Need more information. So long as the debt remains outstanding they
certainly can ask you for updated financial information and they are under
no obligation to release you for the whole of the debt. When you say it
defaulted do you mean it is no longer with CIBC? Is it a federal or
provincial student loan? Did you receive any written confirmation that they
(the bank, the government) would release you from the debt in full? Was it a
verbal discussion? Do you have the name of the agent who suggested to you
you would be fully released?
Here is the thing
I am in Canada and have just paid off a student loan with the CIBC
that had gone to collections . Metropolitan Credit are the collection
agency that has been handling the account.
The thing is that I bought out the loan at lower then the actual price
after intrest, and have wired the money over to metropolitan credit,
they are now requiring me to fax over a proof of income in order for
me to get a release letter stating that it is paid in full and closed.
Can anyone tell me if this is legal or not.
Thanks
