Here’s an interesting IR problem.
Printed From: CanadaStudentDebt.ca
Category: Government Program Problems
Forum Name: Repayment Assisstance Plan (RAP) Issues
Forum Description: Rules, regulations and problems (Formerly Interest Relief and Debt Reduction)
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=802
Printed Date: 27/March/2026 at 2:03am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Here’s an interesting IR problem.
Posted By: Kristian
Subject: Here’s an interesting IR problem.
Date Posted: 15/March/2004 at 10:24am
|
Okay...I'm back. Ya'll probably didn't know I was gone, huh? Well, I just off the phone with Canada Student Loans and CIBC Student Loans. I qualify for interest relief (IR) on the CIBC end, however my CSL loan has been sent to HRDC. So, the policy-logic goes like this: I have to be approved for IR on the CSL end before being fully approved on the CIBC end. Since HRDC collections has my CSL loan, I cannot be approved for IR at CIBC. Guh. I have been in contact with HRDC a few weeks ago and was asked to submit details about my financial situation. I sent that document away early March. So far, there's no noise coming from HRDC, CIBC or CSL. Now...what do I do next? Talk to CIBC and explain the situation? Talk to HRDC and confirm that I'm impoverished...again? It seems I've been caught in a policy black hole between the three agencies. |
Replies:
Posted By: Guests
Date Posted: 15/March/2004 at 5:29pm
|
If your loan has been sent back to HRDC as a 'claimed loan', you are no longer eligible for IR. Your only option would be to see if HRDC will send your loan back to CIBC if you pay the interest to the date IR would be approved from. amynic |
Posted By: missboo
Date Posted: 15/March/2004 at 5:47pm
| I sent my financials to HRDC in early January, along with a "good faith" payment and followed up with another payment in February but still haven't heard back with a balance or payment schedule yet. Oh yeah, they also get to keep my tax refund! I actually had faith this was being dealt with until I started reading here - now I'm just scared they'll just keep taking my refunds forever! |
Posted By: Kristian
Date Posted: 15/March/2004 at 5:48pm
|
Well, the loan that went to HRDC didn't originate from CIBC, but rather CSL -- Canada Student Loans. There was that change that happened when CIBC stopped handling student loans and CSL took over. I think that was in 1999 or 2000? Soemthing like that. The lion's share of my debt is with CIBC and is in reasonable standing. The CSL portion is only $2300.00 or so and it is now the property of HRDC collections. So..if HRDC can't send it back to CSL it still means CIBC won't approve me for IR. And that's the rub. And it's kinda like crap, only it's policy. It stinks worse than crap. Sorry my previous post was unclear. |
Posted By: Kristian
Date Posted: 15/March/2004 at 5:53pm
Sorry, missboo...I didn't see your post before I wrote my clarification above. This is the same point where I'm at with CSL. I'm not sure if they are evaluating my financials or are running them through the shredder. I don't expect to see my tax return this year, either. Have you filed your tax return yet? |
missboo wrote:Posted By: missboo
Date Posted: 15/March/2004 at 6:02pm
|
:) That's Okay, I'm just learning to navigate this site and I'm not really a wealth of info at all, lol.
I netfiled yesterday and CSL will get whatever's leftover after Homebuyers takes their bit. I'm in the process of digging out after being discharged from bankruptcy in 2001 and it's all uphill from here,baby! Want to know the kicker? After Royal Bank handed back all the student loans in 1999, they LOST mine! I have (noted in my little diary) a log of 14 calls over six months to 4 different federal departments trying to track down the loan myself - I was even told by HRDC at one point last July I didn't HAVE an outstanding loan but me trying to be the bigger person kept calling, then in December I get a nasty collection letter calling the entire balance! Sheesh, you try to be honest, eh? |
Posted By: Kristian
Date Posted: 15/March/2004 at 6:12pm
|
Yep, it's a long, slow climb. From the sound of it, I'm glad I
never applied for a student loan with the Royal Bank. A lot of
people got lost in the shuffle only to be "found" with a vengeance. Also, from the sound of it, it pays to be up front with these agencies. You can see better from the moral high ground. Sorry I'm not very helpful. Looks like we're in the same, crowded boat. |
Posted By: missboo
Date Posted: 15/March/2004 at 6:21pm
| I hope there's a buffet, at least, lol! I'm not holding my breath on the letter, though, I half expect to be served with court papers. I figure at least then I'd have a court ordered repayment schedule with a clear beginning and END. I hope.... |
Posted By: leavingcan
Date Posted: 23/May/2004 at 1:53pm
|
Missboo You might have a point. I once had a chat with a federal lawyer who said if he had student loan problems he would want them to go to judgment, then the post-judgment interest would be better (2 1/2 at the time we had that chat). My loans are 10 3/4. Court clerks are much nicer than collections agents. This assumes, though, that one has a realistic shot at paying one's loans, and does not need interest relief (or have used it all up), and that bankruptcy will not return as an option. At least for fun we could start telling collections agents to sue us... please...we beg you... we prefer court to you...it's polite...the interest rates are reasonable...my address for service is...let me know when the process server is coming and I will bake a cake... OK am leaving this site for at least 24hrs. |
