CiBC and Edulinx Horror Stories - CIBC lump sum settlement

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CIBC lump sum settlement

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=4250
Printed Date: 26/March/2026 at 8:48pm
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Topic: CIBC lump sum settlement

Posted By: projectx
Subject: CIBC lump sum settlement
Date Posted: 02/May/2007 at 2:06pm

hi,

does anyone know if CIBC accepts a lump sum settlement for less than the total principal owing? my loan is in good standing, and my very last interest relief period has just expired.

if CIBC does accept lump sum settlements, can anyone give me any tips for negotiating?

i'm totally flat broke right now but i would rather borrow some money off a family member than pay CIBC's insane interest rates.

thank you so much.

Replies:

Posted By: administrator
Date Posted: 02/May/2007 at 10:33pm

if your interest relief expired then apply for debt reduction! Find info on the canlearn.ca website...

Mark

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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024

Posted By: SolveStudentDebt
Date Posted: 03/May/2007 at 11:36am

If the loan is in good with no arrears, the liklihood of CIBC accepting a settlement is rather slim. They would have absolutely no reason to approve. They would rather make money than lose money. They are a bank.

You can try though but don't get your hopes up. If you are experiencing hardship, you can demonstrate that and see where it goes.

Johnny

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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: projectx
Date Posted: 03/May/2007 at 4:37pm

ok let me back up then... i read about the debt reduction, and i believe it said i have to have my repayment set to a minimum of 15 years to qualify (correct me if i'm wrong).

so when i called CIBC's national student centre, they said my current repayment is set to 161 months... so i asked for that to be extended and she said that i can't extend it any longer than that because i had already used up some of the months way back before when i was paying my monthly payments.

see i didn't go on interest relief right away once i graduated, i spent a while paying back... so she said i can't extend it any longer than it already is... i can't get it to the 15 year mark because i already used up some of those months when i was in payment.

so this is why i'm thinking about a lump sum payoff and that's why i was asking about that because i was told i can't extend to 15 years.

help :(

Posted By: bananablythe
Date Posted: 10/August/2007 at 7:57am

You can apply for debt reduction as soon as you've used up the maximum interest relief allowment. Keep applying for interest relief, for I believe about 60 months, and then you can apply for debt reduction. I just recieved debt reduction and I graduated in 1999. Don't believe anything they tell you at the National Student Centre call centre. They're all nitwits who don't know what they're doing. You have to be very forceful with them and tell them you simply can't afford to pay them back. I've been so forceful that they've even hung up on me several times, he, he...... Try this number I've found it very useful. 1 800 334 3660 ext 2531. I spoke to Vinita.