Hello to all BTW... HELP!!!
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=1569
Printed Date: 26/March/2026 at 10:42pm
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Topic: Hello to all BTW... HELP!!!
Posted By: jacke
Subject: Hello to all BTW... HELP!!!
Date Posted: 17/September/2004 at 6:59pm
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Great site, so glad i stumbled accross it. Here is my story; its not as bad as some I have read, and I do sympathyze with all of you, it is quite sad and frustrating I know. Anyways, I just recently decided to obtain my credit report from equifax, and found that it was not as good as thought it should have been (ie. lower fico score) reason: you probably already guessed it, CIBC student loan. OK, in 2002, when I began making regular monthly payments, I would write out a single cheque with the total amount owing for that month of my ontario and federal student loans combined, with the loan numbers writen at the top and with the numbers and descriptions of both writen in the memo section. I was told this was what I had to do. The amount was only applied each time for at least 4 months in a row to my federal loan amount, not the ontario. Each time at the end of the month they would call saying my payment was late, each time I would explain what happend, they said the problem was corrected, I took their word for it (big mistake). Anyway, it was almost 3 years ago now, and my credit report tells me that my Ontario student loan was 120 days past due at one point and a bunch of other times 30 60 and 90 days past due. None are true, the payments were made, just not directed properly. I started sending in separate cheques after that, but mistakes were still made; I since then have made payments in person at the bank and get reciepts, problems are less, but every once and a while I get a call saying I was 2 or 3 dollars short of my payment for the month (dont know what that is about, dont want to know). Can this be cleared up and if so how do I go about doing it? Any help would be appreciated, I look forward to hearing any bits of advice or wisdom. Thanks!!!
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Replies:
Posted By: whereto?
Date Posted: 17/September/2004 at 8:39pm
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Honestly, it probably could, but unless spic and span credit is that
important it honestly may not be worth it..you will basically have to
badger the CIBC student centre into faxing in a correction to equifax
and T. U....which is actually work which they don't like to do. I
may be wrong, but I think late payment, as long as it is corrected
doenst stay on the credit report longer than a couple of years (not the
same as a defualt) so you may just want to ride it out, or call up eqfx
and put in a narrative. It could be done, but its simply a matter
of working up the ladder to try to find someone that isnt too rooted to
their chair to bother.
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Posted By: eshelton
Date Posted: 18/September/2004 at 8:47pm
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If you have the old statements and they show your previous payments
made, I would send them to Equifax and TransUnion and have them do an
investigation. Like CIBC, these companies don't like to use a
brain and actually READ documents they recieve. You may have to
be persistant.
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Posted By: SolveStudentDebt
Date Posted: 19/September/2004 at 6:17pm
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The bureau(s) will investigate if there are serious inconsistencies. The hard part is to get the support documentation from the bank., There is the largest obstacle.
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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
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Posted By: jayslug
Date Posted: 27/September/2004 at 11:07am
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To be honest getting this repaired will be a verry difficult task. Equi or TU will give you the run arround for a while, they are verry hard to deal with. Cibc will do the same, it will take alot for you to make them make an adjustment on your credit report. Sorry for the bad news, but to correct this will take alot of complaints from your part to CIBC
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Posted By: eshelton
Date Posted: 27/September/2004 at 1:16pm
So it is possible? If I keep hounding Equifax/TransUnion and
Edulinx, threatening legal action and heavy government fines (I believe
it is up to $100,000 for a corporation to knowlingly send false
information to a credit bureau), then they would retract the report,
right?
I could also get my hands on the corporate structure at Edulinx
(friends in high places) and cc just about everyone. Just
embarrass them in front of their colleagues and friends to admit their
mistake.
Couldn't hurt to try.
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"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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Posted By: administrator
Date Posted: 27/September/2004 at 6:40pm
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Standing outside a cibc branch handing out flyers often gets attention
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Posted By: whereto?
Date Posted: 27/September/2004 at 8:50pm
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YES Ive done that sort of thing elsewhere...eventually cops or security can show up.....I LOVE the circus don't you :)
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Posted By: jayslug
Date Posted: 28/September/2004 at 9:06am
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Standing out side and handing flyers can get you arrested for defamation of charecter. If you are really commited to spending lots of time and money to have this resloved. Fist getting an attourney is expensive, in your case no govt agencie will provide one to you. ALso you will have to front the attourney fee's, if judgement is rendered to you, they will add your court cost to the judgment, provided you win. Remember CIBC has menny attourney's just wainting for this type of crap, they will deny everything. They would rather pay lots of money then admit they made a mistake. Best of luck
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Posted By: eshelton
Date Posted: 28/September/2004 at 11:52am
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Bring it on!
The loan with NSLSC (Edulinx) went into default because they never bothered to notifiy me (no statement, final notices, nothing). No proof = no payment. They claim they told me over the phone that the loan could default but that's a lie. If they record phone conversations, I'd like to get my hands on that tape that would set the record straight.
So the loan defaulted because of their error, NOT because I didn't have the money to pay it. I have a good paying job and pay cheap rent, so I'll be looking for an attourney if the class action thing falls through. I need someone who specializes in credit/loan issues.
When I quash Edulinx, it will open the flood gates for everyone else who's been screwed over by them.
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"A proof is a proof. What kind of a proof? It's a proof. A proof is a proof. And when you have a good proof, it's because it's proven." - Jean Chretien
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Posted By: whereto?
Date Posted: 29/September/2004 at 5:46pm
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Nobody's getting arrested as long as they leave when the cops
come...its fun. I got in a screaming match at a bank branch over
them not giving me my money and got tossed from a mall when I was
19...all in good fun
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