Settlement Question?
Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Dealing with Abusive Collection Agencies
Forum Description: Help can be found here for dealing with these problems!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2430
Printed Date: 27/March/2026 at 3:59am
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Topic: Settlement Question?
Posted By: uptomyears
Subject: Settlement Question?
Date Posted: 22/March/2005 at 3:45pm
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Hi
I have a question, maybe someone out there can help me. I live in the US and was recently contacted by CBCL regarding the outstanding RISK portion of my Fed. Loan. After going back and forth with them on the phone this week they're thretened the following: 1. Their "lawyer" has been reviewing my file, and I need to pay to avoid legal action here inthe US (I owe about $8500 can. dollars) I live in California which they told me they can sue me here 2. I am currently out of work, and offered EVERYTHING I have which is $5200 can. dollars) They said they need put it to their client to see if the CIBC will accept my offer...is this true? Or is it a scare tactic to get more money from me? --I really don't have any other money right now or for the foseable future. 3. I offered to give them $2000 now and start to make $200/month payments and CBCL didn't seem interested..they want me to pay in full Any advice would be a great help, My husband will go INSANE!!! if our US credit gets ruined over my student loans. HELP! 
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Replies:
Posted By: SolveStudentDebt
Date Posted: 22/March/2005 at 6:19pm
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1. If your lender authorizes the third-party agency to proceed with legal action, they can do so. Their lawyer (M. Silverthorn) will give whatever treatment is necessary to help his client (the collection agency) do their thing. That is why they have lawyers on site in most cases. Please note that what you have described leaves them no avenue of execution. They could sue, of course, but it would cost them a pile in costs - and there is nothing to attach. 2. Yes, this is true. You are offering an amount that is less than what they have blanket permission to accept. 3. Remember that collection agencies are driven on commission earning. They will do or say what is necessary for $$ recovery. If you would like some help, protection, and a solution to all of this, let me know.
John LeBlanc
The Canadian Financial Wellness Group Tel: (902) 464-8727
http://www.cfwgroup.ca - http://www.cfwgroup.ca
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