Students’ loan blues – Jamaica Observer

Expensive Claudienne,

I’m writing to you in regard to my unfavourable expertise with the College students’ Mortgage Bureau (SLB), Jamaica.

I enrolled in college in 2009 with a mortgage from the SLB. In 2010 the SLB cancelled my mortgage halfway by the primary semester of my second yr and that resulted in me incurring a faculty charge debt of over $108,000 and being unable to return to lessons for 2 years. Once I graduated in 2015, my SLB reimbursement date had already begun.

In 2016, I began a job and instantly started making funds. I paid principally lump sum funds, both by Invoice Specific or banks. The bureau mentioned all shoppers would obtain quarterly statements on their accounts however though I contacted them time and again and requested statements, as that might be the one method to hold observe of the mortgage standing, I by no means obtained any.

In 2020 I requested an announcement and upon receiving such I realised that the steadiness was inaccurate. I despatched copies of my receipts to SLB and suggested them of the error however to at the present time, nobody has responded. As I wished to finalise my account, between July 2020 and October 2021, I made a number of requests to the SLB for the steadiness owed however bought no response

I continued to make month-to-month funds till February 2022, once I made a cost of $54,000 through Invoice Specific on-line, pondering that that quantity would take it actual near finalising the mortgage funds. A couple of weeks later I referred to as the SLB and once I entered my Taxpayer Registration Quantity the system referred to it as an invalid account. I attempted thrice and bought the identical response.

I by no means made any extra funds and nonetheless none of my e-mail had been answered. On November 20, 2024 I obtained an e-mail saying my account is unsuitable to be maintained within the mortgage servicing division and a sum of $192,526 have to be paid by November 28.

I responded asking for a means ahead and in addition defined that I’ve tried to contact them however by no means bought a response. Once more, there was no response in any respect till a random individual with an everyday Gmail tackle despatched me an e-mail saying, “You’re inspired to contact me so we are able to talk about the way in which ahead relating to your pupil mortgage account, in any other case we’ll proceed legally with you and your guarantors.”

There was no introduction, no clarification, till I requested who they had been. I used to be then knowledgeable they’re from Richards & Richards attorney-at-law contacting me on behalf of the College students’ Mortgage Bureau. I introduced my clarification of what’s been occurring, the inaccuracies, the clarification that should come from SLB and so they responded with a menace. “No time may be given to you or we’ll proceed legally with you and your guarantors.”

The steadiness the bureau is quoting nonetheless has the miscalculation from 2019-2020 that I had tried to question and that was by no means resolved. In 2019 I used to be provided a two per cent discount in curiosity. That’s nonetheless not mirrored — one other factor I contacted them about and bought no response. The SLB desires me to pay what I don’t owe with no intention of its failure.

I actually need assistance going ahead and would recognize your help.

MR

Expensive MR,

Inform Claudienne has been in communication with the College students’ Mortgage Bureau in regard to your points with the reimbursement of the cash you borrowed from it.

The column obtained the next e-mail from the SLB on April 9, 2025:

“The requisite due diligence checks had been executed on the shopper’s account which revealed the next:

1. The shopper obtained three loans from the SLB, two of which had been subsequent to 2010 when her software was cancelled as she had not accomplished the method on the finish of that software interval. It’s important to notice that she obtained a commencement date extension for one yr. She didn’t full the course inside that one yr, and did not submit the requisite paperwork for a subsequent extension, resulting in her account getting into reimbursement throughout her ultimate yr whereas she was nonetheless at school.

2. There are a number of correspondences on document between the shopper and the Mortgage Servicing Division through the years, and statements have been offered to her. Our information additionally indicated that on July 23, 2020 and August 21, 2020 her mortgage officer referred to as her, offered her along with her mortgage steadiness and addressed the issues which she raised, to which she had replied that the curiosity was greater than what she had calculated.

3. The shopper has indicated in her correspondence that regardless of realizing that her account was not closed she didn’t pay the mortgage as a result of she didn’t obtain satisfactory communication in 2021. It’s famous that the shopper didn’t name to talk to an officer, nor did she come into our places of work to get the clarification or data that she required. The SLB has carried out a brand new phone system and is within the technique of implementing a brand new enterprise administration system which might see important enchancment in communication with our valued prospects.

4. Because of non-payment for a interval of three years, and the shopper’s failure to answer a number of notices, on November 20, 2024 she was suggested by her mortgage servicing officer through e-mail that there was important arrears on the account, and identical was scheduled to be transferred to the Authorized Division. Within the mentioned correspondence she was supplied with an announcement of account. She was additionally supplied with contact particulars for her mortgage servicing officer who tried to contact her and her guarantors a number of occasions through telephone to no avail.

5. There was subsequent dialogue with the officer on November 25, 2024 whereby she indicated that “I’m not able to pay even a fraction of the sum indicated on the assertion.”

6. It’s important to notice that at no level did the shopper make a cost proposal to settle the arrears of which she was conscious, nor did she come into our places of work to talk to anybody relating to her mortgage account.

7. On condition that no cost association was put in place to deal with the arrears, a proper demand letter was despatched to the shopper and her guarantors in December 2024 and the account was transferred to the Authorized Division in January 2025.

8. Opposite to the assertions of the shopper, formal correspondence dated January 17, 2025, was dispatched to the shopper and her guarantors to their addresses on document advising them that her account was being outsourced to our authorised assortment company; Richards & Richards, attorneys-at-law. They had been additionally supplied with all their contact particulars. It’s due to this fact unsure the idea on which, after having obtained our formal advisory, the shopper may very well be claiming that there was “no introduction or clarification” as to who they had been.

9. Concerning the 2 per cent discount in rate of interest, it must be famous that the curiosity was decreased on her account from 9.5 per cent to 7.5 per cent with an efficient date of April 1, 2019. This was communicated through e-mail to her on December 11, 2019. It’s important to notice that she additionally responded to mentioned e-mail acknowledging receipt on December 12, 2019.

On condition that there isn’t any association in place, we wish to encourage the shopper to come back into our places of work to fulfill with us and talk about settlement preparations. Appointments aren’t required, and our workplace is open Mondays-Fridays between the hours of 9:00 am and three:30 pm.

Thanks for having introduced this matter to our consideration.”

Please contact the SLB.

We want you all the very best.

Have an issue with a retailer, utility, an organization? Phone 876-936-9436 or Cell/WhatsApp # 876-484-1349 or write to: Inform Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail: edwardsc@jamaicaobserver.com. Please embody a contact telephone
quantity.