Student Loans are Unjustly Called In
Years ago I returned to community college. I took out a loan from both the provincial and federal governments of Canada to help finance my schooling. Around 7 years later, after diligently paying the contracted amount without a miss every month, my debt was sold to a debt collection agency. This agency demanded the remaining outstanding loan and began a campaign of telephone threats and harassment. I was told I was breaking the law, I was talked down to and degraded repeatedly over the phone (which by the way was not my line!). It caused me great stress. Why were the terms of my repayment suddenly cancelled after abiding by what I thought was a sacred binding agreement from borrower to lender?
My understanding was that if someone should take out a loan from an official source like a major Canadian bank, CIBC in this case, and never default on a scheduled payment, the terms of the repayment would be guaranteed. Who would ever think that a loan from a big bank could be called in at any time with a demand for immediate repayment by some other company—a debt collection agency, probably unheard of, that verbally assaults and degrades people? This debt collection agency never respected my privacy and harassed me at different hours of the day, repeatedly, with endless harassing letters.
Who gives permission to the Banks for them to do that? What law gives them that kind of sickening power and control? We really need to protect our students at their time of life and naivety, from greedy banks.áIn my case, I declared bankruptcy which triggered a panic at the bank. They thought they would not see their money, even though I had been a long time customer and was paying the loan as agreed. I was told by my experienced trustee in bankruptcy I would not be able to avoid payment to these loans so I arranged to continue to provide funds for the monthly withdrawl every month. The payments were like $86 bucks a month and the total loan was around $6000. I don't remember exactly what the amount remaining was when the loan was called in, but I couldn't afford it and had to put up with the debt collection agency torture. Years later I paid it off after I could, realizing I couldn't win being David. I walked down a cold Maxwell Smart corridor to pay...what a humiliating experience. Thanks CIBC.
The reason I declared bankruptcy is because I lost my job, my career and I was sequestered for a month in hospital after I had my first manic episode. That was the moment I became Bipolar. I had been a mental health patient for 5 years before, suffering depression and taking LUVOX. I was at the time trying to adjust to Lithium therapy which did not take effect for many months. I would like someone to explain to me why I was treated like this. I don't want anyone to feel this may happen to them, as student loans are essential. Imagine being put off of an education in college or university because you are uneasy about a student loan? Or, if this situation happens to you, you may not return to college or university. I for a while decided not to return after this experience even though I wanted to. This could make a big difference in a person's life. Maybe other loans can be called in also, which makes me very angry.
Nor Don Collection Network Inc acted criminally. CIBC is a four letter word to me. They also acted criminally as they hired this evil agency. I don't think this bank should be allowed to administer or handle important student loans. It's bad enough that students are forced to purchase new books on subjects that haven't changed in sometimes hundreds (or thousands) of years to generate profits for the companies that make them (who work in concert with the colleges and universities to plan these costly and profitable upgrades).áWe gotta respect our up and comings. Let's peacefully protest and help our students NOW. Protect our student loans and prevent banks like the CIBC and their criminal network from engaging in illegal behaviour aimed at our students.
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