| Author: |
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Heckler |
| Date: |
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August 23, 2002 |
| Question: |
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I went through a consumer proposal in August of 1998. It was a 40 month deal starting in August 1998 until September 2001. It included a student loan from CIBC in Nfld. I repaid the proposal in 30 months 10 months early,and have been discharged since Jan of 2001. Just this past week I have been getting phone calls from a collection agency to collect the balance of the student loan. If CIBC has accepted the proposal back in 1998, why is there a collection agency trying to collect this discharged loan now? I would understand if CIBC was trying to collect it. Will I have to pay a collection agency since CIBC has accepted the proposal back in 1998?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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August 26, 2002 |
| Answer: |
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If your student loan was more than 10 years old in August 1998 then it would have been discharged by the consumer proposal and the collection agency shouldn't be collecting for it. If your student loan was less than 10 years old, any balance remaining would survive the proposal and the C.I.B.C., or whoever they sold the debt to, can collect. I'd recommend you check your records to see how old your student loan was, or ask the collector to provide you with that information before you make any arrangements to pay.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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