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 Lockedjoint bank account with my brother

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fongolio2 View Drop Down
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    Posted: 29/November/2012 at 7:12pm
Hi,
This is my first post here but I've read lots. Here's the problem. My brother has left Canada for several months this winter and owns rental property here. I've agreed to manage his rental properties and deposit rent cheques in a bank account we set up as a joint account with CIBC. I had two Canada Student loans with CIBC back in 2000 (September) which have gone dormant. I have not paid or awknowledged debt on these loans for over 7 years now. My credit rating is excellent with a score in the 800's. My brothers (and technically mine) account was seized for $4064.xx and they left him about $1700. The total debt owed on the two loans was about $14000.00 plus interest. This debt should be long past the limitations outlined in the newer Canada Student Loan act. My understanding is that if no awknowledgment of debt is made after 6 years no action can be taken to collect. This type of action should not even happen to an account I hold solely let alone a joint account with my brother!!!
 
What recourse do we have to retrieve this illegally seized money? Any help would be greatly appreciated.
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averyk View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote averyk Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2012 at 4:35am
I don't have an answer to your problems but wanted to say that I am dealing with almost the same issue with Scotiabank. I didn't know until after setting up a payment with them in may, after they withdrew my rent money, about the 6 year rule. It had to have been about 10 years since we had last paid our loans. Now I am afraid I have acknowledged them and am starting all over again. I am not sure if I can go back in recourse and argue the fact that it had been well over 6 years before they took those payments out and forced me into agreeing to payments.
olivia
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SolveStudentDebt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2012 at 12:16pm
I posted this last year so here it is again. Scotiabank and CIBC focus on seizing money in bank accounts with the institution during the last quarter of the year (OCT, NOV< and DEC). They do thisd because they are of the mindset that borrowers in default have funds in accounts for the Xmas holidays, for one. They will do this even if there is a limitation issue. In a case of limitations you have to approach it CAREFULLY. A bank behaves just like a bank. You as a consumer have to know how to protect yourself.
 
I provide assistance but it is a business so there are fees. So, if you want to pursue it on your own then you want to make sure that you do not prejudice your own case by disrupting limitations if they are in place. The only way to do this is to discuss it with them verbally if youa re not familiar with how to use written instruments that prevent limitation disruption.
 
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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fongolio2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fongolio2 Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2012 at 4:24pm
Johnny, I may be willing to pay your fee for information on how to handle this. I have an update: my brother has spoken with CIBC and they will refund him his money but they want me to phone them and tell them I am only using his account for "HIS" purposes. This is where I need to be very careful as to not start the clock ticking again by acknowledging the debt. Please let me know more on how to use your services. Thank you.
 
Kelvin
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fongolio2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fongolio2 Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2012 at 4:47pm
New information: the phone number I need to call is for ARC. Accounts Recovery Canada. My brother tells me that CIBC National Collections says I need to call ARC and tell them I have nothing to do with that account other than depositing rent money for my brother when he's out of the country.
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fongolio2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fongolio2 Quote  Post ReplyReply Direct Link To This Post Posted: 30/November/2012 at 5:41pm
For obvious reasons I'm very reluctant to talk with ARC. Is there an email address or phone number I can get ahold of you at? I'm in British Columbia so there may be a time difference. I need help with this very soon. Thanks again.
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emerald View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote emerald Quote  Post ReplyReply Direct Link To This Post Posted: 02/December/2012 at 8:26am
You can't reset the sol by talking with them.  Only by sending in a payment or by signing paperwork saying you do owe.

When you speak to someone just refer to it as "alleged debt."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 04/December/2012 at 9:42am
Sending any written instrument to them that is not carefully worded will reset the clock. You speak whatever language you want when talking with them on the phone.
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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