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ERUDIO student loans help
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Has anyone FOId the exact calculation used for the deferment threshold?0
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Thanks for the help, it is much appreciated.
I'll look at that dropbox form tonight.0 -
Sarebear78 made a request a few days ago:Has anyone FOId the exact calculation used for the deferment threshold?
https://www.whatdotheyknow.com/request/figures_used_to_calculate_deferm#comment-52932
I also FOI'd SLC yesterday, asking for their procedure for assessing deferment applications, and to confirm everything classed as gross income for checking against the deferment threshold:
https://www.whatdotheyknow.com/request/assessment_of_deferment_applicat0 -
I always received my DAF from SLC about 2 months before deferment end, and Erudio did send theirs about 8 weeks before (but I sat on it for 5 weeks deciding what to do with it).Erudio need to make sure they send the paperwork out at least 1 month before the deferment deadline (maybe longer for those overseas).
No doubt Erudio will try to reduce that 8 week timescale so it becomes the norm, we mustn't let them do that, as 8 weeks should be more than enough time to process the form. There's also the option to put a formal complaint in before deferment end, which will stop any 'collection activity' for up to another 8 weeks while they 'investigate'.
Plus, we'd still have the 3 months grace period for backdating, to protect us from claims for repayment.
If we play them at their own game, there's absolutely no reason that someone who's entitled to defer should have to pay them a penny.
For anyone who's already received confirmation of deferment from Erudio, remember to check that the date of the new deferment is immediately after your last deferment end.
Leaving a one month gap (which they tried with me and a few others on Mumsnet a while back), is nothing more than a ploy to get one month's payment out of you (or claim later down the line that your account's in arrears, as it's not covered by the deferment period).0 -
Thanks TraceyJ for posting the copy of the form.
I can't see any valid reason that Erudio could use to try to justify their desire for us to have a DD set-up whilst in deferment.
Regarding payments whilst waiting for deferment to be renewed/processed. I don't know what happened to other people, but several times in the past I was late renewing my deferral with SLC. It was down to me rather than SLC (happened when my health wasn't good).
I must have had a DD set-up because payments did go out of my account. But SLC always refunded me - even although it was my fault that the deferment was delayed (albeit with good reason due to health issues). I did have to request the refund but they never made it difficult.
I'd really better get to the post office today to get my application sent off recorded delivery!0 -
Just been thinking. I can't get to the post office today (but should be able to get there by the end of this week). So I have a little time to decide what to do about whether to use their form and what to say in my cover letter.
I'm thinking of using the letter posted by someone (and reposted by fermi) below. Their wife is a lawyer and they were deferred without using Erudio's form or signing the DD mandate.
The letter refers to there being no requirement to maintain a direct debit agreement as part of the deferment.
Not sure if that's a good idea because I assume that knowing the author was a lawyer put Erudio off trying to argue against it. Won't work in my case...
The alternative is to do as others have done on here and use their form and black out parts where necessary. If my health was better I think I'd be more prepared for a long fight for deferment without using their form.
I'll have a think overnight.You mean this?Alright then folks, a little update: I got deferred, no questions, no hassle. I did have the bonus of a letter from my wife, who does happen to be a lawyer. She looked at the terms of the original credit agreements and the new terms and knocked up a wee letter. I'll post a copy below. I also sent them a copy of last years tax returns, with all her details blacked out that showed my wages as €0. Apart from that, all they got was a letter from my wife saying she supported me, as with SLC.
I don't know if anyone noticed, but at the top of the DD part, it says to only fill in if your details have changed (mine haven't, so I didn't sign). I also crossed out the bit at the top of the DD and removed the bottom of that page and page 6 (thanks to advice from this thread.
Anyway, here's the text of the letter. It's a bit long, but worked for us, hope it can help some of you guys
Dear Madame / Sir
I hereby confirm that ….. is not employed nor self-employed. His only source of income
is the spending money (in the amount of xxx GBP per month) he is granted by me. He is fully
dependent on me and looks full time after our two young children.
Please find enclosed the Deferment Application form for my husband, ….... which we
have completed only to the extent this is in line with the original Credit Agreement and the law.
To set the context the Credit Agreement (1995) specifies that the applicable regulations provide for
(a) deferment of repayment (from a date and for a period determined by us under the applicable
regulations) if you satisfy us that your gross income ... for a month does not exceed a sum prescribed by the applicable regulations and that your gross average monthly income during the three succeeding months will not, or is unlikely to, exceed that sum...'.
Note there is no requirement to arrange a direct debit facility as part of this deferment.
The only provisions permitting a unilateral variation of the Credit Agreement in Clause 11 (Variation), specify that variations have to be deemed necessary (acting reasonably of course)'because of the provisions of applicable law and as 'required by applicable law.
No further variation of the agreement has been agreed by …..., save that the parties to the
Credit Agreement have over the years established a course of practice which gives Clause 11 an
enforceable meaning, namely that my above written confirmation is acceptable evidence of his (lack
of own) income status, absent any other suitable proof or legislation on this point. Furthermore, and
as a matter of law, you are required to act reasonably in handling deferment requests enshrined by law.
The terms of the Credit Agreement and applicable law (Consumer Credit Act 2006) therefore continue to govern the full extent of …... obligations.
ln summary, and to comment on your method of unilaterally attempting to introduce additional
variation to the Credit Agreement through the form you have mandated:
1. We are not aware of any requirement introduced by applicable law to arrange a direct debit,
nor to provide Erudio with this information
2. ….... is not required to offer any data protection consents to you and as such, he does not consent to the processing of information contained on the form except to the extent such consent is required by the Credit Agreement (his signature below is in evidence of this fact).
3. Your sole right by virtue of the assignment of the rights under the Credit Agreement is to require evidence to satisfy you (acting reasonably) that …...... gross income does not exceed the requisite threshold. …......... is entitled to continue relying on the established practice of sending my annual letter of confirmation as a satisfactory mechanism absent of any new legislation in this area.
Please note we have emigrated and are currently living at the above address. The address given on
the deferment application form is our UK forwarding address.0 -
Mitch deferred without signing FPN? Brilliant news imo.
Heartbroken - what did FOS say?
Jelaw - your not eligable to defer if you've previously defaulted, so this may explain their 'may' statement?
The 'must continue to make payments until you receive confirmation' bit is a strange/concerning one tho. What’s to stop them delaying everyone’s by 6 months then claiming 3 months of payments off everyone, as they don’t want to backdate further? Obviously there must be something to prevent them from doing this if they just feel like it, but what exactly? And good luck trying to get a refund out of them afterwards! What about their responsibilities to defer valid applications in a timely manner? So must we, really, continue to make payments? Is this in the agreements? I don’t know, but I'm not convinced.
The only thing my untrained eye can spot on a 1999 mort. Style T's and C's in relation to the above is point 4.5 - we me allow you to make a repayment late or to miss all or part of a repayment without waiving or altering our rights against you.
That says to me that deferment can effectively be back dated further, hopefully that’s the case, as I'm gonna need that now!!
Sorry if the above has been covered… still working thru thread!0 -
erudio advised us today we would have to pay full loan within 3 months after end of deferment date not the 60 month period we thought. when we asked why this was the case they advised it had to do with the maturity date of the loan. could not get a straight answer on the ins and outs of this0
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erudio advised us today we would have to pay full loan within 3 months after end of deferment date not the 60 month period we thought. when we asked why this was the case they advised it had to do with the maturity date of the loan. could not get a straight answer on the ins and outs of this
Reason you couldn't get an explanation is that its 100% bullshi1t.
Write to them complaining that you are being misled and demanding they point out the agreement terms that they think allow them to demand that, and tell them you will be taking the issue to the FOS.Still rolling rolling rolling......
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Erudio trying to con someone into thinking they have to pay their entire loan over 3 months.
http://forums.moneysavingexpert.com/showpost.php?p=66312016&postcount=24Still rolling rolling rolling...... <
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