Collection Agencies - Student Loan Debt - Canada

a good place to talk about links

RE: Student Loan Debt

Postby stevenc » Sun Mar 25, 2007 12:00:00 AM

The harsh reality is that iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency could care SFA as far as all those laws read...UNLESS you commence legal action against them! iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency is a "bottom-feeder" organization, which purchases old (and illegal under the Statuate of Limitations, excepting old fines...?!) debts on the assumption that they can use same to extort (look it up legally!) money from the hapless individuals involved.

As well, they operate from "off-shored" call centres in the Caribbean, South Asia, and quite possibly eastern Europe...wherever they can hire staff at minimal cost while getting people who come bearing a grudge against "rich white fo'ks" and are motivated by revenge!

(Note to iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency ...if you read my messages, I shall expect your libel and/or slander suit forthwith...that should prove to be VERY interesting...)

...stevenc
stevenc
Member
Posts: 35
Joined: Sun Mar 25, 2007 06:47:41 PM
Province:


RE: Student Loan Debt

Postby Raymond » Sat Mar 10, 2007 12:00:00 AM

In this thread, Julie Ashton, ostensibly (from her other 3 posts that day) an employee at iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency , responded to an inquiry by a somewhat alarmed Beverly Corbett about how to avoid being sued over her student loan delinquency. It's not clear if she means she has one loan with 2 components (federal and provincial) or 2 separate loans. Irregardless, Julie Ashton advised her to send in post dated cheques for ANY amount whatever and that would end the collection agency harassment, and I assume any impending lawsuits.

Corbett didn't mention the details of her loan(s), so it's impossible to tell what, if any, SOL's may apply to them. Still, it's a good idea for borrowers to know the SOL's of their particular loans because the limitation periods can be renewed by acknowledging the debt, unlike that of general consumer loans.

Here's a copy of the Federal Student Loans Act. It's advisable to pay real close attention to sections 3,4 and 5 which deal with how a collection agency can trick you into acknowledging a debt and restarting the limitation period all over again both BEFORE and AFTER it has expired. I'm not privy to whether or not this applies to Corbett's case but it certainly does to many others. It's also probable from the absurdity of Ashton's response and her susbsequent silence when challenged on it that this is what was happening here.

Ray

Canada Student Loans Act
GENERAL
Limitation period
19.1 (1) Subject to this section and section 19.2, no action or proceedings shall be taken to recover money owing under a guaranteed student loan more than six years after the day on which the money becomes due and payable.

Deduction and set-off
(2) Money owing under a guaranteed student loan may be recovered at any time by way of deduction from or set-off against any sum of money that may be due or payable by Her Majesty in right of Canada to the borrower or the estate or succession of the borrower.

Acknowledgment of liability
(3) If a borrower?s liability for money owing under a guaranteed student loan is acknowledged in accordance with subsection (4), the time during which the limitation period has run before the acknowledgment does not count in the calculation of that period.

Types of acknowledgments
(4) An acknowledgment of liability means

(a) a written promise to pay the money owing, signed by the borrower or his or her agent or other representative;

(b) a written acknowledgment of the money owing, signed by the borrower or his or her agent or other representative, whether or not a promise to pay can be implied from it and whether or not it contains a refusal to pay;

(c) a part payment by the borrower or his or her agent or other representative of any money owing; or

(d) any acknowledgment of the money owing made by the borrower, his or her agent or other representative or the trustee or administrator in the course of proceedings under the Bankruptcy and Insolvency Act or any other legislation dealing with the payment of debts.

Acknowledgment after expiry of limitation period
(5) If a borrower?s liability for money owing under a guaranteed student loan is acknowledged in accordance with subsection (4) after the expiry of the limitation period in respect of the loan, an action or proceedings to recover the money may, subject to subsections (3) and (6), be brought within six years after the date of the acknowledgment.

Limitation period suspended
(6) The running of a limitation period in respect of a guaranteed student loan is suspended during any period in which it is prohibited to commence or continue an action or other proceedings against the borrower to recover money owing under the loan.

Enforcement proceedings
(7) This section does not apply in respect of an action or proceedings relating to the execution, renewal or enforcement of a judgment.

2003, c. 15, s. 13.

----------------------------------------------------------------------------------------------------------------------------------

Raymond
Member
Posts: 1420
Joined: Tue Jan 23, 2007 12:44:29 AM
Province: ON


RE: Student Loan Debt

Postby Raymond » Sat Mar 10, 2007 12:00:00 AM

I haven't had a student loan and so I was wondering if you could elaborate on your explanation. Another site that specializes in student loan debts contains a myriad of stories from ex-students who have done exactly what you said only to find their bank account seized because they didn't make up the full payments including all the back or late ones. Having sent in their post dated cheques, it then became easy for agencies to find and seize their bank accounts. As well, in those cases in which the limitation periods had expired, it was renewed because the person had acknowledged the debt. As you know, the rules for student loan debt are different from that of general consumer debt when it comes to limitation periods and their renewal.

And so what exactly do you mean, "that if people send in ANY amount of money, that will stop the calls from coming?" If they owe say, $200.00 per month, then they can send in a bunch of post dated cheques for $50.00 and everything will be hunky dorey?

Because a lot of collection agencies have suckered people who have had stats barred student loans into renewing them that way.
Not that you would ever do that, of course.

Sorry about the naive questions Julie. Please be patient with me.

Ray
Raymond
Member
Posts: 1420
Joined: Tue Jan 23, 2007 12:44:29 AM
Province: ON


RE: Student Loan Debt

Postby hate cbcl » Thu Mar 08, 2007 12:00:00 AM

All you need to do is send a series of post dated checks for any amount and they will not call you. Your file will be put in a post dated check queue and each month the payments will be posted to your account. When you know that they are running out send some more checks before they call.
hate cbcl
Member
Posts: 4
Joined: Thu Mar 08, 2007 05:28:34 PM
Province:


RE: Student Loan Debt

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

Congratulations, ARC was voted one of BC 's best managed companies in 2005. And iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency ? Well, they're just the best of the worst, period (next to the Natale Law Offices).

No one can answer your question based on the sketchy information that you've provided. Because student loans with federal and provincial components with their varying respective limitation periods are complicated and legal action may be imminent, you need to, either do a lot of homework yourself BEFORE talking to iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency or ARC OR visit a site that specialises in Canada Student Loans like the "Canadian Financial Wellness Group." It'll save you having to reinvent the wheel and provide the option of talking to a live human being. As well, they may even provide legal help for a very, very modest cost. But whatever you do, you need to take action NOW. Also, as I previously alluded to, do not send any written correspondence to these agencies until you obtain help. They're always suckering people into sending in financial data forms to restart 6 year provincial and federal limitation periods (although Ontario has no limitation period on the provincial component of their loans). Good luck.

Ray

Raymond
Member
Posts: 1420
Joined: Tue Jan 23, 2007 12:44:29 AM
Province: ON


Student Loan Debt

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

I have two student loans that have been both sent to collection agencies( iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency and A.R.C Accounts Recovery). A.R.C are constantly phoning me and asking for a lump sum payment of which I cannot afford. They will not accept payments and are therefore going to sue me and charge me the expense. I would like to know is there anything I can do to avoid being sued?
jorbri
Member
Posts: 2
Joined: Tue Mar 06, 2007 10:31:03 AM
Province:


,

Return to Collection Agencies - Discussion Area