Best LOC?

[NaiNoremac]

I was able to get it for one year waived and then I was going to haggle more next year.. I have a friend who's going to Ottawa who managed to get it waived until after residency.. it totally depends on who you talk to, younger reps might be more easily swayed I'm not sure.. it does go against policy but it depends.. I went one RBC and they flat out said no.. went to another one and she said yes for a year... I was sick of having to schedule meetings and said **** it and just went with it. My friend was only able to get a LOC of 225,000 and I got 250,000 so balances out in the end I figure

[Sol32]

Originally Posted by NaiNoremac

I was able to get it for one year waived and then I was going to haggle more next year.. I have a friend who's going to Ottawa who managed to get it waived until after residency.. it totally depends on who you talk to, younger reps might be more easily swayed I'm not sure.. it does go against policy but it depends.. I went one RBC and they flat out said no.. went to another one and she said yes for a year... I was sick of having to schedule meetings and said **** it and just went with it. My friend was only able to get a LOC of 225,000 and I got 250,000 so balances out in the end I figure

I spoke with my representative, and she told me that if you know the branch and representative that waived the card's fee for your friend, they'll be able to match it- they just need to confirm that another branch has done this. So if you know where and with who you your friend got their LOC, we could get the fee waived as well. So if you could find that out, it'd be great

[Pisces]

Does anyone know the differences between the Infinite Avion and Platinium Avion Visa? They are both at $120 per year with similar benefits (from the booklet)

[mnbv]

Originally Posted by lloyder34

Could you let us know what your documents say exactly? I recently completed an application with Scotia, and here are some excerpts from the contract that might help to clarify the interest rates during repayment:

(section) 2. INTEREST RATE - You agree to pay interest on your loan from the date of each advance in the following manner. Interest is comprised of our Prime rate, which is currently 3.00% plus an adjustment factor of .00%. We will change the Prime rate from time to time and will post a notice of this in our branches. We may also change the adjustment factor, but we will give you prior written notice of this, stating the effective date of the change (my italics) ...
...
(section) 6. PAYMENT AFTER FINISHING STUDIES OR LEAVING SCHOOL EARLY - ... We may agree to a longer amortization period if you wish and the interest rate will be the same as in section 2 (my italics)

So it would appear that at face value Scotia is offering you prime throughout school and for the duration of your repayment period following completion of residency. However, section 2 does say they have the power to increase the "adjustment factor" at any time, and you will have to abide by this rate during repayment. Seems like an escape clause for Scotia. Are any banks stating in the contract that this adjustment factor will not change, or is Scotia still the best option, although it is still somewhat of a gamble knowing that they could change the adjustment factor to whatever they want and you are stuck with it?

Originally Posted by Starhivest

+1. Mine says exactly the same thing. Maybe it's a canada wide policy and branches cannot make changes to the agreement?

Can anyone confirm if their agreement says something OTHER than this? This seems standard, although I have heard some talk of repayment at prime being written into the contract.

[Dr.Henderson]

Originally Posted by mnbv

Can anyone confirm if their agreement says something OTHER than this? This seems standard, although I have heard some talk of repayment at prime being written into the contract.

The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment.

Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard.

[future_doc]

That's my take too.

[NaiNoremac]

Originally Posted by Dr.Henderson

The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment.

Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard.

I was anal about this, I had the representative and branch manager handwrite and initial that repayment would be at prime.. whether that holds any water in the long run.. I dunno just covering my ass for if policy change occurs

[mnbv]

Originally Posted by future_doc

That's my take too.

Ya, most probably. It is quite sneaky of Scotiabank to tout repayment at prime as a selling point, but be unwilling to write that into the contract.

[A Second Daniel]

Originally Posted by Dr.Henderson

The other few in this thread who stated that their repayment at prime was written into their contract said they couldn't be bothered to quote from their contracts. I'm inclined to believe lloyder's posted contract is the standard one and people just assumed that meant that they would be assured prime throughout repayment.

Chances are everyone will be repaying at prime, but it just goes to show that nothing is guaranteed in that regard.

I wouldn't worry about this stuff at all to that extent. You're not going to have significant differences between any of the major banks because they have all received the same government charter to start with, all are heavily regulated by government and the BoC, all own one another via stocks and other forms of equity, and all are run by the same people. At the end of the day, which bank you go with has no significant bearing to get worked up over.

[future_doc]

Originally Posted by mnbv

Ya, most probably. It is quite sneaky of Scotiabank to tout repayment at prime as a selling point, but be unwilling to write that into the contract.

Yes, but they write more than most and apparently, they never raised the rate.