infotech Posted July 17, 2013 Report Share Posted July 17, 2013 I have a 250k LOC and due to some personal issues ended up using all of it. I am in residency and would still like some more credit. I am with RBC, does anyone know what my options are? Any RBC rep here can help out? Link to comment Share on other sites More sharing options...
chicagoschool Posted July 17, 2013 Report Share Posted July 17, 2013 From what I understand it is easy to switch banks, no matter how much credit you've used - and, for example, Scotia allows up to $275k including residency. Alternative banks would be extremely receptive to facilitating acquiring your business. Link to comment Share on other sites More sharing options...
ploughboy Posted July 17, 2013 Report Share Posted July 17, 2013 I have a 250k LOC and due to some personal issues ended up using all of it. I am in residency and would still like some more credit. I am with RBC, does anyone know what my options are? Any RBC rep here can help out? Might not hurt to sit down with the folks from MD Management just to see what they have to say. You're already paying for their advice, so you might as well use it especially if you are in some unusual circumstances (which it sounds like you are). Link to comment Share on other sites More sharing options...
lalab Posted July 17, 2013 Report Share Posted July 17, 2013 The first thing I'd do is speak to your banker from RBC to renegotiate the terms of your loan. If they refuse to budge then switch. From my personal experience if you are about to switch they become verrrrrry accomodating. You always have your future income to use as your argument. I would explore your options too - if you play one bank against the other, things might change. I would go in with a cool face. I've known of physicians who graduated with a significantly higher debt load - I'll PM you the real figure they ended up with. They had personal circumstances too. It happened, and it worked out in the end. EDIT: you are already in residency. Then you can already show the average future income of that staff position of your province to help you negotiate. Link to comment Share on other sites More sharing options...
rmorelan Posted July 17, 2013 Report Share Posted July 17, 2013 The first thing I'd do is speak to your banker from RBC to renegotiate the terms of your loan. If they refuse to budge then switch. From my personal experience if you are about to switch they become verrrrrry accomodating. You always have your future income to use as your argument. I would explore your options too - if you play one bank against the other, things might change. I would go in with a cool face. I've known of physicians who graduated with a significantly higher debt load - I'll PM you the real figure they ended up with. They had personal circumstances too. It happened, and it worked out in the end. EDIT: you are already in residency. Then you can already show the average future income of that staff position of your province to help you negotiate. I would agree with this for sure - banks can go higher in special circumstances. Time to set up a meet etc and go over things. You probably won't even need to go the next step and start looking at other banks etc as RBC is well aware of what the primary competition has to offer. Sorry to hear you are hit so hard up front! Link to comment Share on other sites More sharing options...
sfuguy Posted July 17, 2013 Report Share Posted July 17, 2013 Hey info!! Sorry to hear your situation, hope everything works out! I also agree and have heard that they can accomodate on a case by case basis, although I have no hard evidence for that. Could you post back with how things worked out for you?? Link to comment Share on other sites More sharing options...
infotech Posted July 17, 2013 Author Report Share Posted July 17, 2013 Thanks for all the support and kind words everyone. I'll keep you guys posted as to what happens! If anyone has gone through the same and has a contact at a bank plz pm me as it will speed things up.. Thanks again!! Link to comment Share on other sites More sharing options...
sfuguy Posted August 9, 2013 Report Share Posted August 9, 2013 so any news Info?? Link to comment Share on other sites More sharing options...
UBCmed09 Posted January 2, 2014 Report Share Posted January 2, 2014 For the record, you can request an increase to $275,000 with RBC depending on your situation. As a final year resident with good income potential in <1y, I had no issues getting the increase. Just an FYI. Cheers, UBCmed09 Link to comment Share on other sites More sharing options...
rmorelan Posted January 2, 2014 Report Share Posted January 2, 2014 For the record, you can request an increase to $275,000 with RBC depending on your situation. As a final year resident with good income potential in <1y, I had no issues getting the increase. Just an FYI. Cheers, UBCmed09 good to know! Maybe useful in some special cases. Link to comment Share on other sites More sharing options...
Talon01 Posted January 25, 2014 Report Share Posted January 25, 2014 Does anyone have a Scotiabank rep they've dealt with that is helpful? Link to comment Share on other sites More sharing options...
1234 Posted January 28, 2014 Report Share Posted January 28, 2014 thats a rediculous amount of cash, be care Link to comment Share on other sites More sharing options...
UBCmed09 Posted February 13, 2014 Report Share Posted February 13, 2014 thats a rediculous amount of cash, be care True enough but try supporting a family of 4 through 4 years of medical school and 5 years of residency in Vancouver or Toronto and you'll see that it's not a lot of moola. Paying it off won't be an issue thankfully. Link to comment Share on other sites More sharing options...
sfuguy Posted February 15, 2014 Report Share Posted February 15, 2014 True enough but try supporting a family of 4 through 4 years of medical school and 5 years of residency in Vancouver or Toronto and you'll see that it's not a lot of moola. Paying it off won't be an issue thankfully. Same boat here.... Its not alot at all, which makes me curious if anyone in that position got an increase before residency?? Link to comment Share on other sites More sharing options...
lalab Posted March 19, 2014 Report Share Posted March 19, 2014 I know someone who maxed out. This was the procedure he underwent: booked appt w his bank ---> got an increase. So it's good to let out anxiety and everything on here, but I would also just book an appt with a bank. if they say no, then go to another bank. Link to comment Share on other sites More sharing options...
Scotiabank_McMaster Posted May 15, 2014 Report Share Posted May 15, 2014 Does anyone have a Scotiabank rep they've dealt with that is helpful? If you're looking for an increase to $275,000 I'm sure I can help. Adam, Adam Bonnell Student Professional Advisor Scotiabank | University Plaza 101 Olser Drive, Unit #138, Dundas, Ontario, Canada, L9H 4H4 T 1.905.627.9211 EXT 4300 F 1.905.627.2977 Adam.Bonnell@scotiabank.com Scotiabank.com Link to comment Share on other sites More sharing options...
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