Collection Agencies - Student - Canada

a good place to talk about links

RE: Student

Postby Raymond » Tue Apr 24, 2007 12:00:00 AM

http://www.e-laws.gov.on.ca/DBLaws/Source/Statutes/English/2001/S01006_e.htm

As you can see, by section 8.1 of the Ontario Student Loan Harmonization Act, the government is allowed to sell off their portfolio of delinquent loans to whomever they want. Selling them off in the US is pretty popular. A loan like yours would go for .05 cents on the dollar to a Debt Buyers Association member!!!! No wonder they're so popular. And no, that doesn't mean that you now owe .05 cents on the dollar. A bank writing off the loan has nothing to do with its being reimbursed by the government. And, in turn, nothing to do with what the government, will then choose to do with it. Just like when a credit card is written off by a bank, it still gets sent to collections and may even be sold to them.

Having said that: I'm not sure what's done with student loans like yours in Canada. Johnny would know, but as far as you are concerned, it's irrelevant. If they are sold off, all the rights of the previous creditor are transferred to the new owner.

I can't say why the date of last activity is being chaged on your credit report. Maybe there's a federal portion to your loan and the National Student Loans Centre wants to keep the 6 year SOL period alive by sending incorect information to the credit bureaus. You can challenge this, but you've got be very careful how you word it. For the most part, inactive student loans drop off the credit reports after 6 years, but it looks like someone is trying to keep it alive so it will be eligible for collections, and to put pressure on you to pay up by keeping the info on your credit report.

On the other hand, data on hand about your accounts on any credit report is apt to be screwed up at the best of times without any external intervention. When I got my equifax reports there were more errors on it than correct items.

Ray
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RE: Student

Postby loan ranger » Tue Apr 24, 2007 12:00:00 AM

thanks lots Mr Ray, I do think my loan may have been the Canada student loan, but I do still wonder why I find the date of the last activity being changed on my credit report........I will definately give Mr Johnny a try, but if you could let me know whats the significant of having the Royal Bank write off my loan. I do understand that it may have been sold, so why then have it reported as a write off...........Does the government still need to reimburse the bank the amount of loan, and if so, then I should assume that the government has hired the collection agency to collect this money......Is this true or not..........I do appreciate your consideration in this matter, and it is very important for me to know how I could have that taken off from my credit, because thats the only thing that I have in my report which is preventing me from achieving my goals.........I do want to pay that loan off, but at this time its really impossible. I wish there were things we as debtors could do, because not all of us are scammers, I just wish it would be alot easier for us........I mean think about it, if our credit was good rite now, we could start paying off our loans, but the system does not allow us to do so, it just makes it harder........
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RE: Student

Postby Raymond » Tue Apr 24, 2007 12:00:00 AM

The limitation period for the federal portion of a Canada student loan is generally 6 years while, unfortunately, in Ontario, there is no statute of limitations (SOL) on the various forms of OSAP loans. That means that interest just keeps on building up or, at least, in practice, until it is written off.

I don't know exactly which one of the many forms of a student loan you received, but irrespective, there is no stats barred date in Ontario.

If there is a federal portion, the 6 year period doesn't necessarily begin when you make a payment or acknowledge the loan, but may begin at a much later date such as when the government reimburses the bank. As well, unlike unsecured consumer loans, you can revive (and not simply renew) your student loan by acknowledging it. And the latter doesn't just mean agreeing that you own it, as I've mentioned in previous posts.

However, the federal and provincial governments don't always do things by the book as you can see from the student loan forum that "Johnny" conducts over at the Canadian Financial Wellness Group. If you wish to clear things up, perhaps you could hire his services for a nominal fee. Personally, I would learn the laws and try and clear it up myself, but for those unwilling to put in the groundwork, John LeBlanc (Johnny) might be appropriate.

http://osap.gov.on.ca/eng/not_secure/repay.htm#Failure%20to%20Repay

http://www.canadastudentdebt.ca/forum_posts.asp?TID=329&PN=1&TPN=1

Ray
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RE: Student

Postby loan ranger » Tue Apr 24, 2007 12:00:00 AM

My loan was taken in Ontario, it was taken in 1998, I couldn't make a payment on it due to my circumstances, I just couldn't afford it, so I haven't made any payment on it.......For some reason no one got in touch with me, and like I said just last year some company was trying to get hold of me for it...........I haven't signed any papers acknowledging the loan to anyone accept probably the RBC bank...........Just few days ago , iQor, Inc formerly iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency - Canadian Bonded Credit Limited - Now Iqor Collection Agency tried to get hold of me, and I told them they got the wrong #.......On the year 2005 Dec, I was checking my credit, and it showed the outstanding amount of the loan, at the same time it also stated the last day of activity which was Aug 2001. When I checked it again last year, the date was changed to Jan 2002, that what I wonder about.....I don't know what the category was, whether it was 60/40 or not How would I find out........and I do probably believe my loan may have been sold, so what are my options really. My credit has been screwed since 1998, and I don't want it to stay that way for another 7 years.......I do intend to pay my loan, but I will pay it straight to RBC bank when I will be able to afford it........, but again I don't want to do anything to jeopardize my credit. I really do want to work on it, so that I can have a clean slate.......Thanks Ray..........., and I was also wondering what SOL stands for......
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RE: Student

Postby Raymond » Mon Apr 23, 2007 12:00:00 AM

What province was the loan taken out in? For example, there is no SOL on OSAP loans or the provincial portion of your federal student loan?

Because the loan was written off doesn't mean that it hasn't been assigned or even sold off to a debt buyer with all the rights the original creditor had.

Be careful about student loans; unlike general consumer debt, they can be revived by doing certain things to acknowledge it and thus revive even a stats barred loan.

What do you mean by date of last activity? When did you stop attending classes or last make a payment on it or perhaps give a written acknowledgement of it? Also, when was the original loan taken out? Was it a standard 60/40 Fed/prov split?

Ray
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RE: Student

Postby loan ranger » Mon Apr 23, 2007 12:00:00 AM

well, the loan was given to me by rbc, and for the last 6 years noone contacted me until last year, the loan stands at $6600, and when I checked my credit report it said that the loan has been written off, so I don't really know where I stand, and I may as well mention that the date of activity also changed from year 2001 to 2002, i wonder how that happens........Can they still come after me after this long, and also when will it ever come out of equiafax. Equiafax claims that no record stays more than 6 years, is that true..........
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RE: Student

Postby Raymond » Mon Apr 23, 2007 12:00:00 AM

No one can give you an answer without further details.

Ray
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RE: Student

Postby loan ranger » Mon Apr 23, 2007 12:00:00 AM

I was just wondering if iQor, Inc formerly iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency - Canadian Bonded Credit Limited - Now Iqor Collection Agency can harrass u to pay a student loan which is more than 9 years old..........Whenever iQor, Inc formerly iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency - Canadian Bonded Credit Limited - Now Iqor Collection Agency calls me, I just tell them they got the wrong #, or just don't pick their call............
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Student

Postby jorbri » Tue Mar 06, 2007 12:00:00 AM

I have two student loans which have both been sent to collection agencies ( iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency and A.R.C Accounts Recovery). the loan sent to A.R.C. want a lump sum payment which I cannot afford. They will not accept payments and therefore are going to sue me and charge me all the expense. I would like to know if there was anything I can do to avoid being sued?
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