and then not having my debt wiped.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2012 at 2:12am
The bank wants you to acknowledge the debt, especially if there is a limitation issue in place that you are not aware of. Agencies throw out baited hooks all throughout the student loan borrower population in the hopes that people bite. One of the procedures in settling a debt is to provide financial disclosure and particulars in writing by the borrower. That is what causes debt to survive limitations.
 
Agencies are desperate for money. If you follow collection agencies in Canada, many of the larger ones are quickly being bought up by large American firms. Collectcorp in Toronto was purchased out and so was NorDon. CBCL was the first, being bought out by Iqor.
 
Collection agencies only survive by producing. In this economy, with the federal government dissolving their relationships with these private agencies, and with the heavy (I mean HEAVY) competition out there between those still actively participating in student loan collections, things are getting really rough for collectors trying to survive. The only incentive to them is money and they are starving. Literally. These "fishing" expeditions are part of their creative yet desperate attempts to lure people into their nets.
 
Whenever a collection agency is pitching something to you that appears attractive, it is bait. You NEED to know this stuff if you want to safeguard yourself. If there is no money, the agency has no incentive. If there is no safeguard or protection instrument for you, then you are then you are at risk.
 
Johnny
 
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote automated_alice Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2012 at 2:32am
Johnny,

I'm going to give CFW a call in the next few hours to set up a consult. As long as rates are within reason, I'm going to need some help so I can start eating again. This stress is doing me in.

Amanda
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 19/September/2012 at 10:28am
The new services and rates are low. Affordable for everyone. :)
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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