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MSE News: Refunds for 1990s students after loan company blunder
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Former_MSE_Helen
Posts: 2,382 Forumite
"58,000 former students with loans from the 1990s are getting refunds or having money wiped from their debts"
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Refunds for 1990s students after loan company blunder
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Refunds for 1990s students after loan company blunder
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Just read the article & posts and am even more angry. I too have been Erudiod. I had nearly £100 debited from my account from a company I'd never heard of & only now know how to spell their name!!
I have still not had any correspondence from SLC or Erudio informing me of my loans being transferred. I phoned SLC who couldn't have been less interested & fobbed me off. Erudio told me it'd take 2 to 3 weeks to send me a deferment form ' I'm in Southern Ireland!! Are they going to use a carrier pigeon?!? They also fobbed me off leaving me none the wiser as to who (if anyone) controls my loans!! I am eligible to defer & will pursue it.
Heaven alone only knows what happened to my SLC deferment form that was posted in February. Funny how the SLC received my letter informing them of my new address that was posted at the same post office!
I am beyond angry & frustrated. How dare the SLC sell MY information to a company I've never heard of without my consent or knowledge. Surely that can't be legal?!
Until I receive a deferment form, I'm stuck!0 -
I took a student loan out in 2008. I deferred it for a few years after graduating, but paid it back. Since then I have moved, and got married. Does anyone know how they track you down to refund you? I don't have any paperwork about it now, as it was so long ago.0
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I took a student loan out in 2008. I deferred it for a few years after graduating, but paid it back. Since then I have moved, and got married. Does anyone know how they track you down to refund you? I don't have any paperwork about it now, as it was so long ago.
This doesn't apply to you since you are not a student "with loans from the 1990s"0 -
AshtonBRSC wrote: »This doesn't apply to you since you are not a student "with loans from the 1990s"
Not the case now, but just wait until the ENTIRE STUDENT LOAN BOOK IS SOLD and the hounds are released!!!!0 -
Limerickgirl- you might be interested in the following information about how the Direct Debit system works:
http://www.directdebit.co.uk/SiteCollectionDocuments/DD_guarantee_leaflet.pdf
As you can see, the company concerned has to inform its customers in advance that money will be taken, including the date, frequency and the exact amount. They are not allowed to just take it willy nilly. Did Screwdio say that they would refund you the money? If that is the case you will have to keep the direct debit open in order for them to do that. However, the worry is that they might just keep on taking money regardless for as long as the direct debit is there. I am wondering if you could get your bank to refund the money that Erudio has taken? Banks are supposed to refund money that was taken in error via the direct debit system. As Erudio did not inform you in advance that they would be taking money and have clearly broken the regulations governing direct debits, IMO a bank ought to be treating it as if it was money taken in error. It might be worth clarifying with your bank whether they can pay you this money back or whether you have to wait for Screwdio to refund it. If your bank is able to refund the money, you should then immediately cancel your direct debit to prevent Erudio taking any more. Unfortunately (as I mentioned above) if it is Erudio's responsibility to refund the money, you will have to keep the direct debit open in order for them to do this.
The Independent has been investigating Erudio, so you might want to get in contact with them. Simon Read, the journalist investing them, is especially interested in hearing from people who have had money taken when it shouldn't have been: http://www.independent.co.uk/money/loans-credit/erudio-student-loans-reader-has-cash-wrongly-taken-from-account-by-debt-collector-9264279.html
You can find Simon Read on Twitter (@simonnread)0 -
from mn and independent
http://www.independent.co.uk/money/loans-credit/erudio-student-loans-row-graduates-fear-company-will-pass-on-deferred-loans-details-9270219.htmlThe row over deferred student loans continued this week as 45,000 former students from the 1990s have been coping with fresh demands for information from Erudio Student Loans, the debt collector that bought the loans from the Government.
Graduates fear the company will pass on details of deferred loans to credit reference agencies, leaving a black mark, although Experian suggests that the move could improve people's ratings.
There have also been accusations that the company has changed the terms and conditions of the loans, although it denies that.
For one Independent reader, it's been a nightmare. She had money taken from her account last week even though her loan is deferred.
When contacted by The Independent, Zachary Lewy, the founder of Erudio's owner, Arrow Global, stepped in. "Erudio has clearly mishandled your case," he said.
To apologise the firm has put £100 in our reader's account, but her fears remain, and she asks: "How many other former students have been unfairly hit by this company taking cash that it shouldn't?"Still rolling rolling rolling......
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SIGNATURE - Not part of post0 -
I got my SLC letter concerning the transfer. It states a reduction of £558.52 has been credited to my account from 1995 which is in deferrment. There is also a letter of assignment from erudio. I there anything I need to do?0
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AshtonBRSC wrote: »This doesn't apply to you since you are not a student "with loans from the 1990s"
Sorry, mis typed it, my loan was 1998 (or maybe I'm in denial at how long ago it was), I'm sure I registered an old address at the time instead of my mum and dad, and have since moved many times.
I will try and contact slc tomorrow to see if they have my info.0 -
Just been told of one person who had their loans reduced by ~ £650 due to this.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Not sure how this works as got my loan in 1999; but i don't remember being informed that SLC had changed and started paying it back around 5 years ago?? Do I need to wait and see if i get a letter to advise if owed?? many thanksEve
:rotfl:
In need of saving money!0
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