Archived Urgent Help Needed Posts - joint bank account with my brother

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joint bank account with my brother

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Topic: joint bank account with my brother

Posted By: fongolio2
Subject: joint bank account with my brother
Date Posted: 29/November/2012 at 7:12pm

Hi,

This is my first post here but I've read lots. Here's the problem. My brother has left Canada for several months this winter and owns rental property here. I've agreed to manage his rental properties and deposit rent cheques in a bank account we set up as a joint account with CIBC. I had two Canada Student loans with CIBC back in 2000 (September) which have gone dormant. I have not paid or awknowledged debt on these loans for over 7 years now. My credit rating is excellent with a score in the 800's. My brothers (and technically mine) account was seized for $4064.xx and they left him about $1700. The total debt owed on the two loans was about $14000.00 plus interest. This debt should be long past the limitations outlined in the newer Canada Student Loan act. My understanding is that if no awknowledgment of debt is made after 6 years no action can be taken to collect. This type of action should not even happen to an account I hold solely let alone a joint account with my brother!!!

What recourse do we have to retrieve this illegally seized money? Any help would be greatly appreciated.

Replies:

Posted By: averyk
Date Posted: 30/November/2012 at 4:35am

I don't have an answer to your problems but wanted to say that I am dealing with almost the same issue with Scotiabank. I didn't know until after setting up a payment with them in may, after they withdrew my rent money, about the 6 year rule. It had to have been about 10 years since we had last paid our loans. Now I am afraid I have acknowledged them and am starting all over again. I am not sure if I can go back in recourse and argue the fact that it had been well over 6 years before they took those payments out and forced me into agreeing to payments.

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olivia

Posted By: SolveStudentDebt
Date Posted: 30/November/2012 at 12:16pm

I posted this last year so here it is again. Scotiabank and CIBC focus on seizing money in bank accounts with the institution during the last quarter of the year (OCT, NOV< and DEC). They do thisd because they are of the mindset that borrowers in default have funds in accounts for the Xmas holidays, for one. They will do this even if there is a limitation issue. In a case of limitations you have to approach it CAREFULLY. A bank behaves just like a bank. You as a consumer have to know how to protect yourself.

I provide assistance but it is a business so there are fees. So, if you want to pursue it on your own then you want to make sure that you do not prejudice your own case by disrupting limitations if they are in place. The only way to do this is to discuss it with them verbally if youa re not familiar with how to use written instruments that prevent limitation disruption.

Johnny

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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: fongolio2
Date Posted: 30/November/2012 at 4:24pm

Johnny, I may be willing to pay your fee for information on how to handle this. I have an update: my brother has spoken with CIBC and they will refund him his money but they want me to phone them and tell them I am only using his account for "HIS" purposes. This is where I need to be very careful as to not start the clock ticking again by acknowledging the debt. Please let me know more on how to use your services. Thank you.

Kelvin

Posted By: fongolio2
Date Posted: 30/November/2012 at 4:47pm

New information: the phone number I need to call is for ARC. Accounts Recovery Canada. My brother tells me that CIBC National Collections says I need to call ARC and tell them I have nothing to do with that account other than depositing rent money for my brother when he's out of the country.

Posted By: fongolio2
Date Posted: 30/November/2012 at 5:41pm

For obvious reasons I'm very reluctant to talk with ARC. Is there an email address or phone number I can get ahold of you at? I'm in British Columbia so there may be a time difference. I need help with this very soon. Thanks again.

Posted By: emerald
Date Posted: 02/December/2012 at 8:26am

You can't reset the sol by talking with them. Only by sending in a payment or by signing paperwork saying you do owe.

When you speak to someone just refer to it as "alleged debt."

Posted By: SolveStudentDebt
Date Posted: 04/December/2012 at 9:42am

Sending any written instrument to them that is not carefully worded will reset the clock. You speak whatever language you want when talking with them on the phone.