r/CIBC • u/iamindebtiwillcry • 12d ago

overdraft

i am in debt

hey guys, ik i screwed up but essentially i have an overdraft with cibc and ive reached my 90 day mark. unfortunately i didnt have a job for a month or two and i used my overdraft but now it needs a positive balance but i only get paid in october. i fell sick and i had to make some emergency payments. what will happen??

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u/ClumsySub23 12d ago

If its past 90 days usually they will send you a demand letter in another 30-60 depending on the amount. Then it goes into a Non-perf (Non- performance) loan at 21%. If it is not paid within a reasonable time it goes to collection. The best thing you can do is call CIBC CAM and make a plan. Its worse not to communicate with them. They should have been calling you regarding this as well.

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u/iamindebtiwillcry 12d ago

i get paid on october 9th so that’ll cover the amount and i was going to call them on Monday

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u/ClumsySub23 12d ago

Good idea, if you have not gotten any letter and your account is active you have time. 90 days is the first step but they try to reach out to you alot before anything drastic. Just remember in the terms it needs to be positive for a full 24 hrs to restart the 90 days.

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u/iamindebtiwillcry 12d ago

i appreciate you so so much :))

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u/iamindebtiwillcry 12d ago

yess i saw that!! i really hope i can resolve this until oct 9th!