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  • FIRST POST
    TazFrank1
    ERUDIO student loans help
    • #1
    • 16th Mar 14, 10:32 PM
    ERUDIO student loans help 16th Mar 14 at 10:32 PM
    HI,

    My student loan has recently been sold to erudio student loans company. I currently defer my loan as I am below the salary threshold to pay it back. The letter states that erudio will supply details of my loan to credit rating agencies, something that has never been done before. There have never been any details of my student loan on my credit file. Will this adversely effect my credit score?? I know I am right to defer as I do not earn enough to start paying it back, however, I am worried that a 10k student loan debt that has not been paid off can only be a bad thing for my credit score

    thanks
Page 311
    • Black_Eyeliner
    • By Black_Eyeliner 4th Dec 17, 6:27 PM
    • 148 Posts
    • 29 Thanks
    Black_Eyeliner
    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?
    • erudioed
    • By erudioed 4th Dec 17, 9:48 PM
    • 636 Posts
    • 923 Thanks
    erudioed
    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
    • By Lungboy 4th Dec 17, 11:08 PM
    • 1,141 Posts
    • 1,078 Thanks
    Lungboy
    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?
    Originally posted by Black_Eyeliner
    There's no such term in our loan contracts. You need to deal with them in writing only, and ask for clarification.
    • Black_Eyeliner
    • By Black_Eyeliner 5th Dec 17, 6:29 AM
    • 148 Posts
    • 29 Thanks
    Black_Eyeliner
    There's no such term in our loan contracts. You need to deal with them in writing only, and ask for clarification.
    Originally posted by Lungboy
    Iíve been dealing with them by email, and have already asked them clarification. I am awaiting a response.

    As far as I understood it, if Iím under the income threshold (my current income is £0) then Iím entitled to defer, so Iíd like to know what theyíre going on about.
    • Lungboy
    • By Lungboy 5th Dec 17, 7:35 AM
    • 1,141 Posts
    • 1,078 Thanks
    Lungboy
    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
    • By fermi 5th Dec 17, 8:33 AM
    • 39,362 Posts
    • 47,218 Thanks
    fermi
    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.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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    • fermi
    • By fermi 5th Dec 17, 8:40 AM
    • 39,362 Posts
    • 47,218 Thanks
    fermi
    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?
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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
    • Black_Eyeliner
    • By Black_Eyeliner 5th Dec 17, 2:44 PM
    • 148 Posts
    • 29 Thanks
    Black_Eyeliner
    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?
    Originally posted by fermi
    Unfortunately, there were years where I didnít defer, because I mistakenly thought I didnít 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 didnít seem to expect any payments.

    So yes, my account is in default by quite a lot, and has been for years. But it hasnít stopped me successfully applying for deferment in the past, albeit with the SLC.
    • Lungboy
    • By Lungboy 6th Dec 17, 1:12 PM
    • 1,141 Posts
    • 1,078 Thanks
    Lungboy
    The Ombudsman has provisionally overturned the original FOS decision in my complaint against Erudio, pending any last minute changes.
    Originally posted by Lungboy
    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
    • By datlex 7th Dec 17, 7:51 PM
    • 1,510 Posts
    • 1,350 Thanks
    datlex
    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.
    • Lungboy
    • By Lungboy 7th Dec 17, 8:32 PM
    • 1,141 Posts
    • 1,078 Thanks
    Lungboy
    I'm sure they were thrilled to process it quickly if you signed their DAF.
    • datlex
    • By datlex 7th Dec 17, 8:39 PM
    • 1,510 Posts
    • 1,350 Thanks
    datlex
    For me no reason not to as my details match what they have.
    • fermi
    • By fermi 7th Dec 17, 9:49 PM
    • 39,362 Posts
    • 47,218 Thanks
    fermi
    Unfortunately, there were years where I didnít defer, because I mistakenly thought I didnít 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 didnít seem to expect any payments.

    So yes, my account is in default by quite a lot, and has been for years. But it hasnít stopped me successfully applying for deferment in the past, albeit with the SLC.
    Originally posted by Black_Eyeliner
    If Erudio can terminate the agreement and call in the loan, as they are allowed to in case of arrears/default, then they just will.

    The fact that SLC mostly chose not to when technically they could have done, was nice of SLC, but they didn't have to.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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
    • Lungboy
    • By Lungboy 8th Dec 17, 9:51 AM
    • 1,141 Posts
    • 1,078 Thanks
    Lungboy
    For me no reason not to as my details match what they have.
    Originally posted by datlex
    It's not the details that's the issue, by signing their new DAF you give them all sorts of new rights that they don't have under your original T&Cs.
    • ElwoodBlues
    • By ElwoodBlues 2nd Jan 18, 1:44 PM
    • 70 Posts
    • 13 Thanks
    ElwoodBlues
    It's not the details that's the issue, by signing their new DAF you give them all sorts of new rights that they don't have under your original T&Cs.
    Originally posted by Lungboy
    Pretty sure they've simplified their deferment form, and now it's almost identical to the old SLC one in terms of the information they request. There's also no attempt to change the T&C on the latest form, you're just signing to say that the information you have given is complete and accurate.

    Has anyone else heard nothing at all since applying to renew their deferment? I sent back the form and supporting evidence almost 6 months ago, but Erudio haven't responded or acknowledged (or ignored it and tried to claim that I'm in arrears). I've heard nothing at all from them.

    Should I just keep sitting quiet or should I be chasing them to find out what they're playing at? Originally I just assumed they were swamped with paper deferment responses (they obviously want people to do it online and saving them a load of data entry), but surprised the still aren't catching up.
    • erudioed
    • By erudioed 5th Jan 18, 10:16 PM
    • 636 Posts
    • 923 Thanks
    erudioed
    I personally would want it confirmed I am in deferment in some kind of written form. I cant see the benefit of not having this confirmed and being passive about it. Only you have something to gain from being deferred and knowing it. However, if they hadnt deferred you, i am sure the vultures would have been on at you for full payment and the like by now. I would want it confirmed though just in case they have sent it to their legal department and they are planning the next recovery stage.Its their responsibility and part of the process they signed up to to inform us we are deferred in a timely way.
    • erudioed
    • By erudioed 14th Jan 18, 9:21 AM
    • 636 Posts
    • 923 Thanks
    erudioed
    I've been looking at this new Open Banking system that we have just implemented on the 13th January in the UK, and it seems particularly open to abuse by vulture companies with an interest in your bank account. For anyone unaware what this Open Banking is, and i was until i read about it on the 13th, you can authorise a company access to your bank account. There are protections in place but how good will they be with many millions of requests to banks etc. The fact that a door has been opened whereby a FCA approved company can gain direct access to your bank account seems amazing to me and another step into some darker Orwellian vision of control. But, for Erudio, Arrow Global, Crapquest etc, is it beyond imagination for them to bypass certain procedures, or indeed, using the unclear and non "plain English" tactics they still use, somehow get us to agree to giving them direct all year access to see every banking transaction we undertake.
    I would suggest examination of all the deferment forms and small print is of paramount importance this year. This goes double so for anyone crazy enough to create an account on its website and give agreement just by agreeing to use its site.
    Just imagine it, a private company can now directly see all your transactional info and monitor everything you do in your bank account.
    • datlex
    • By datlex 14th Jan 18, 10:29 AM
    • 1,510 Posts
    • 1,350 Thanks
    datlex
    Erudio don't have any of my bank details at present. I don't intend giving them to them if at all possible. You don't have to pay by DD. If you are ineligible for deferment there are other ways you can pay.
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