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.


  New Posts New Posts RSS Feed - R9 on credit report after Bankruptcy?
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedR9 on credit report after Bankruptcy?

 Post Reply Post Reply
Author
steve88 View Drop Down
Newbie
Newbie


Joined: 02/December/2006
Points: 3
Post Options Post Options   Thanks (0) Thanks(0)   Quote steve88 Quote  Post ReplyReply Direct Link To This Post Topic: R9 on credit report after Bankruptcy?
    Posted: 30/October/2009 at 5:14pm
Hi, thanks for reading this and offering any advice...

I was granted an absolute discharge in May '05 for my debts.  I had listed all my creditors including my SLs, line of credit, CCs, and personal loans in my original notice of Bankruptcy.  Since then I have been rebuilding my credit score, paying my SLs on time (not part of bankruptcy, less than the 10 years, which was in effect at the time), have a decent job that is fairly secure, have only one secured CC which has a low limit that I can handle.  I am in the process of applying for a mortgage and the bank has pulled their report from Equifax.  Everything is fine except that there is one line that shows my Line of Credit listed as "written off", R9.

This LOC was with President's Choice Financial, which I did list as a creditor, as they carried a MC and personal loan, along with my LOC.  All other debts with them are no longer on my report.  As I recall, this LOC was sent to collections, in which case I had sent my trustee information to PCF and the collections agency, as well as my certificate of discharge (as they contacted me in July '05).  This is the date showing on the credit report.

Upon my own investigation, I have my discharge summary that only lists the personal loan as a creditor, not even the MC or LOC.  But the MC is no longer on my file, and the LOC still is.  Now I have faxed my certificate again to Equifax as well as the summary of my discharge.  I am unsure if they will correct this or not.  I will fax off a copy of my original notice that does list PCF as a creditor.   

I have trying talking to my trustee regarding this, but they have only suggested talking to Equifax.  They require a fee of $105 to pull my records out of storage, and copy them for me.  

Now to my questions, by simply providing my certificate of discharge to PCF and the collections agency originally, would they simply write off the debt leaving it on my records for 6 years? Or do they have to remove it as a part of my bankruptcy?  By not having the specific account listed on the discharge summary, does that mean that debt was not included as a part of the bankruptcy?  

When  had my initial consult with my trustee, he stated that he IS responsible for contacting all my creditors and notifying them of my intent.  And it does say on my discharge certificate that I am clear of all debts except those listed in section 178(1) of the Bankruptcy and Insolvency Act.

I just wanted some information, in case what I have sent to Equifax does not remove this from my credit file, as my bank has told me everything else looks clean.

Thanks!
Back to Top
Sponsored Links


Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.