old loan, new account
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Royal Bank Frustration Stories
Forum Description: Tell us about the Royal Bank treatment
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2805
Printed Date: 26/March/2026 at 10:30pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: old loan, new account
Posted By: youdontsay
Subject: old loan, new account
Date Posted: 15/July/2005 at 11:29pm
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like many of us on here, in my younger years i screwed up in 1997 i went to school with help of a bc student loan, which i guess i cashed in through the royal bank. i dont even remember what bank i used. i only set up an acct to cash the loan. so i just today set up an account with rbc, and she gave me this paper, and said i probably have nothing to worry about as my loan went to a collections agency many years ago, and that the bank no longer deals with collecting the money. but she said, just so i know, they *can* withdrawl for it , which she seriously doubts. i may or may not have paid this loan. but im wondering if anyone else has had this happen, where after almost 10 years they decide to go into your bank acct and withdrawl? i really have no way to know until it happens, and i am kind of worried about it, as i rely on the money i make to pay for bills. and rent. unless, any of you know.. thanks! *edit, what im talking about is a "right to offset" . she said that since it went elsewhere she doubted rbc would offset, but you never know. i have my doubts.. |
Replies:
Posted By: administrator
Date Posted: 16/July/2005 at 8:40am
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Just to protect yourself, you should NOT have any accounts with Royal if your defaulted student loan was with royal
What the clerk told you is not official policy... just their thougths. From what I understand, the bank has the right to take the payments out of your account. They could drain your bank account at any time without notice. Dont put yourself at risk of not being able to pay your rent and pay for food. Even with the file in collections, RBC is still the owner of the debt. They can recover with whatever means they wish. They could reclaim the file from collections. Go to another bank immediately - one that you dont have a student loan and close the RBC account. Mark |
Posted By: Murphy1
Date Posted: 20/July/2005 at 10:53am
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A recent Equifax report has shown an old Canada student loan I thought was included in my 98 bankruptcy. I have no documentation to go with this loan. I called the Royal but they said they wouldn't take my money without documentation. They also said they couldn't provide any documentation. The bank I initially dealt with is closed.
How can I pay these people and fix my credit? pm |
Posted By: scorpianrabbit
Date Posted: 27/July/2005 at 8:47am
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of my friends around 7 years ago was going to buy a car he had 5000 in
his Royal bank account. A few days before he was going to buy the
car the rb took all his money and more putting him in the red against
his student loans. He was paying his loans and wasnt in
defalt. They stold his money and when he told them that they just
got mad and defensive saying this way he had less to pay back....He
never put any money into there account gain except for exact loan
payments... Never use the RB if you have ever had a loan with them. You
cant trust them
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Posted By: SolveStudentDebt
Date Posted: 27/July/2005 at 12:37pm
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Common occurence from what m,any others have also testified to. Johnny
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Posted By: susyq
Date Posted: 17/March/2006 at 7:49am
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hi guys: if you have an rbc bank account where you received your student loan money.... try to get it closed. I tried to get mines closed and they told me they cannot close it because i owe them student loan money. Anyways , they took my money in my rbc account.. I didn't even have enought money to pay the full payment and they took the money and made my balance -$263.55 in my account. then the following month .. they took money out again even though there was no money in there and made it to a even bigger negative balance. They sent me letters that i owe them money but i disregarded the letters. I didn't give them any permission so why should i pay them? Especially when i requested them to close it. They eventually closed the account on their own stupidity. How could they take money that doesn't even exist?, ........ I hate rbc. if you don't want to get burned close all of your rbc accounts. |