Launching Boycott CIBC Campaign!
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=160
Printed Date: 26/March/2026 at 10:30pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Launching Boycott CIBC Campaign!
Posted By: administrator
Subject: Launching Boycott CIBC Campaign!
Date Posted: 12/May/2003 at 9:38am
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Lets start a boycott CIBC campaign... Email, hand out flyers, let people know that they've made a mess! Start the boycott campaign now.... Lets go public with the damage they are doing! I suggest we print out some handouts and hand them to CIBC customers as they walk into the branches. Ask them to tell their customer service people to do something. The basis is as follows: Its simple. CIBC continually makes mistakes managing student loans. - their collection agencies illegally harrass people - they contracted out their student loans management to a firm that is not accountable! - they have ruined people's credit rating! - their errors have forced people out of school! - their collection agencies hassle parents of students! - they wont fix their mistakes! - the bank loses forms and then denies people interest relief! Please tell CIBC to fix their administration problems! Please boycott CIBC Download the following file, cut the sheets into six and hand out to people. Leave them in various places! Hand them to customers. Best way to get this word file is to right click on the link and use "save target as" http://www.markomeara.com/csd/boycottcibcflyer.doc">http://www.markomeara.com/csd/boycottcibcflyer.doc http://www.markomeara.com/csd/boycottcibcflyer.doc"> |
Replies:
Posted By: polyhymnia61
Date Posted: 12/May/2003 at 9:56am
Um, your link doesn't work, Mark... Out of curiousity, what has provoked this sudden outburst of wrathfulness? I hope just an overwhelming desire to take action, rather than another kick in the you-know-where by the Canadian Imperial Bank of You-Know-What... ------------- Home is where you are allowed to prosper. |
Posted By: administrator
Date Posted: 12/May/2003 at 9:57am
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A strong desire to take action! |
Posted By: polyhymnia61
Date Posted: 12/May/2003 at 10:16am
Good enough for me...by the way, the link now works just fine everybody! ------------- Home is where you are allowed to prosper. |
Posted By: Guests
Date Posted: 14/May/2003 at 5:02am
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I agree, the CIBC should be bycotted, and not only for student loans, for everything! I have encoundered numerous problems over the years, with loans, and mortgages, too many mistakes ! constant harassing! do not even want to look at some of their mistakes! needless to say I will not deal wwith them any more!
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Posted By: Guests
Date Posted: 14/May/2003 at 5:22am
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Good Idea Students have to unit to fix this mess of a system. No one else will. The banks should be boycotted until they take responsibilty for their errors. No future mortgages, car loan or credit card business. Students are their future business. Students must support institutions that support them. Instead of a free pizza when you sign a loan you should get an introduction to the credit system. You can not give such large unsecured loans knowing the unemployment rate and average salaries and then claim fraud! A fund should be raised to then sue for past damages. Bank errors have cost millions and needless suffering they must pay just as students must pay back debt. The banks negligence is not acceptable. The government should not be able to change laws after the fact. How many people would have taken loans if they were told they were a special case and could not have the same options as other debters. This is outrageous! Students are voters and elections are coming up! This must be an issue. The government tried to shift education costs and debt off it's own balance sheet to that of the banks and students and that may be fine but the system needs to be redesigned. The goverment acting on behalf of it's citizens must decide how important education is to the future of this country. Education is normally considered an investment in a nations future output necessary to compete in highly global economy and thus treated as such. Why should someone going to be a plumber be supported by eu during a school term and not a nursing student there is no logic. If there is more demand for certain fields people should be incouraged with grants. If art students are riskier they should be eligble for less for example. Several options should be available. Make payments now or add 2% to income tax over x years other countries can do it. The previous generation created the problems of over spending not the current generation. This pass the buck should not be accepted. It is your future your country
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Posted By: polyhymnia61
Date Posted: 14/May/2003 at 7:14am
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I still think payments geared to income is the only alternative at this point, barring an overhaul of the whole post-secondary system (I'm not holding my breath). And I'm an arts grad, meaning I would have paid thousand more in interest than, say, a doctor, simply due to a longer amortization period. But I don't care. Any other loan or mortgage is approved according to your debt service ratio -- your total debt must not exceed 35 %, if I remember correctly from my banking days. But they give student loans to people who have never had credit in their lives and assume that they will understand the system and the consequences (payment amounts, etc.) at graduation. Why not educate them before the ugly reality sinks in (without the finger pointing and patronizing lectures, as if it is expected that students will try to run away from the debt). For example, tell people that, if you borrow x dollars, expect to pay at least y dollars when you graduate. The banks only begrudgingly take on the responsibility of student loans, do as little as possible to nurture a relationship with these future mortgage holders, then blame the student when it is the banks fault or when he or she can't instinctively navigate the bureaucracy after graduation. Incredible short-sightedness, yet they aren't going to put their best and brightest on the front line to handle things. They are just poor students, and only deserve some minimum wage, undereducated telemarketer. However, this is just evidence of what I learned after years of employment at the CIBC: "Rich people good. Poor people bad." We tend to believe, and the banks perpetuate this myth, that banks are there to help you. They aren't. They are a business out to make a profit. Period. However, we still tend to act shocked whenever they act like a business. By assuming that banks act in their own self interest, maybe we can be better prepared to protect our own heinie. Funny quote from the Globe yesterday. Out of all the complaints to the Bank Ombudsperson last year, only 18% were settled in favour of the customer. The spokesperson commented that this was reasonable because otherwise, it was evidence that they aren't doing their job. Really? Or evidence of something else? Conspiratorially, ------------- Home is where you are allowed to prosper. |
Posted By: Guests
Date Posted: 23/May/2003 at 11:22am
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I called one of "my" collection agencies today to see if I could get them to remove their entry on my credit report given that my student loan has been recalled by Scotiabank. I ended up talking to someone in the agencies student loan division and she was curious how I managed to actually get my student loan recalled by the bank and explained that she had a similar problem to mine with her student loan from CIBC and found it impossible to get them to admit they made a mistake! You know things have to be bad at CIBC when even collection agency staff complain about them! |