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I made an arrangement like this last month. In the middle of June, I called RBC to ask what I owed and how to bring my account up to date. I was told that I had to make three consecutive full payments and then I would be able to apply for a revision of terms that would reduce my monthly payments. I was told that the outstanding interest on my account would be capped onto my capital amount owing. We made a verbal agreement over the phone (very formal) that I agreed to cap the interest, then we set up a payment schedule. I was to make a payment on July 8, August 8 and the September 8. I asked the agent, whose name was Prianga, to send me a written copy of this agreement because everytime I called the RBC I got a different answer and what I'd been told before was invalidated by the new person. She assured me that our arrangement was sound and offered to transfer me to her supervisor. I said that she seemed to know what she was talking about (rare) and that I'd follow through with our arrangement. On July 8, I went into the bank and made the payment and then called to tell them that I'd made it and to make sure everything was going as planned. The man on the phone checked my payment arrangements and said that everything was fine and thanked me for my payment.
This morning (July 31), I got a call from Alliance 1 collection agency saying that that loan had gone into default and that it was in collections. I hung up and called RBC and they verified that they'd sent my loan to collections on July 23. I explained that I'd made a payment arrangement and that I was keeping my side of the agreement and that it was a mistake. The woman on the phone (Aquila?) said that I'd been told that my loan could potentially go to collections when I spoke with Prianga in June. I said yes, she had said that but had said that if I kept this agreement, that wouldn't happen. After alot of talk, she said that she would send a request to have my case investigated.
I said that I knew how that investigation was going to go and that I would speak with a credit counsellor and potentially a lawyer about the situation because I didn't think that the RBC was managing my loan properly. I asked for a copy of the terms and conditions of my loan, for a copy of the policies that direct their decision-making and for a copy of their records of our phone conversations and I was told that they won't give me any of that information. "We don't do that".
I'm not sure what to do but I'm going to make some calls and I'll keep you posted. My suggestion right now is to record every phone call. Radio Shack sells some cheap options.
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