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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Shaun View Drop Down
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Joined: 10/June/2004
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Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Shaun Quote  Post ReplyReply Direct Link To This Post Topic: Pain... Lot’s of pain!
    Posted: 10/June/2004 at 7:12am

Whew am I glad I found this site again. I was having trouble with my loans before, and got it sorted out so I didn't bookmark this place, now I am having trouble again and well yeah I come crawling back :)

I have a Federal Student Loan worth a little over $5,000. I just finished a 6 month term of payments of about $180 per month. The agency handeling my loan (The Collection House) just called today to inform me that I can continue payment plans, I just have to have $2,600 to 'enable' me to make payments. Payments as low as $50.00 aparently. Unfortunatly I do not have $2,600, as the $180 per month was pretty killer to me (I make only about $11/hr, living on my own). Now I am fully prepared to do payments, but they 'demand' the lump sum payment to do payments. They are threatening that if I do not go through with the lump sum payment I will have my wages garnished yadda yadda yadda. I thought I was doing the right thing by making payments here, but I guess I was wrong? Do you guys have any suggestions??
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CARGO1 View Drop Down
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Joined: 13/January/2004
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Points: 422 		Post Options Post Options   Thanks (0) Thanks(0)   Quote CARGO1 Quote  Post ReplyReply Direct Link To This Post Posted: 10/June/2004 at 7:45am

I wouldnt worry too much they cant get blood from a stone. just send in your finnancial staement outling your current finnacial situation along with your 6 months of post dated cheques... they cant refuse your payment if you cant afford to give more.

the collector is only trying to get a bigger commision off of your $2600

troy  
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Shaun View Drop Down
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Joined: 10/June/2004
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Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Shaun Quote  Post ReplyReply Direct Link To This Post Posted: 10/June/2004 at 8:08am

I can just send them cheques? I had an automatic withdrawl system setup before.

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maria View Drop Down
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Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote maria Quote  Post ReplyReply Direct Link To This Post Posted: 10/June/2004 at 8:19am

Hi there, I am new and i would like to add my question relating the same problem.

I sent checks postdated for 5 month of 100 each to be cash every 2 weeks , but the guy from Alliance 1 does not want to cash them , have not return them to me -He is demand full payment

what should i do ?

 

 
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SolveStudentDebt View Drop Down
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Joined: 05/November/2003
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Points: 5996 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 11/June/2004 at 3:13am

 

 maria,

 If the agency has been in receipt of post-dated cheques, then they would be required to hang on to them. If they are not casdhing them, that is a problem. YOu will always find that collectors will try to get full payment because it is a commission issue. They don't make any real money from people who make small payments.

 If you require help, let me know.

Johnny

 

 
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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masy View Drop Down
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Points: 64 		Post Options Post Options   Thanks (0) Thanks(0)   Quote masy Quote  Post ReplyReply Direct Link To This Post Posted: 13/June/2004 at 5:11pm

Shaun, don't worry! They cannot take to you to court if you are willing to make payments and are not avoiding their calls. These are just threats. I was also with The Collection House and they said the same crap, that they would only accept a lump sum. Guess what? They accepted payments based on what I could pay. They have to accept your payments, by not accepting them, they're not doing their jobs.

As one post mentioned, they work mainly on commission with a low base salary, so they will do or say just about anything to make that commission.

Whatever you do Shaun, DON'T let them make automated withdrawals and DON'T send them post-dated cheques. If you do that, then you are committing yourself to set payments, but if your financial situation changes, it will be difficult to reverse automated withdrawals or cancel post-dated cheques. They'll also have it on record that you made a committment to pay a certain amount and you are breaking that committment, so don't dig that hole for yourself, just send them a money order each month and do the best you can without starving yourself.

Good luck!
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Shaun View Drop Down
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Joined: 10/June/2004
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Points: 3 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Shaun Quote  Post ReplyReply Direct Link To This Post Posted: 14/June/2004 at 10:19pm

Masy: I apretiate the reply. I can afford to do a set price per month as my job does pay regularly and my financial situation is not about to change drastically anytime soon. Other then being commited to a certain number of payments, is their anything wrong with doing automatic withdrawl with a creditor?
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markomeara View Drop Down
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Points: 186 		Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Posted: 15/June/2004 at 8:48am
I wouldnt do automatic withdrawal, because based on the posts I've seen here, they'll take out more than they are supposed to, make mistakes and take out extra withdrawals, leaving you scrambling to pay your rent.

Its far better to pay the cost of a money order and remain protected. If anything shouuld happen that you cant meet your payment, you're stuck with the automated withdrawal.

Just my two cents, but having watched the posts over the last two years, automatic withdrawals should be avoided like the plague.

Mark
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