Royal Bank Loan

Hello everybody!

I've been checking out this website for some time now and it's got a lot of useful information.  Currently, I have 2 student loans.  One from RBC and one through government.  This is what happened with the RBC Loan.

I had a collection agency contact me in January stating that my RBC loan (around $4500) is in default and I needed to pay about $300 in order to bring it to good status.  At the time I lost my job and couldn't make the payment.  She said that if I didn't make the payment by end of january of 2005 that RBC will close it.  I didn't care at the time cuz I couldn't afford it anyways.  In March I get a phone call from Federal Credit from Saskatchewan.  The collector was alright, reasonable, and I had told her that I will try to see if I can borrow the money from my parents.  I called her back and advised that I couldn't, and set up payment arrangements w/ her.  One week later, I get a legal letter demanding payment in full.  They also sent this legal letter to my old address, even though I had updated my address with them a month earlier.

On my legal letter, signed by some lawyer from Saskatchewan, it tells me to call Ms. Sosa if I wish to stop this process.  I called that day to talk to Ms. Sosa (I had to call a long distance # and not a toll free #, which collection agency has to provide you with)., and I was transferred to a girl named Cindy I think.  She said I had 3 days to come up w/ the funds ($3800 for settlement) or they will procede w/ employment verification and such.  I called her 3 days later and told her I couldn't come up w/ the funds but this is what I was proposing for monthly payments.. She then said that was fine.. I thought this was odd..

I called the company and asked to speak to Ms. Sosa again.. Turns out Ms. Sosa is a secretary.  Ms. Sosa also doesn't have BC Collector's License and somehow her name is on this LEGAL letter.  So Ms. Sosa has access to my information without having a licence.  I thought that was interesting.  I then asked to speak to the president of the company and I made an official complaint about that..

This is really a long story, but also, turns out that the letter that the lawyer had signed, I called, and the lawyer doesn't have a licence to practice law in BC.  Never had one and currently doesn't have one.  I've been hung up on by 2 different managers at that company, and finally ended up calling RBC and telling them that I have $2300 and they can take it or leave it.  RBC accepted my 50% settlement (even tho their guidelines where 80% and I have just received a release letter from the Royal bank and from the collection agency).

My point is, I do know the BC Debt Collection act through a friend and these guys broke 3 laws just by talking to me.  I faxed them a statement stating that all communication to be done by email, no phone calls and no mail and in return I responded in every email by 24 hours.  The MANAGER calls me and leaves a message for me on my VM at which point I called him back and said to check the fax on my file.. He started abusing me and calling me a liar, needless to say, I hung up on him and contacted the president again.. Hey I know he's a busy man, but I called that collection agency about 10 times that day and annoyed the heck out of them.. Needless to say, I got my 50% settlement, it's been paid and now I have to tackle my Government Student Loan at $21000.  As far as I'm aware they don't offer settlements, but I will post more on that once I get a chance.

sldrama *sigh*, i wish I had never taken out a student loan!!!