Collection of Old - Stats Barred - Loans - missed CIBC loan from 1999

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missed CIBC loan from 1999

Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Collection of Old - Stats Barred - Loans
Forum Description: Post questions about old loans and Statute of Limitations Issues
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5730
Printed Date: 27/March/2026 at 12:33am
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Topic: missed CIBC loan from 1999

Posted By: ohno
Subject: missed CIBC loan from 1999
Date Posted: 27/March/2010 at 1:55pm

I started university in 1999 and graduated in 2004. I thought I hadn't taken out a student loan until after the new system was in place, and have been making payments on my Canada Student Loan and my BC student Loan (combined, $24,000). Both are in perfect standing. However, I recently ordered my credit report, and one of the security questions asked me to identify my CIBC student loan account number. I didn't have this number, and therefore the report was not sent to me. I went through all my paperwork and realized that yes, I am missing a loan for ONE semester in 1999. I was 17 at that point, and do not have a clear memory of where I cashed the loan (I had an account with CIBC but closed it that year).

So over ten years later, I have NEVER been contacted about that loan. Even more, I applied for an additional student loan in 2007 and was approved. I did not cash it as I decided to work at paying off my current loan before returning to school. Now I am ready to return to school, but I am afraid I will not be approved for funding. How was it possible to be approved for the 2007 loan if I had a defaulted loan on my record? I am afraid to inquire in case the loan has entered SOL and admitting that I owe anything will just wake up the monster. The loan couldn't have been for more than $2500, but 10+ of interest could have inflated that drastically.

Any advice on how I should proceed? Should I just apply for a new BC student loan and play dumb? If they didn't care in 2007, would anything have changed to make them deny me in 2010?

Replies:

Posted By: administrator
Date Posted: 28/March/2010 at 7:32am

The loan might be statute barred. Best to talk to johnny at cfwgroup.ca

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