I have a CSL with the Royal Bank. I applied for interest relief back in Jan. 2004 and I had to make a few changes to it in early March 2004. I have now sent everything that I need to get interest relief back in Mid-March 2004. I have received no indication that I have even been accepted yet and RB wants answers now. RB has already given me an R5 on my credit rating and they say that I must pay my loan payments by April 27 or my account will be sent to a collection agency and my credit ultimately destroyed. I am wondering what I should do once I get interest relief to restore my credit rating that Royal Bank has decided to  with? Should I pay my loan payments that have gone into arrears? Wait for interest relief? Shoot someone from RB, CSL, and/or N whatever? Or just take it up the ?

Thanks for any help that you may have.

Are you applying for IR through the Royal Bank or through the National Student Loan Centre?

If you are applying through the NSLC, you should make your payments until such time that your IR has been approved. Royal Bank then returns any excess payments to you.

If you are applying through Royal Bank, you may need to submit a new application and pay interest up to the start of the IR period you are approved for.

If your R5 rating is because NSLC is taking too long to process your IR, once your loan is on IR or in good standing, you can ask Royal Bank to amend your Credit Bureau.

amynic

You're supposed to apply for interest relief with National and they are supposed to notify the other institutions you have loans with.  If you have one with National, you can not just apply to RBC (so they told me when I looked into it). Once National approves you it's like an automatic approval with RBC...  but who knows if that's a line of crap she's given me from RBC!