Loan Payment Problem

[Spoons]

I'm done school, and now my Student Loan has moved into its repayment's.

Now my loan payments are DUE on the 2nd of each month. It's been a rough couple of months for me, and money has been stretched very tightly. Now I made my payment early on Sept 30th, but then RBC went and took another payment on the 2nd automatically. I was under the assumption that it was me transferring my payments, just like my government student loan and Visa.

Now RBC is giving me the run around, I don't have money in my accounts (I'm fucking broke) and the will reverse the payment, charge me a $40 NSF, then try to take out the money again, which will be reversed AGAIN, and then take the $40 NSF AGAIN.

I'm getting fucked... Hard. I don't see a pay cheque till the end of the month. It's been a real rough month like I said, I had to quit my old job due to family issues, and just started the new one where I am making good money, but RBC is fucking me with semantics. They are saying mine was a voluntary payment and theirs was a required payment... Both sound like payments to me.

What can I do here?

[ercchry]

1. ask someone for the money for this month, pay them back next month

2. keep getting fuck by the bank for the next month and then next month get back on track, take it as a lesson learned that your payments are on auto withdraw.

3. cash advance on CC, or LOC (if you have one)

[GOnSHO]

can you put a stop payment on it until the next 2nd????

[spike98]

Sounds to me like your fucked man. It is most likely too late to call and get your payment changed to another date or apply for some relief.

An option is to wait untill they take the payment back and close the account. Its a underhanded way of dealing with it but it can buy you some time. Call student loans and tell them your bank info is no longer current and submit new info.

Other than that you really have no choice.

[LadyLuck]

I have a student line of credit with RBC as well, last year I missed 2 payments and had the same thing happen to me, they pull out the payment but if I do not transfer the funds into the account (I use TD for all my main banking) then they reverse the payment and take out $40.00

After the take out the $40, they never made a second attempt unless I called them and told them the money is back in the account and ready to be taken out...so have you talked to them at all about it? They also changed my payment plan to a different day of the month if the original date doesn't work for you, they are pretty good about student loans and help you out.

Also, one of the reps told me that if you apply for over draft it will help you with not having money in the account when the payment is due, so you wont be charged the extra $40 everytime you miss a payment. Try not to miss too many, I was told it will mess up your credit rating :(

[Spoons]

Originally posted by LadyLuck
I have a student line of credit with RBC as well, last year I missed 2 payments and had the same thing happen to me, they pull out the payment but if I do not transfer the funds into the account (I use TD for all my main banking) then they reverse the payment and take out $40.00

After the take out the $40, they never made a second attempt unless I called them and told them the money is back in the account and ready to be taken out...so have you talked to them at all about it? They also changed my payment plan to a different day of the month if the original date doesn't work for you, they are pretty good about student loans and help you out.

Also, one of the reps told me that if you apply for over draft it will help you with not having money in the account when the payment is due, so you wont be charged the extra $40 everytime you miss a payment. Try not to miss too many, I was told it will mess up your credit rating :(

That's what I am going to do. Fuck this month's payment, one payment will not be too big of a hit to my credit rating. Wait till it is reversed, pay the 40 dollars, and then close the account. I'm going to be closing my chequing, savings, and Visa with them. I will be taking my business else where.

[CUG]

^^ I've had one NSF in my life and it was because I wasn't using the account anymore, and believed no one was pulling payments out of it anymore.

If you go into your bank and talk to them, they will usually remove the NSF fee. It worked for me, but again I have a good history with them.

[Spoons]

Originally posted by CUG
^^ I've had one NSF in my life and it was because I wasn't using the account anymore, and believed no one was pulling payments out of it anymore.

If you go into your bank and talk to them, they will usually remove the NSF fee. It worked for me, but again I have a good history with them.

I have an awesome history with them! They make a fucking fortune off me. Yes I carry a balance on my credit, yes maybe you could say I've used some of my credit a little irresponsibly (I'm young and dumb). BUT I have ALWAYS made my payments on time if not early, and have ALWAYS paid more than the minimum amount.

I will ask them to wave the NSF fee.

[CUG]

Originally posted by Spoons


I will ask them to wave the NSF fee. Yeah, they will for sure take it off then. I'd mention that too "look, I have a stellar history with you guys, look after me a little bit and I'll bring you donuts next time". lol

[Canmorite]

If your loans are government issued, you can negotiate with them as far as re-payment.

[Spoons]

Originally posted by Canmorite
If your loans are government issued, you can negotiate with them as far as re-payment.

This one was concerning my RBC one. I had to get both as the government wouldn't give me enough (I have well off parents who don't give me money, which is good because I'm not spoiled).

I went into the branch today... I can say I will never call in ever again to get something done. Beth, the appointment lady, not even a loan officer, pulled my record, and saw that I made a principle payment instead of a blended payment. Within literally 30 seconds she said, "Yep I will just reverse the principle payment, apply it to the blended payment instead, remove the deliquent payment status, and wave the $40 NSF fee."

Yeah, it was that easy. I guess Steve in the Loan Department out east was too stupid to figure that out. All he could tell me was no.

:facepalm: