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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Rachel Paige View Drop Down
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    Posted: 17/August/2009 at 8:52am
I was discharged in 2003 so the non-student loan debts no longer appear on my Credit Bureau. Last week I inquired about getting mortgage insurance to buy a larger house (with less money down) and was told that - under new rules - both GenWorth and CMHC now specify they will not insure anyone with a past bankruptcy. Does anyone know about this supposed rule change?
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 19/August/2009 at 6:40am
That's blatantly discriminatory...I doubt that's correct. Did this info come ffrom the CMHC, itself or through a third party? Everything I can find states that you must be two years post discharge with 5-10% down and re-established credit (15% down if under the 2 yrs).
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 19/August/2009 at 7:02am

Perhaps the lending agency hasnt pulled a new credit report and is seeing the bankruptcy

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Rachel Paige View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rachel Paige Quote  Post ReplyReply Direct Link To This Post Posted: 19/August/2009 at 8:37am
The information came to me from my Credit Union, not directly from CMCH. Perhaps I should ask them to verify the information. I know they were looking at a recent credit bureau (with the bankruptcy no longer appearing).
 
I will follow up with the Credit Union and report back if I get anywhere.
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Madmorrigan Quote  Post ReplyReply Direct Link To This Post Posted: 21/August/2009 at 12:21pm
Originally posted by Rachel Paige Rachel Paige wrote:

The information came to me from my Credit Union, not directly from CMCH. Perhaps I should ask them to verify the information. I know they were looking at a recent credit bureau (with the bankruptcy no longer appearing).
 
I will follow up with the Credit Union and report back if I get anywhere.
 
Rachel


I can't get a mortgage with my Credit Union---I could have pristine credit, but unless I have a minimum of 25% down, they won't consider it. Maybe it's a policy specific to C/Us? Of course, if you had 25% down, you wouldn't really need mortgage insurance...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rachel Paige Quote  Post ReplyReply Direct Link To This Post Posted: 25/August/2009 at 2:53am
Information available on the web for Genworth and CMHC both state clearly that past bankruptcies will be considered, provided "good credit has been re-established". When I forwarded the information to my Credit Union, they backed down, saying it wasn't so much the past bankruptcy as the notice of collection on my bureau.
 
Nordon, acting with CIBC (OSL), has put a notice of collections on my credit bureau even though I have been faithfully paying each and every month since the bankruptcy was discharged in Jan 03. The collection was assigned, according to the credit report, in Oct 2007. It says the date of last payment is Mar 2005 which is not accurate ... I have all the cancelled cheques to prove it.
 
I found a mortgage broker who believes he can help so I am pursuing that avenue.
 
Rach
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