Dealing with Abusive Collection Agencies - Forced to apply to high risk lenders?

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Forced to apply to high risk lenders?

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Forum Name: Dealing with Abusive Collection Agencies
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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5007
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Topic: Forced to apply to high risk lenders?

Posted By: otisdeezer
Subject: Forced to apply to high risk lenders?
Date Posted: 10/September/2008 at 2:51pm

I have been paying double the minimum payments on my loans for years, and am current on all payments. Today I was told by CBV Collections that I HAD to apply to wells fargo or citifinancial for a loan to pay my balance and If I didn't I would have to repay in full at once. This is just a line of BS isn't it? They also said I need to send copies of my wifes income to them as well, even though I was single when I was in school. Can they do this?

Replies:

Posted By: SolveStudentDebt
Date Posted: 11/September/2008 at 2:11am

yOu do not have to do anythng that will put you in further financial trouble. Going to a high hisk lending institution to pay out debt at an even more exhorbitant interest rate is not productive. Collectors are not helping you by suggesting this. In fact, they are causing more harm.

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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: Angela
Date Posted: 16/September/2008 at 10:13am

If you are current with your payments why was the CBV calling you? I think that would be the first question I would ask them.... Then I would report them to the Student Loans company.... sometimes that helps... sometimes... once in 1,000,000 times maybe....

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Dance In The Sunshine

Posted By: misscadets
Date Posted: 21/January/2009 at 9:57am

Ok...my situation is similar to Otis's.

My Federal loan is with Metropolitan Credit.

-For over 2-3 years I have been paying the agreed upon amount plus some. I've requested documentation re: that agreed amount, but never has anything been sent. (via phone msgs/email/letter). I have ensured that all info they have is up to date (new address etc) and I have NEVER missed a payment since I defaulted initially.

For the past 1-2yrs I have asked them to contact me regarding outstanding balance and possible reduction in interest to pay more of the principal off (yeah right). Friday I emailed them, yet again and finally this past Monday someone called. This "gentleman" said that after 2 years of this loan being w/them, that he can recommend that I be sued for the full amount unless I prove and verify a resolution to give them the full $11,300 by 4pm today. He told me I have 2 options. Either I get a cosigner (which is not available to me) OR get a high interest loan from Citifinancial to pay off the debt. (why would I get a loan that's 3x's the interest of what it is currently - I know it's not great being in credit..but ?)

I told him that less than 24 hrs notice to accomplish paying $11,000 is not enough time. I asked why he is doing this to me when I have been faithful. He said because it's after 2 yrs and the financial agreement is void, he can. I asked him-if the financial agreement is void after 2 years...and I've been paying faithfully for more than that...why are they still accepting my payments? he said they cannot refuse and changed subject and said 4:00 he is recommending they sue me.

Why sue someone when they're doing what is asked?? What can I do?? This guy had me in tears. I contacted my lawyer and am waiting for a response - Met. Credit didn't like that and he said I contacted my lawyer to find a way to NOT pay. I said I have every right to know my rights when I have been paying AND not being contacted for so long, then to have him threaten to sue me. That me looking for a way to NOT pay are his words and not mine.

I don't know what to do :( any suggestions would be most helpful

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Miss Cadets :)

Posted By: beerstud
Date Posted: 05/February/2009 at 11:02am

CBV is back after me to pay my entire loan about 22000, but they will settle for around 16000. I just need to go to wells fargo and another lender to borrow the entire amount, as my collection agent Abdul only has 6 months to close my file. Get a relative to co-sign. I had been paying 300 a month by internet banking since July 2006. In Dec of 2008 i only payed one payment of 150 due to needing some car repairs. In Jan I made 2 payments but because one was made on Jan 30 th, that does not count because they did not process it until the 03 Feb. Abdul is becoming more aggressive wanting my wife's income, and me to re-fill out the financial statement to include her income and the income of all residents of my house. This is FOIP which i told him, and did he get mad. Anyway, I really do not care I an going to continue paying the money each month. Why take out a higher interest rate loan to pay off my student loan? I know I have the loan and have no problems making the payment, but since my credit is so bad I cannot even get a credit card increase, what financial or loan institution lends money to someone with no collateral. The first time we had this chat about getting the money, I spoke with his supervisor Shaun who okayed the monthly payments to continue, after giving the speech it is in your best interest to pay off this debt. I told Abdul take me to court, and i hung up on him as he was being rude and raising his voice. I was getting frustrated and hung up before I said something that I know I would later regret. I am not going to return their calls, it just becomes an argument.

I wonder if CBV will lend me the money to pay off my debt, as nobody else will lend me the money? Maybe Abdul himself will cover the cost! I will have to ask that being the smart ass I am.......lamo