Can anyone explain or help me understand

Hello!

I have a Provincial student loan($10,000), as well as a Federal one($18,000), and a student line of credit ($20,000) all is going well with the Federal one and the student line of credit, however the Provincial loan has been a huge headache since day one... long and short of it is that CIBC "never received" my confirmation of enrollment, and sent me into Collections, after lots of calls, and investigations and calling the New Brunswick government things finally started going ok (2.5 year process)  I've been making payments on my CIBC loan and all of a sudden out of nowhere, I got a call at the beginning of January for my CIBC loan!! WTF?? I called CIBC and they simply said that somewhere along the way there was an outstanding $50 and so they sent me to Collections!! In the same conversation they told me if I went into a branch paid the $50 and made sure to make my monthly payment everything would be ok.  The next day, I went to the bank, paid the $50 and then called them back the next day, spoke to a different person and she said that was a mistake and that my loan would stay with collections - she couldn't tell me why... she just said because that's the way it is... I called the CIBC customer care and they are currently doing another investigation however Collectcorp continues to call everyday - my last payment was made on Thursday and my last daily call from Collectcorp was today... If I'm making payments on a monthly basis, are they allowed to keep calling and harassing me?

If you've read this far thanks!

Have a good day,

Crista

That's what I did last time, it took me about 8 months to get a copy of the entire contents of my account, right now I have everything until approximately May 2004.  Do you know if what they are doing is legal?

i think they all take turns, collectcorp one month, then alliance one, then cbcl...groan.

crista, you've been going through this for years, so you know the games.  don't quit, that's what they want you to do.  get hold of your file from may to the present.  get hold of whoever told you all you had to do was pay that 50 bucks.  complain that you were never told you were 50 bucks in arrears and they should have notified you at least 3 times before sending you to collections.  ask if your notification was sent to that autowrecker in the states because you sure never received anything.  ask why they never called to tell you that you were about to be sent to collections - they are supposed to notify you before it happens so you can bring your account current and keep it at the bank.

complain complain complain, but be polite and assertive.  invest in something to record your calls ( no you dont need to tell them you are doing it) so you have a record of exactly what goes on from now on - i hear radioshack has a gizmo for this around twenty bucks.

They still collect interest while in collections

Not sure of the rate, though....i would assume it is much higher than the original student loan rate of interest!!  They have to make money on these things at our expense!

I'm sure there is a set minimum equation to figure out a monthly amount owed??....but, not everyone can afford what they want us to pay...Do what you can!

Thanks for the info!

- Crista

 

 HRDC requires 3% of the principle amount owing at all times. This never changes. When people cannot make 3%, they simply have to follow the rules and file a financial statemtn that substantiates this inability.

 Welcome back, bud.