Dear  Claudienne,

  I am a graduate of the International University of the Caribbean (IUC). I took out a loan from the Students’ Loan Bureau (SLB) for the academic year commencing September 2011 through to July 2015.  After graduating I tried to get a guidance counsellor job which falls into the area of study, but was unsuccessful.

 I work with the Ministry of Education, Youth and Information as a secretary and seeing that the Government put a freeze on public sector salaries and, I also had to pay rent, JPS light bill, NWC and groceries from my pay — I could not afford to pay the $19,000 monthly SLB instalments and instead paid between $5,000-$10,000 each month.

The result is that my payments to the SLB fell into arrears.

Within a year the arrears went to over $200,000, and in May 2019 the SLB informed that I would have to pay a lump sum of over $500,000 (May 2019) to clear up the arrears.  

I could not afford to do this so my account went to the legal department and I was told I had to pay the legal fees as well as the amount owed on the account in arrears.

The SLB kept harassing me and my guarantors with letters and e-mails about paying a lump sum but even though I made payments of over $700,000 (by November 2019), the debt collector was still not satisfied.

They keep putting additional interest on my loan so instead of the debt going down, it is going up. So, I will never be able to finish paying the SLB.

The SLB and debt collector don’t understand that if I could have paid the full amount each month I would have  done so. I tried to get a loan from NCB to clear part of my SLB loan but it was denied because the credit information disclosed that I had a bad debt with SLB. I  am unable to get financial  assistance from anyone presently.

 There should be an entity that can protect students who take loans from the SLB and are unable to find employment and salaries commensurate with their qualifications. This entity would  work out a feasible payment plan without high interest rate and late fees and there would be no harassment from the debt collector and additional legal fees etc.

I would appreciate your help as I am stressed out and depressed about the situation and would like to find out if the loan could be restructured.

 JF

 Dear JF

Tell Claudienne forwarded your complaint to the office of the CEO of the Student’s Loan Bureau and notes that on February 28, you sent the column the following email:

 “I got a call from Student’s Loan Bureau for a meeting to restructure my account. I went to the office yesterday and arranged a plan in which I got two options that will still strain me even more financially, although my payslips were presented to them at their request.

 I’m going to try and continue to ask for help financially to clear this SLB debt. It seems that when I’m through I’ll be paying them over $2 million, and I can’t get a job with my degree yet. It’s just sad and depressing to me.

Thank you for contacting them and letting me have a meeting. “

You also sent Tell Claudienne the email that you sent to the SLB stating your decision to use option 2 to complete the payments on your loan.

Your letter to the SLB states the following:

“In regards to our meeting of restructuring my account on Thursday, February 27, 2020 in which I was given two options to clear my arrears by February 29, 2020 by choosing to pay either 50 per cent ($85,056) and $16,000 monthly starting March 2020 until December 2027, or pay 100 per cent  ($170,112) and $15,000 monthly starting March 2020 until December 2026, I have chosen option 2.   

I have cleared all my arrears ($170,115) and am going to pay $15,000 monthly, starting March 2020.

Regarding the option of standing order or salary deduction, I’ll bring the standing order in as soon as I meet with the representative at the bank. 

Please see attached receipt of payments made to clear arrears. I need a letter in regards to same.”

We wish you all the best.   

 Have a problem with a store, utility, a company? Telephone 876- 936-9436 or cell 876-484-1349 or write to: Tell Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail: edwardsc@jamaicaobserver.com. Please include a contact phone number.