ARC requesting bank info
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Forum Name: Dealing with Abusive Collection Agencies
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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6332
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Topic: ARC requesting bank info
Posted By: tarka
Subject: ARC requesting bank info
Date Posted: 12/January/2012 at 6:35am
| I have an old Canada student loan with Scotiabank that I have been making small monthly payments on with ARC through online banking. I have never missed a payment. ARC left a message on my phone today stating that Scotiabank has changed their policy regarding their student loans and if I want to make a payment on my loan it has to be done though pre-authorized debit. I do not want to give them access to my bank account. Do I have to pay this way? Should they contact me about this through the mail? She said on the message that I need to call them to set it up over the phone and I need to give them info on my chequing account. |
Replies:
Posted By: administrator
Date Posted: 12/January/2012 at 5:55pm
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I'd suggest you go and open up a Scotiabank account and deposit the payment money in the account a few days before the payment date. That way you wont have to give them your 'real' bank account info! ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |
Posted By: SolveStudentDebt
Date Posted: 13/January/2012 at 1:57am
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You keep making your payments online. Preauth is more convenient for the agencies. That's all. ------------- 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: administrator
Date Posted: 13/January/2012 at 2:15pm
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Actually, I think I should correct my advice. If you are to get another bank account, and your loan was with Scotia, do not have the new account with Scotia, because then they might drain your account under offset rules, and then you'd still be asked for you payment. Go to some other bank and get an account... then use a transfer to put money into the account. Interac email transfers can handle it nicely or just go to the bank and deposit your payment. ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |
Posted By: tarka
Date Posted: 02/March/2012 at 1:11pm
| I've just kept making my payments as I have been through online banking as Johnny suggested. I got a letter in the mail yesterday stating that my Scotiabank Student Loan has been assigned to them for collection and if I don't respond within 30 days it will be reported on my credit file. This account has been with them for over 3 years and I have been paying it every month. Why are they now sending me a letter saying the account has been assigned to them? I called the toll free number on the letter but the extension doesn't exist. Any advice???? |
Posted By: SolveStudentDebt
Date Posted: 03/March/2012 at 2:31pm
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Scotiabank switches collection agencies every couple of months. One of the reasons they do this is once an agency gets the file and it does not pay out or settle out, or generate any payment activity that earns a decent commission it is abandoned and left hanging on a hold desk. By reassigning it to a new agency the collection activity and pressure tactic is constant. Collectors cherry pick and if a particular file is known for not bearing any fruit, or is deemed a dead issue for earning potential it is abandoned. ------------- 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: SolveStudentDebt
Date Posted: 03/March/2012 at 2:36pm
If it is still with the same collection agency though, and you are getting a letter like this, it is likely a collector's way of showing activity on the file as required buy the agency. So, instead of actually calling you the collector just keyed in an action on their system that prompts it to issue a letter to you in the mail. This is also very common behavior in the third-party collection industry. It's sort of like the scenario whereas a borrower in collection receives a letter from the agency indicating a final demand for payment, for the ninth or tenth time. THey eventually run out of letters to send you.  So, they just pick one randomly without looking at previous mail-out history. a quick remedy to the agency's policy on maintaining constant communication with debtors, as they call them. ------------- 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: tarka
Date Posted: 04/March/2012 at 4:03am
| I'm so glad this site is available! I was starting to panic!!! This loan has never been reported to the credit bureau so I am hoping that as long as I make my payments every month that it won't be, as I've finally got a good credit rating back. I do have one more question though...I have NEVER gotten a statement or anything from ARC. I make my payments online so I guess that is my receipt for my payment, but when I inquired about monthly statements ARC stated they don't send out monthly statements. Is that the norm??? |
Posted By: SolveStudentDebt
Date Posted: 05/March/2012 at 3:35am
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Unfortunately yes this is the norm. Collection abencies are there to collect money. That's all. any statyement you require must be issued vby the qactual bank, or student loan provider. If you want a stateent of account simply send the agency a written request for it, and copy the loan provider's collection center on it. This will work. ------------- 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 |