CiBC and Edulinx Horror Stories - Settlement Made No Results Adivce needed

Print Page | Close Window

Settlement Made No Results Adivce needed

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=2917
Printed Date: 26/March/2026 at 10:44pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com

Topic: Settlement Made No Results Adivce needed

Posted By: Ministry
Subject: Settlement Made No Results Adivce needed
Date Posted: 15/August/2005 at 3:16pm

Hi I am new here. And the problem I have is through CBCL CIBC student loan collections.

Because of being away and trying to negotiate with CBCL collections it went to garnishment.. The order never went though I got I hudge high interst loan to pay them back..So I thought

I have been appy for loans and it seems that I settled the account with CBCL and now my credit is toast..The banks will not touch me because I setteled.(CBCL said paid in full)

How do I get it take off.So I can appy for a better loan(any loan)

I have contacted CBCL and no reponse has come.. My credit is destroyed even after paying this amount.

Please advise if any options are available

Replies:

Posted By: Extradite
Date Posted: 21/September/2005 at 11:01am

Mind mind lending a hand here because this part I know well.

Your using TWO different terms! setteled and paid in full. There is NO SUCH THING as the two you either paid the account IN FULL or you setteled the account!

setteled means you paid less then what was totally owed! Paid in full means you gave them every dollar they wanted PERIOD.

If you setteled the account there isnt a ZERO balance showing. When you settle what you setteled for was minus'd from the total amount owing and the left over balance still shows meaning until it says BALANCE ZERO a bank wont touch you however in some cases if you had a credit card (secured lets say) for atleast 12 months other institutions may over look this BUT thats with another account with history to show if not then PAY the left over balance.

Now if you paid in full then you need to get a secured credit from capital one, home trust or even possibly your bank(say you want to use 500 bucks in your savings account to secure a credit line (credit card). Then you rebuild your credit even 10 months of perfect payments would make other loan companies happy and may give you credit on request. SMALL amounts not a fortune but a little.

Posted By: SolveStudentDebt
Date Posted: 21/September/2005 at 2:05pm

So, out of curiousity, is it possible to pay a settlement in full? I await your repsonse.

Johnny

-------------
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

Posted By: Extradite
Date Posted: 22/September/2005 at 3:10am

Ok if you settled the amount the balance would still show a certain amount left (a balance). Whoever you paid the settle amount to just call them up and pay the remaining amount.

How do I know this? I had a cell phone account that was owing 571 bucks. I settled it for 80% got a letter faxed it to transunion and equifax. Anyways they updated an it showed a balance showing and I went for a loan. They said PAY the balance off so I called the collection company and paid off the remaining amount. Even though the collection account was CLOSED they re opened it, paid it off and sent me a letter stating PAID in full. I sent that to the collection agencies and boom done. Never EVER settle an account anyways because unless its 7 years old of PAST 7 years old it will remain and when you go get a loan, cc or auto loan it will still effect you. Pay it off and it can help (lowered my interest rate on an auto loan by 5%)