Hi, I am a recent graduate and have never had any credit problems before. I had overdraft protection with my bank for up to $3000 and I was in that limit and making my deposits on time. And then, just this summer, I had to make a payment to my University for tuition, so I deposited a check from my visa into my bank account and sent the funds electronically to the university. And after that I guess I was a little lazy about checking in on things because I was studying and looking for a job full time. Lo and behold, one month later, my bank writes my account off to collections because the check I had deposited bounced and I was at a balance of -$4500. I had deposited my student loans into the account about one wek prior to the collections handover, but the deposit takes about 7-8 business days and had not gone through yet, which would have fully updated my account balance. They called me ONCE to discuss the matter and I was in the waiting room for an interview, and all they told me was that they were calling regarding a banking matter. It didn't sound serious at all so I told them that I would call them back, and they said, 'oh that's fine, no problem'. Little did I know that my account was being handed over to collections. The collections agency has broken every rule in the collection agencies act of ontario (I am in Canada) and have called myself as well as my family repeatedly and been very rude to me. The only reason I'm angry and don't want to pay them is a) because of their behaviour and b) because I have collections on my account when I was not warned ahead of time and will now have to deal with bad credit for the next 7 years. I sent a DV letter to the agency after which they continue to call me and leave me authoritative and demanding messages but I have not spoken with them since. It's been about 10 days since I sent the DV and all they do is call everyday. I need to know if there is some way to make them stop calling and figure this out, I really am not trying to evade my debt it would have been cleared by now had it not been for the problem with it being listed on my credit report. I need to make them stop calling my home and harrassing my parents. They don't know that I have an account in collections and I wuld consider my life over the second they found out. The agency calls them every day while I'm at work in the morning and say things like "you're lying. Let me speak to her' to my parents when they tell them that I'm not available. I need to figure out what to do!!! Please help! Appreciate any adivice on how to proceed. Thanks!!
If you had deposited your loans into the account, even if it was in collections, why didn't they just take it then? In other words, separate from all the timing of deposits and releasing of holds, etc, were all amounts covered?
I don't know! My account at CIBC was basically nonexistent and I even called them and asked them to take the money, and in return they yelled at me and told me to deal with the collection agency only. My deposit bounced back and student loans deparment sent me new checks in the mail because the deposit was unsuccessful. I can pay now, but I'm just worried about collections showing up on my account. what do i do?
So basically they closed your account because of an NSF that resulted from a hold on a deposit, resulting in the direct deposit that would have paid them being bounced, so they didn't get paid? Some institutions show real talent.
