Question:
Just wondering if anyone is having the same problems with the CIBC student centre on loan payments as myself? I wrote them in August asking for interest relief because my job was finishing up and to update my address. Never got a response. Then I kept getting bills for loan payments, so I kept writing them asking for interest relief. Today I got a bill for 22k that was sent to my mom's house from the CIBC loan centre.

I called them and told them I am not working and sent them a ton of letters to let them know and to update my adress (because I haven't lived at my mom's place for quite a few years). The guy I spoke with checks the records and says they got my letters but for some reason nothing was done. My address should have been updated but was never and I should have been given interest relief but was not. He updated my adress on the spot and put a hold on all my payments until everythng could be sorted out. Pisses me off. Anyone have trouble with these guys or is it just me?

Answer:
They are famous for it. Unfortunately it may go against your credit rating also. You are not alone. Eveyone I know has problems with the CIBC. I tried for months to get interest relief and the form kept getting 'lost' or something. I never got my 6 month grace period because my conformation of enrollment got 'lost', even though the Natioal Student Center got it. My friend had a collection agency after him for something like $0.35 that he had no idea he owed. He finishes paying off a loan and confirmed it with the CIBC and all of a sudden out of nowhere he owes $0.35 and now he had a bad credit rating.

When speaking to people on the phone get their name and record everything they tell you. Write it down and date it because no one seems to have the same data or solutions to your problems. I talked to one person who told me to do one thing , then I called back and talked to someone else and they told me what the last person said is wrong and is not allowed. When ever someone tells you that they are going to do something for you (send out papers, put your payment on hold etc) call back rught away to speak to someone else too see if these changes were put on your 'file' and they can confirm that you are getting whatever sent to you.

I have had nothing but problems with it. I seriously question if they even have my balance right most of the time. It's pointless to write down names. I had a problem with them earlier this year and everytime I'd call I'd get a different answer on how to resolve it. Whenever I'd ask to speak to the person I spoke to last time it was excuse after excuse on why I couldn't speak to them. I'm not sure if it's plain incompetence or if they're under orders to screw ya but it's damned annoying in either case. In my newest battle with them I now have an over-award outstanding for $3500 that I never knew anything about until a week before I was going to claim this semester's loan. Apparently it's from a 2002 ITR(?) audit, mailed in Fall 2003 and since I never appealed it (I didn't even receive any documents regarding it) I'm supposedly out $3500. And of course there's a very short deadline on how long you have to fight it, which has long since passed. That's putting a lot of faith in the postal service.

Miss one letter and you're out $3500. I'm currently appealing, but the appeal process is of course a joke. It'll be a miracle if they help me in the least regarding this. I have gotten a lot of help the past year since I started using this website and following some advice from others there. Amazingly I haven't had a hitch in a long time with student loans thanks to this site. www.canadastudentdebt.ca The funniest thing with what they sent me was that they had been sending me bills for $270/month loan payments. They never recieved it and sent me one for the total amount of the loan (22K). I don't understand why they think if I couldn't pay them the $270 a month how would I be able to pay 22K in one month???? I do believe once you've been in default for 10 years..you can include them in bankruptcy. The problem is the loan people will classify as you as late forever they won't actually put you in the default category.