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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Joined: 11/March/2006
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    Posted: 11/March/2006 at 8:01pm
Like many others, I recieved harrassing calls at home then at work. So not wanting to jepordize my job and all, I borrowed from family and friends and scraped to pay up $5000 in previous debt. The problem is, the last two I paid were a visa from Bank of Nova Scotia and an over draft loan from them. I made an agreement over the phone to Collect Corp to pay $1500 for both and have them both  cleared off or marked paid in full on my credit report.3 weeks after paying, my wife gets another call from Collect Corp saying it's important that I call them immediately regading a certain file number. I don't have any more loans with any one!I rehecked my credit report again and noticed that only the visa was removed. The "loan" was still on my report as "unpaid". I'm so MAD I could spit.On Monday, I am going to phone Collect Corp and tear a strip off him. I paid as agreed and he lied to me. Is there any action I can take or does any one have any advice? I can hardly wait until Monday.Ron
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 12/March/2006 at 7:31am

a verbal agreement means nothing. It is now your word against theirs, and if they deny to have agreed to accept that a settlement, and wish "play" with you, then you are at a cross roads, for sure.

Also, with respect to your credit report, the collection agent lied to you when they said they will update your credit history. The truth is that they have absolutely no power to do so. Only the creditor or moneylender that you owe could do that - and they traditionally do not make changes of such.

You paid as agreed to the terms that the collector hashed out to you. You did not agree to the terms and conditions of the account because it is in collection. Therefore, no rating adjustments will accompany your payment to the agency, unfortunately.

This is why I post so many warnings and pieces of valuable information with respect to dealing with collection agencies. You have to know how to navigate yourself through these confusing and often tulmultuous groups.

If you have no success ingetting a release from this matter, let us know. We may be able to get you patched up quickly.

Best of luck!

Johnny

www.cfwgroup.ca

 

 

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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