CiBC and Edulinx Horror Stories - Warning about dealing with CIBC

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Warning about dealing with CIBC

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=194
Printed Date: 26/March/2026 at 10:30pm
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Topic: Warning about dealing with CIBC

Posted By: markomeara
Subject: Warning about dealing with CIBC
Date Posted: 06/July/2003 at 4:29pm

I have run across two situations where CIBC has proposed options to resolve mistakes that dont make sense.

It seems their senior people do not understand the complexity of the regulations...

One involved a person under a consumer proposal who was told to apply for interest relief. Just because CIBC made a mistake doesnt change the Canada Student Financial Assistance Act! If you file a consumer proposal you are ineligible for interest relief.... but CIBC doesnt seem to understand that.

The other case was with a letter sent to the client to remove credit reporting info... this letter has to go directly to Equifax!

Equifax cant do anything unless the creditor reports directly to them!

Be careful about any solutions they offer. It seems they want their money and interest too and no cost to them for solving their mistakes... remember that their yearly profits are in the billions! and they still dont have staff who are adequately trained in the regulations!

Mark

Replies:

Posted By: help_is_here
Date Posted: 03/October/2003 at 2:34pm

Mark,

It is sort of like arm wresting with a 400 lb. gorilla, isn;t it? There is only one way to beat the gorilla and it is doesn't involve a large calibre rifle. :)

You can arm-wrestle a 400 lb gorilla - and win. It is all in the approach, and diversity. In this metaphor, you can beat the gorilla by distracting him with a banana. Catching the CIBC off-guard will get results. Also, by perserverance.

I do this all the time. :)

The CIBC will object, and object, and object... then they will tell you that will get back to you and never do. There is a way to get their attention... and that is perserverance .. and negotiating.

It works all the time ONLY in those people who have legitimate complaints. Bear in mind, some people do the damage themselves and try to manipulate the CIBC into taking action. This is why they are so stuck up on not listening.

I will show you as time goes on. I will take 5 people with legitimate matters and show how it is done. Then the results are on the table. We can then formulate an assessment program that will help all who need this form of assistance.

Johnny

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