Frustrated beyond belief
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Scotia Bank Horror Stories...
Forum Description: Describe your dealings with Scotia
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2806
Printed Date: 27/March/2026 at 3:49am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Frustrated beyond belief
Posted By: cindybee73
Subject: Frustrated beyond belief
Date Posted: 16/July/2005 at 4:03am
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First off, I am so glad that I am not the only one dealing with the
morons at Scotiabank. (actually, that doesn't sound so nice, but
you know what I mean!) I'll try to make a long story short, I am currently repaying my student loan with Scotia, I just passed the 60 month mark. I am getting my interest letters, but I'm missing the one from 2001, and Revenue Quebec is asking for all of them, so now I have to wait for these morons to send me THAT. I can tell you 5 years' worth of horror stories, but I'm sure you've all been there. My current situation is that my first term of 60 months is finished, and I need a new Reimbursement Agreement. I was paying 6.5% interest, and obviously should be paying much less now that interest rates are so low. I figured my payments per month would go down, but they haven't. I called them to ask them when they would send it, and they send all the new letters went out in May. This was a bit shocking, considering my first term was up in February, and anyone with half a brain should have sent it BEFORE then. When I asked why my payments are the same, she said the interest went down, so my payments will go towards paying down the principle faster, therefore my total loan will be paid off sooner than the remaining 60 months. Now, that's fine and dandy, but it's July and I'm still waiting for my new agreement. Furthermore, I'm a stay-at-home mom with 2 kids, and have been for the passed 6 years, so I need lower monthly payments, not a loan paid off faster. I also requested for them to send me a statement of my account, showing the interest paid to date and the principal paid so I can see how much is left, and they told me 'we don't do that'. I am so frustrated by the prospect of having to deal with yet another round of Moronic Pursuit. Has anyone else ever received any kind of statement of account from them? What has happened when your renewal date arrived? |
Replies:
Posted By: Pixxa
Date Posted: 16/July/2005 at 6:45am
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hi Cindy Yup, been dealing with Scotia since 1992... one problem after another during and after college. In answer to your question about statements, I receive a monthly statement from them, but it took me over 2 years of phone calls and letters to get them!!! Sorry I can't give you a more encouraging response. Although I can suggest that what may have finally made things happen in my case was to call and write letters to The Office of the President at Scotia Bank. (Bank of Nova Scotia: Office of the President: 1-877-700-0043) Cut out the middleman and you may not take as long for you as it did for me. Pixx -------------  Somtimes I feel like I'm diagonally parked in a parallel universe. anonymous
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Posted By: Pixxa
Date Posted: 16/July/2005 at 6:46am
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Okay... I forgot to grammer and spell check ~sighs~ so much for that college education huh? ------------- Somtimes I feel like I'm diagonally parked in a parallel universe. anonymous
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Posted By: cindybee73
Date Posted: 17/July/2005 at 2:15am
| Thank you very much for the information, I hope it works! Wish me luck. |
Posted By: cindybee73
Date Posted: 22/July/2005 at 6:01am
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Sort of progress? The confusion continues.... Finally, someone who seems to know something called me back today, and will be sending me statements for my loan every 2 months from now on, along with statements from every year for the last 5 years, so for that I am a happy camper! Because my loan was deferred for the first 3 years, my original payment date started in 1997 instead of 2000, so my year 2000 reimbursement agreement is not worth the paper it is written on. This is the most confusing thing on the planet. You need a PhD just to figure all this out, I swear! I'm stuck with a friggin' 6.5% interest rate now, how much does THAT suck? I just have to pray that in 2007 it's still this low.  |
Posted By: SolveStudentDebt
Date Posted: 13/August/2005 at 1:52pm
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Someone should enter the words "HANDLE WITH CARE" on every student loan document and filing at NSLSC. It is amazing how the smallest screw up on their end can negatively affect a person financially and emotionally. There is nothing worse than being punished for the wrong-doing of someone else. Johnny http://www.cfwgroup.ca - www.cfwgroup.ca http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum
------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: Observer
Date Posted: 14/August/2005 at 3:48am
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I understand that there was a task force put into place to handle the paperwork side at one of the banks (This is a true story) and guess what their report to sr. managment got lost both hardcopy and electronic. It was found several years later..... ------------- Retired Collection and Credit Executive |
Posted By: SolveStudentDebt
Date Posted: 14/August/2005 at 8:22am
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Hi O, Have you hear the latest news about RBC? They are handing over their internal collection and recovery units (Cental and West) over to a private third-party to handle. The RBC is going third-party in every aspect now. This is all happening on August 26. Johnny
------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: Observer
Date Posted: 14/August/2005 at 9:58am
I heard, but as to how much they are outsourcing all or parts  I will know Tuesday when I meet with one of my people.------------- Retired Collection and Credit Executive |
Posted By: SolveStudentDebt
Date Posted: 14/August/2005 at 10:14am
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The third-party will be assigned all of the student loan management and collection center's responsibility. Johnny ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: Observer
Date Posted: 14/August/2005 at 10:20am
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Seems they are going the route that other Banks have tried it seems to be cyclical with the banks, centralise...outsource...bring back in...decentralize....centralize...outsource...do you think someone in upper management will say ..."Hey wait a minute!" ------------- Retired Collection and Credit Executive |
Posted By: SolveStudentDebt
Date Posted: 14/August/2005 at 10:35am
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I think it has already been said. Please leave a message at the sound of the tone -the lights are on but no one's home, if ya get me meaning. Johnny ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |