Bankruptcy and Proposal Info and Issues

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Need Advice

Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4347
Printed Date: 26/March/2026 at 10:30pm
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Topic: Need Advice

Posted By: bogi
Subject: Need Advice
Date Posted: 08/July/2007 at 9:36am

I hope to see if anyone can give me some advise on my student loans. I've around 23k of debit with student loan. For the first few years, I've been paying on time. However, 2 years ago, I was unemployed and I was unable to pay so I applied for interest relief. But after the interest relief period, I was still unable to paid (around $350 /per month) as my salary was only $1100 (has some other expense like rent, gas etc). So I've been stopped paying for 2 years and of course I always recived those collection agency phone calls. Now, my financial situation is better (not much but better) and is around $1500 per month, so I think I can afford to repay again. Can anyone tell me if I should contact CIBC again? Will they be willing to accept my payments since I've been stopped paying for 2 years? I want to rebuild my credit and for future housing or car loan. If I am willing to repay again, when could my credit be builded up again? Many Thanks

Replies:

Posted By: Dunker
Date Posted: 10/July/2007 at 8:21am

I believe that they can't refuse your payments, despite whatever they say. They are afterall a collection agency. Given that they have a strong tendency to lie to and manipulate people, I do my best to only communicate with them through the regular payments that I make. In fact the only thing that will make them happy are the words paid in full. Anything less and they will continue to harrass you on a consistent basis.

You say that your loan was with CIBC, however you are currently in collections. Therefore you probably need to deal with the collection agency instead. Has the collection agency been sending you correspondance? You obviously would need to figure out who to pay, and then get receipts of your payments. Collectcorp sends those in the mail every time I make a payment. Usually takes about one week for that receipt to arrive after making a payment.

Posted By: SolveStudentDebt
Date Posted: 11/July/2007 at 3:10am

Dunker is correct. They cannot refuse a payment. They can refuse arrangements to pay. If you ned help, let me know.

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: bogi
Date Posted: 12/July/2007 at 7:07am

Thank you for all the advise. I will contact Collectcorp , but I deal with them before and it's a nightmare. Anyhow, I think Johnny should be the first one I should contact. You will hear from me soon Johnny, many thanks.

Posted By: SolveStudentDebt
Date Posted: 12/July/2007 at 9:26am

YW

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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