News, Announcements and Alerts - New Activity-CIBC and Collection Agencies

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New Activity-CIBC and Collection Agencies

Printed From: CanadaStudentDebt.ca
Category: News, Announcements and Alerts
Forum Name: News, Announcements and Alerts
Forum Description: Recent news stories and Announcements
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5651
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Topic: New Activity-CIBC and Collection Agencies

Posted By: administrator
Subject: New Activity-CIBC and Collection Agencies
Date Posted: 08/February/2010 at 12:41pm

Originally posted by Johnny

Here's the drill concerning the recent increase in collection agency activity regarding CIBC student loans. Certain agencies involved in the race for higher recovery and marketshare are approaching people more aggressively. Part of this aggressive approach involves suing people, of course. Certain agencies are quick to sue those who owe larger and aged loans, which brings me to the next point.

From what I know at this point, CIBC is giving collection agencies 50% commission on older products - especially those that are statute barred. In a few recent cases I have seen and resolved, two separate agencies proceeded with legal action against people where a limitation issue is in place. For 50% commission on recoveries there will most certainly be an increase in these activities. So, for people who have CIBC student loans in default earlier than 2006, you should be on the alert.

If you are having problems and need help we are here for you.

Johnny

http://cfwgroup.ca/ - http://cfwgroup.ca