This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


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    Posted: 15/May/2014 at 7:10am
Back in 1998, I was in my first year of college and had medical issues after second semester started, ended up even hospitalized. While hospitalized I got a message from the college student finance department to contact them. When I responded, the woman, when she found out I was not in classes and had not been for a while, went off the wall. She got my seat given to someone else, and reported me as an over award.

RBC, which was the lender wrote off the loan portion, and the grant was deducted by Revenue Canada over several years, in fact its only the last couple years I've finally started getting tax return checks. ~2005 I'd applied for a mortgage through RBC, and they seen the student loan and of course denied the mortgage, but when asked about repaying to clear it, they had mentioned something like RBC had been repaid through insurance when it was wrote off, and would drop off the credit report in a year.

In 2007 I ran the equifax report, it was clear nothing on it, student loan was no longer showing, only good credit showed. I was able to purchase a car. Life was good, everything back to normal.

Fast forward to 2014, I just did a new report as we're looking at replacing our car, and there is this odd new entry EDS DBA REVSERVBC which turns out to be Revenue BC, and they updated my credit report in 2009 with the loan that RBC had previously wrote off, and started updating it monthly that it was 120 days past due. Even though I have other creditors reporting me as good, this in turn has placed my credit from good, to poor status based on a 16 year old written off loan.

Are they allowed to keep adding new entries indefinitely? There has to be some statute of limitations limiting how long they can pursue this. I don't think they should be collecting on something that RBC had already filed a claim on and was paid for.

Appreciate any input into this.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 15/May/2014 at 7:59am
Contact Consumer Protection BC about this...

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