ERUDIO student loans help

1618619621623624659

Comments

  • erudioed
    erudioed Posts: 682
    First Anniversary Name Dropper First Post
    Forumite
    I think they are feeding you a line of cr*p on that one. I cant recall the exact regs but you should be able to find the T&Cs of the loans if you search about online. Then call Erudio quoting them those exact regs for your situation and file an official complaint and demand compensation for being informed incorrectly and the accrued stress and time etc dealing with it. If they dont compensate you, tell them you will go to the ombudsman because you feel like the erudio customer service chimp was trying to extort money out of you by lying deliberately or because they had terrible training etc. Either way, you will hopefully stop them from trying such a thing again with you.
  • Lungboy
    Lungboy Posts: 1,953
    First Anniversary First Post
    Forumite
    Can anyone here help me? I’ve recently contacted Erudio to ask to defer replatnwnts, as I have been made redundant and am currently out of work. Erudio have responded by saying that I’m not entitled to defer because my loan has ‘matured’. Does anyone know what that means, and whether they’re correct?

    There's no such term in our loan contracts. You need to deal with them in writing only, and ask for clarification.
  • Lungboy wrote: »
    There's no such term in our loan contracts. You need to deal with them in writing only, and ask for clarification.

    I’ve been dealing with them by email, and have already asked them clarification. I am awaiting a response.

    As far as I understood it, if I’m under the income threshold (my current income is £0) then I’m entitled to defer, so I’d like to know what they’re going on about.
  • Lungboy
    Lungboy Posts: 1,953
    First Anniversary First Post
    Forumite
    As long as you're not defaulted you're entitled to defer, yes. I'd go straight to an official letter of complaint to their customer service (ahahahaha) email address.
  • fermi
    fermi Posts: 40,546
    First Anniversary Combo Breaker First Post Intrepid Forum Explorer
    Forumite
    Erudio have used the term 'matured' in a few contexts. For example:

    (a) To refer to the date at which if you are repaying or have not deferred that all 60/84 monthly payments will have become due.
    (b) That due to non payment without deferment, they have called in the loan under the T&Cs so it has 'matured' that way, as all payment become due immediately.
    (c) To refer to the date when your loan could be written off due to age or time since taken out.
    (d) Just a random claim "your loan has matured" to try to con people into paying when they could defer.

    and maybe more....

    (a/b), and at a stretch (c), is sort of legitimate, but Erudio try to spin this vague and misleading term in a way to confuse/misdirect you if they can.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • fermi
    fermi Posts: 40,546
    First Anniversary Combo Breaker First Post Intrepid Forum Explorer
    Forumite
    Really need to know the payment history.

    Have there been any periods when you did not pay but did not defer either? How close are you to the write off date?
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • fermi wrote: »
    Really need to know the payment history.

    Have there been any periods when you did not pay but did not defer either? How close are you to the write off date?

    Unfortunately, there were years where I didn’t defer, because I mistakenly thought I didn’t have to apply for deferment because I was a student in receipt of more student loans. The SLC never seemed bothered about it at the time, and didn’t seem to expect any payments.

    So yes, my account is in default by quite a lot, and has been for years. But it hasn’t stopped me successfully applying for deferment in the past, albeit with the SLC.
  • Lungboy
    Lungboy Posts: 1,953
    First Anniversary First Post
    Forumite
    Lungboy wrote: »
    The Ombudsman has provisionally overturned the original FOS decision in my complaint against Erudio, pending any last minute changes.

    The Ombudsman has now changed their mind. Apparently, Erudio are allowed to demand unredacted paperwork as they need to see other bits of info for data protection purposes to make sure the paperwork is mine. The address on my payslips is also different to the one they have one file for me which doesn't help.
  • datlex
    datlex Posts: 2,237
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    To be fair to Erudio this time, they processed my deferment application very quickly and have deferred it for another 12 months from the date my current deferment is due to end.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Lungboy
    Lungboy Posts: 1,953
    First Anniversary First Post
    Forumite
    I'm sure they were thrilled to process it quickly if you signed their DAF.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards