The Following Case Study Is The Perfect Example Of How Bank Employees Are Treating The Canadian Public Unfairly While Causing Damages.
Dylan and Brian are Employees of Diamond Financial who work within the Internal Collections Department.
The Canadian Borrower (Martin) Successfully Qualified for a Debt Consolidation Loan with a Canadian Private Lender.
The Canadian Borrower Did Everything Expected Of Him.
He called Diamond Financial and Authorized the Private Lender to speak on his behalf in the capacity of a Debt Consolidator.
The Private Lender called Diamond Financial and spoke to an employee named Brian regarding proof of ownership of the debt. Brian did not fully understand the concept of proof of ownership of the debt so he passed the Private Lender to his supervisor Delan.
This Is Where Things Get Fishy!
As soon as the Private Lender mentioned, all that is required at this point is verifiable proof that Diamond Financial is still in fact the rightful owner of the debt and they will be happy to payout the loan in full.
Immediately Delan got on the defensive refusing to deal with the Private Lender which in itself seems to be admitting guilt of some sort.
As Martin mentioned in the email above he completed some research regarding if in fact debts are bought and sold and sent the following email:
As you can see Martin provided many links proving debts are in fact bought and sold as a daily practice within the Financial Industry.
When one is aware debts are bought and sold, ONLY then does it becomes obvious why it is crucial the Canadian Borrower together with The Canadian Private Lender confirms Diamond Financial is in fact still the rightful owner of the debt.
Simply put, they could have sold it!
The Following Is A VERY Unprofessional Email Response from Delan:
In the above Email Delan shows how inexperienced he truly is by Stating The following:
“You may take his funds and pay off the debt yourself.”
In the above quote “his” is referring to The Canadian Private Lender.
Delan really shows his inexperience by not knowing the common sense Financial Industry Lending Practices.
All Lenders including Diamond Financial when arranging Debt Consolidation Loans never gives the money to the Borrower to forward to their debts for the obvious reason they might just keep the money and not payoff the Creditors.
All Lenders within the Financial Industry participating in Debt Consolidation Loans forwards the funds to the Creditors directly.
As you can see Delan handled the situation as unprofessional as possible. In the last paragraph for Delan to state:
“As for the articles and YouTube videos you sent us, if you would take half the time you took to research those, to work out a payment arrangement with us, your loan would be paid by now.”
The above response is one of the most unprofessional offensive responses I have ever come across considering the relevancy of the information sent to Delan.
A professional reasonable response would have been to illustrate he has read the links by stating his position explaining why Diamond Financial does not need to produce verifiable proof they are in fact still the rightful owners of the debt in order to be paid out in full.
Obviously Delan or any other person for that matter can articulate a legitimate reason why Diamond Financial would be exempt from providing Verifiable Proof they are in fact still the rightful owner of the debt, before being paid out in full.
After such an Unprofessional response any Canadian would rightfully request to speak to Delan’s Supervisor.
The following email was sent from the Canadian Borrower (Martin):
Delans following Email response to the above email contains some of the oldest tricks in the Bank Employee Play Book that unfortunately most Canadians in this situation would fall for hook line and sinker:
NOTE: The Above Email Is Well Worth Dissecting!
It illustrates some of the oldest tricks in the Bank Employee Play Book regarding how to mislead Canadians and how misinforming Delan’s email really is.
“First, I don’t have to supply you with any information from my bosses. I am the manager here at Diamond Financial, and I am the one dealing the with clients, not them.”
Most Canadians would be fooled into believing the above statement and simply give up. How the above should be interpreted is as follows:
Yes Delan you do not have to do anything but doing the professional thing is what is expected of a person in your position. Due to the fact Delan will Not act Professionally we will simply goolge “who is the CEO of Diamond Financial” to continue the discussion with them.
The following is a well documented trick used by Bank Employee Collectors. Delan states:
“Second, let me be clear, we are not required to work with your unlicensed private lender.”
The Term Delan Uses, “unlicensed private lender” Is An Oxymoron:
By definition a Private Lender is an entity who lends their own Private Funds. Why would a Canadian need a licence to lend their own money. That is like saying you need a Real Estate licence to sell your own home. It is a ridiculous but comical statement when pondered.
In the following statement Delan refers to “them”. He is referring to the Private Lender and The Canadian Borrowers Chosen Agent :
“YOU can work out any kind of loans you want with them, but WE are not required to work with them.”
The above statement is not true. The Canadian Private Lender and Borrower signed a loan contract therefore within Contract Law it states Diamond Financial MUST deal with the Affected Parties of the Contract.
Regarding not having to communicate with a Canadians Chosen Agent:
It is a Basic Canadian Human Right to chose your own Agent who you believe to posses the knowledge of the issues at hand.
The only person who has any say who your chosen agent is you. Not Some Bank Employee!
Delan is again using one of the oldest tricks in the book trying to convince the Canadian Public that Diamond Financial internal policies trumps Canadian Laws and Rules Of Court.
“We are knowingly trying to collect money that you owe us, we have not sold your file.”
In a commercial transaction such as this one, it is obvious Verifiable Proof is expected. For the Seller to ask the Buyer to simply take their word they still own the debt / asset is ridiculous !
“If you required proof, I can supply you with the same information that a legit Private Lender/Debt management company/Bankruptcy and consumer trustees require, which are your signed contract and an account statement( that proves we still own the debt)”
First of all from the end of the above quote:
“which are your signed contract and an account statement( that proves we still own the debt)”
The Above Statement Is False!
A photocopy of the contract and a Statement only proves:
They Are Simply Servicing The Debt !
Servicing the debt allows the Creditor to collect payments, provide statements and answer any questions you might have pertaining to the debt, but rest assured they are no longer the rightful owner of your debt. Click here to verify this.
So only because you have been sending payments to a Creditor over the past 3 years does not verify they are still in fact the rightful owners of the debt. They could have sold it and are now simply servicing the debt.
Delan has lumped the following Entities together:
“Private Lender/Debt management company/Bankruptcy and consumer trustees”
A Private Lender cannot be lumped into this bunch due to the fact Debt management company, Bankruptcy and consumer trustees DO NOT Lend Money. Its like categorizing Chips, Chocolate, and Candy with Spinach.
With that said, if Delan ever managed to find a Canadian Private Lender who is willing to hand over their hard earned money without completing their Due Diligence by verifying the debt was not sold, would be considered an inexperienced and irresponsible Business Person.
Due to the fact the Debt Management Companies, Bankruptcy and Consumer Trustees DO NOT Lend Money they would only ask for internal confirmation not Verifiable Proof the debt has not been sold.
Therefore To Compare These Entities Does NOT Make Any Sense!
A Canadian Private Lender lending their own hard earned money would obviously need verifiable proof:
Legally and Lawfully Verifiable Proof Is As Follows:
The original wet ink loan contract accompanied by a sworn affidavit signed by a Chartered Accountant confirming they viewed the ledgers and the debt appears on the ledgers and has not been sold.
It is obvious that he did not read the links both the Canadian Lender and the Canadian Borrower sent him.
His main concern was that he did not want to speak to the Private Lender again.
Therefore to move things along quicker The Private Lender agreed to have all communications continue through the Canadian Borrower Martin but it would not change the fact legally and lawfully Diamond Financial still will need to produce proof of ownership of the debt.
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