At the begining of Feb 2008 my statement shows 23990.00 for the balance. On the 8th of Feb, I get a letter that they can settle on behalf of CIBC that says my balance is 25550 but they will settle for around 20000.00. (Let me go to the toilet and see if that amount will come out in one lump sum), since I obviously must sh*t money.

 

I get my next statement today and now the balance is 25400, down the 150.00. How did my loan increase 1500.00 all of a sudden? I know the interest was in arrears as the loan statement from the income tax statement from 2007 showed the balance at 23000 and all 3300 of my payments went to interest.

 

Last year they also sent me a letter to settle for around 23000, but my loan balance did not increase with their generous offer like it did this year.

 

Did they add the new interest onto the loan that has been accumulating while Ive just been paying the back interest? If that is the case this will take forever, since the interest is likely 160.00 a month on a 300.00 payment. After 1.5 yrs and paying about 5500.00 my loan is down only a 1000.00. yikes!!!!

 

I just wanted some feedback if this happened to anyone else, before having to call or write to those ass clowns @ CBV Collections in Calgary so that I am well informed of what has happened and can take the appropriate steps.

 

Would the statement that I received on the 01 Feb 2008 that shows the balance of 23990.00 be legal if I had to pursue this further? Or is it just a statement and can be in-accurate due to in-competency of the wonderful folks who work at these collection firms?

 

I also called the CIBC national student centre, they have no information on my loan and would not help me out, saying that only CBV has this information.

 

Has anyone else that is receiving statements showing their payments made to a collection agency seen their balance increase, despite making payments consistently?

 

I mean for it to increase 1500.00 in 1 month, seems harsh as every other month it kept decreasing???