Dealing with Abusive Collection Agencies

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Creditor Interchange

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Forum Name: Dealing with Abusive Collection Agencies
Forum Description: Help can be found here for dealing with these problems!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4768
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Topic: Creditor Interchange

Posted By: Coco
Subject: Creditor Interchange
Date Posted: 04/March/2008 at 11:09am

So i am a little confused. My federal student loan is in collection with Creditors Interchange. Back in October I received a letter so i called and made payment arrangement with them, so i have been paying them. I received a statement from then last month and they only put one payment towards my balance. Now for the past week they have been calling everyday , once even at 9:30pm to discuss arrangement. Today i received another call stating that if i don't call them back that they are not putting my payments towards my loan. So I am confused... can they do this?? I am trying and basically living on nothing to make these payments and now they are threatening me that it is not enough. I don't understand. The only reason the loan went to collection to begin with is because Scotiabank lost my consolidation papers and wouldn't let me make payments with out them. I don't get it i try to do the right thing and i still get a kick in the pants. Help I am not sure what to do i really don't want to call them back, if they are just going to threatening me.

Replies:

Posted By: SolveStudentDebt
Date Posted: 05/March/2008 at 5:52am

No, your Scotiabank student loan is with Creditor's Interchange. They do not work Federal guaranteed loans. If your papers were lost, and the default resulted from that, you should do an access request from Scotiabank and see the historical dta on your file. If you can prove that you submitted froms and they did not attend to them properly, the error must be fixed. Can you prove that you sent in specific forms that would have kept your loan in good shape if they were processed?

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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Posted By: Coco
Date Posted: 05/March/2008 at 8:48am

Thanks for the help with a my lost paper work, they lost them at the begining of my repayment process which has always been the battle with them. I will definetly try to contact someone to see if there is anything that i can do.

But with regards to Creditors Interchange are they allowed to not put my payments towards my outstanding balance as they say??I don't get how they can take your money and say i didn't pay anything!!

As well you said that Creditors Interchange do no work Federal guarenteed loans, but my loan that they have is for my federal loan??

Posted By: SolveStudentDebt
Date Posted: 05/March/2008 at 12:18pm

No. Federal lonas are debts owed to the Crown. Risk loans are the residue that the bank is responsible to collec t on their own. If they receive money from you they have to apply i to your debt. They cannot say you paid nothing if you are making payments. Collectors say the darndest things and it is really about time big brother and the authorities that govern their business sector look at this.

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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: Coco
Date Posted: 06/March/2008 at 7:48am

Thank you Johnny

Posted By: Coco
Date Posted: 18/March/2008 at 6:17am

So i got a nice letter in the mail yesterday for Creditors Interchange. in short the letter says they are still willing to work with me to resolve the issue of money owed for my student loan. But this is where i am confused i did make arrangements to pay them $150 a month. Which i have done, but they have only put i payment towards the amount owed. When they left a message a few weeks ago stating they would not put the money towards the debt until i call them with the issues that were unresolved. Not really sure what is unresolved as nothing has changed. I really don't see why i need to call them to tell them nothing has changed. This is just completely confusing. I am making every effort to pay and the amount seems to go up and up all because i don't call them every week..Is that even legal? Not really sure what else to do?

Posted By: SolveStudentDebt
Date Posted: 19/March/2008 at 1:02am

It is just a letter. People who are involved with collection agencies tend to receive a storm of letters in the mail. A lot of them are simply computer-generated, just like spam.

Posted By: Coco
Date Posted: 19/March/2008 at 6:48am

The other odd thing is that I have given them 2 payments of $ 150, but from the letter i received 2 months ago and now this new letter the total has only gone down $86!! This is where I am getting completely frustrated. Are they really not putting my money towards the balance like they left on my answering machine?? I mean if they like I would walk into Scotia Bank and say here can you put this towards my loan since the collection agency you hired seems to just want to keep the money and not put it towards my balance. And in the process it makes me look like i don't want to pay this off..

Posted By: talonator
Date Posted: 19/March/2008 at 11:20am

Does ARC no longer collect for BNS?

Posted By: SolveStudentDebt
Date Posted: 20/March/2008 at 1:27am

I believe they do.