CIBC Forces Sale of House to Pay VISA

CIBC (Canadian Imperial Bank of Commerce) forces Grandmother to Sell House, Looses Retirement

CIBC VISA Interest doubles loan

When times were better, Naomi would use her CIBC Visa to make purchases and also make regular payments to her CIBC Visa account. Everything was fine for many years.

Around 2010 Naomi’s business ran into difficult times. So difficult, the 62 year old grandmother had to borrow from family and friends in order to put bread on her table. Her world quickly began to crumble.

Since Naomi thought she had no defence and did not consult any lawyers, she did not defend the law suit. Default judgement was won by CIBC against Naomi.

With her business not functioning, Naomi began to send out resume’s. Lots of resume’s. She could not find a job. It was in 2013 she found a low paying job as a purchasing agent for Stone Tile. However the amount of money Naomi earned was not enough to pay the mortgage and other debts. Her husband was also facing extreme hard times and could only give her small amounts of money to help out.

A few years later, in 2014, Saad Sulleman working for Anderson Sinclair law firm representing CIBC collections told her they were going to move to force the sale of her house. The only asset Naomi had for her retirement. There were no other savings or assets.

The amount of the balance owed to CIBC was $20,000.00. The accumulated interest is another $20,000.00 for a total of $40,000.00.

Prior to CIBC was another credit card, MBNA. Prior to any legal action on the part of CIBC, MBNA had contacted Naomi in an attempt to settle the debt. MBNA understanding that Naomi had always paid her monthly statements at least at the minimum offered her a $5000 one time payment as a settlement of the $20,000 debt owed to MBNA. Naomie arranged financing and paid the debt.

Conversely, CIBC never once contacted Naomi to enter into a settlement. When Naomi contacted Saad Sulleman working for Anderson Sinclair law firm representing CIBC collections and asked if there could be a settlement they flatly refused.

CIBC is acting like Loan Sharks. Doubling their money in a relatively short period of time. Instead of ‘breaking bones’ they will break this 62 year old Grandmother by forcing the sale of her house.

In comparison to the MBNA, CIBC is a relentless bank, quick to destroy a persons retirement.


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