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 Lockedwhere di my debt go

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jessicamk View Drop Down
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Joined: 30/March/2005
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    Posted: 30/March/2005 at 11:04am

Hello. For the longest time i was keeping my CIBC account in over draft ($380). Then one day i go to pay off my overdraft and close my account but I find that it has already been closed. CIBC dosnt know whether it was sent to collections or if they just wrote it off. My account was closed March 3 and I havent recieved a letter or call from CIBC or any collections agency yet. WHATS GOING ON???

Please help. Im only 23 and dont want to have a bad record lol.Who can I call. I live in Oakville ,Ontario.

Thanks

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Joined: 17/January/2005
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Observer Quote  Post ReplyReply Direct Link To This Post Posted: 30/March/2005 at 12:30pm

CIBC would have sent the account to collections. Get a hold of your Bank Manager or assistant manger and tell them the circumstance and get it paid. Trust me if you don't you'll be hearing from one of the collections agencies. CIBC automatically sends accounts under $500 to a CA for collections.

 

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kwelmm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kwelmm Quote  Post ReplyReply Direct Link To This Post Posted: 30/March/2005 at 12:32pm
Jessicamk,

Your situation sounds very similar to one that I had with  my overdraft at the bank i used to deal with.  Eventually the bank wrote off the overdraft and then I had a collection agency calling to have it paid to them.  I settled for a little less than what the overdraft amount had accumulated to.

I find it hard to believe that the bank does not know whether it was sent to collections or wrote off...it was most likely because the person you were talking to didn't really know themselves...and didn't bother to investigate the situation for you.

Call the bank back...or visit them in person...and ask to speak to one of the personal bankers....they will know what has happened to it!!! It will be in their information system.


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