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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JaxxDebt View Drop Down
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    Posted: 28/September/2013 at 6:41am
I received a disclosure of my personal credit file from Equifax today. The only loan on the report is my B.C. Government Student Loan that Revenue Services B.C. is trying to collect - even though ARC has sent me a letter in August 2013. My last payment to the B.C. government for my student loan was on April 20, 2007, yet the Equifax report shows that my B.C. student loan did not go delinquent until June 11, 2009. That is four years and four months since I stopped paying. It also states that from December 1, 2009, to September 3, 2013 there were "46 reportings for the instalment account with a monthly payment frequency and was reported delinquent 46 times." 

I get a monthly statement from Revenue Services (which I can't pay) and they are reporting this to Equifax as delinquent each month. Each month is listed for the last four years. 

What does all this mean? I thought the loan would be reported delinquent once by the B.C. Government before it went to a collection agency.  


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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 29/September/2013 at 7:28am
For one, in many cases you can't go by some of what is reported because it is either inaccurate or not up to date.
 
Trans Union and Equifax report what they are given. If it is incorrect data then it is up to the bureau to investigate once it is brought to their attention.
 
Each time the BC government's private collection agency (BC Revenue Services owned by a private company) sends through reports to the bureaus that is what shows. In your case it is being reported every month as delinquent without any payment arrangement. The actual date of default is not something you would see on a credit report. The date of 2007 is likely the date that they first reported to the bureau and will continue until it no longer permitted to report it.  The onus is on you and the bureau to find errors and whatnot, unfortunately. Creditors do a lot of shady things to further complicate the lives of their delinquent clients.  
 
 
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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