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12 year old loan I thought I had paid off!

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Topic: 12 year old loan I thought I had paid off!

Posted By: isam1973
Subject: 12 year old loan I thought I had paid off!
Date Posted: 10/August/2013 at 2:51pm

I would greatly appreciate anyone's advice or feedback on my situation.

I finished university in 2000 and shortly after moved to Argentina. The first couple of months I was able to get my loan payments in but it started to get difficult getting money out of the country to my family so that they could arrange to have it paid. After getting behind by six months I contacted CIBC and was redirected to Metropolitan Credit Services. After a huge effort on behalf of my husband and myself we completely paid off the credit agency by 2002, all $30,000. I was told by Metropolitan that my loans (provincial and federal were completely paid off). I received two letters from them confirming this, one for the provincial loan and one for the federal. My mistake was that in the letters it stated that the risk portion was paid off but that there might be an outstanding claimed amount. I asked the agency about this and they said they had the entirety of my loans and as my loans did come out to 30,000 I was satisfied that this was correct. I guess my huge mistake was not confirming this with CIBC?

Fast forward to now. I am living in Canada once more and applied for a loan to take an eight month course at VCC. I was denied on the fact that I had defaulted on my B.C.student loan. Of course it's Saturday and this has me very worried! Does anyone know where I go from here? I really needed this loan. Do I get in touch with my bank or Canada Student Aid? I don't think I should be in touch with Metropolitan as my debt with them was cancelled, proven by the fact that they have not been in touch with me all these years. I'm really worried that huge amounts of interest might have accumulated on a small amount left unpaid. And it has now been over 12 years...

Has anyone been though a similar situation?
Please any advice appreciated.

Replies:

Posted By: SolveStudentDebt
Date Posted: 11/August/2013 at 3:06pm

If you have old unpaid student loans then the Canada student loans program will not provide any further funding unless you repay the old and qualify for new. If you owe a BC student loan then it is a BC student Aid and Revenue Services branch issue.

If it is a barred account then the matter is (or should be) extinguished. However, the BC Revenue Services bunch doesn't always follow the rules.

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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: isam1973
Date Posted: 11/August/2013 at 5:15pm

Thank you Johnny.

I suppose I should get in touch with them on Monday to check it out. I don't like leaving debt unpaid. I'm just curious if you might know the difference between the bank's risk portion of my B.C. student loan that was fully paid to the agency and the claimed portion that I might still owe to the government. I had loans between 1995 and 1999. I imagine the difference shouldn't be much as my student loans were 30,000 all together and that is what I paid.

Posted By: SolveStudentDebt
Date Posted: 12/August/2013 at 6:40am

Who did you pay money to?

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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: isam1973
Date Posted: 14/August/2013 at 1:14pm

H Johnny, I paid to Metropolitan Credit Adjuster. They've had my number all these years and the bank has had my number as well. Plus my mother's number was on all the registers and hasn't changed and noone was ever int ouch with me or her.

Posted By: SolveStudentDebt
Date Posted: 15/August/2013 at 5:29am

If you paid money to them then it was for you CIBC federal and provincial risk shared loans. These are the portions that the government of BC and Canada did not guarantee. What you are decribing here is a 3 or even 4-part loan series consisting of the ones you paid through MCA (CIBC federal and provincial risk), BC guaranteed (held by Revenue Services of BC), and possibly a CSL1 held by Canada Revenue Agency non tax collections. It is likely just a 3-part series as the federal may have been 100% guaranteed by CIBC. Only way to know is to communicate with the government collection groups and find out if there is a balance owing and get the accounting on them.

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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: isam1973
Date Posted: 18/August/2013 at 8:09am

Ok, thanks for your response. It just seems so strange that they have never been in touch with me or my mother all these years if there was a balance owing. I'm hoping there was just a misunderstanding.

Thanks again.