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SLB Successful in court judgement against delinquent borrower.
Posted: Wednesday | April 06, 2005

The Students’ Loan Bureau announced on Wednesday that it was successful in gaining a legal judgment against one of its delinquent borrowers.  The matter was taken before the court on Wednesday March 23 where a judgment was made in favour of the Bureau.

In the last 12 months the SLB has taken legal action against some 27 delinquent beneficiaries.  Court documents have been filed for 23 of these beneficiaries while 3 have settled out of court. 

According to Executive Director Mrs. Lenice Barnett, “It is regrettable that we have to resort to legal action but having exhausted all other avenues the Bureau is left with no choice but to request payments through the courts.”

The Bureau is encouraged by the results and anticipates that this will send a clear signal to all delinquent borrowers to repay and not allow their legal obligation to the SLB to be brought before the courts.  

“Taking legal action is a serious matter for the SLB and the borrower.  We appeal to our delinquent borrowers to make arrangements to repay their debt.  Current and future borrowers are depending on you” says Mrs. Barnett.

SLB loans are currently funded solely through repayment, which means each borrower who does not repay jeopardizes the viability of the Student Loan Revolving Fund.  

The Bureau is resolved to take all necessary action in its collections procedures to ensure that delinquency is further reduced.   Currently delinquency figures stand at about 21 per cent.

Beneficiaries who are in doubt about the status of their accounts, are urged to contact the Bureau’s Loan Servicing Department immediately, and where necessary, make arrangements for settling outstanding balances.

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