Posts Tagged ‘invested’
Student won’t have to repay loan – court says bank’s mistake!
A Canadian bankruptcy court ruled a Nova Scotia ex-student with bank loans worth $50,000 doesn’t have to pay it back as the bank wasn’t wise in issuing them.
What!?
Alfredo Abdo, now 23, took out the first loan worth $20,000 from the Royal Bank of Canada in Halifax in his second year studying engineering at Dalhousie University in 2004, the Canadian Broadcasting Corp. reported.
Despite having a grade point average of 4.06 and a scholarship, Abdo lost much of the loan through bad online investments, the court heard.
The bank then offered him a second loan of $30,000, which he took. After switching to commerce from engineering, Abdo told the court he began experiencing stress-related dizzy spells and he dropped out of school and couldn’t find work.
He filed for bankruptcy a year ago and now lives with his mother, the report said.
Bankruptcy registrar Richard Cregan ruled against the bank’s claims for at least a partial repayment.
Another good reason – I guess – for keeping my Canadian options open. Like if I ever want a loan I intend to default on.
