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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
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    • GinOClock
    • By GinOClock 28th Jul 17, 6:19 PM
    • 101 Posts
    • 329 Thanks
    GinOClock
    The FOS are back to saying they can't deal with Erudio. I've requested they look into it as they should be able to.
    Originally posted by Lungboy
    That's two people on this board that this has happened to now. So it obviously not a one-off event. While it's true that FOS reversed those decisions, I agree with Lungboy and think the average layperson might not know they can appeal on the grounds Erudio is covered by Arrow Global's FCA authorisation.

    There is now a FOI request to FOS to see how many other borrowers have incorrectly had FOS refuse to investigate their complaint due to the FCA authorisation arrangement with Arrow.

    Depending on the response to the FOI, FOS CEO Caroline Wayman may be contacted and asked to see that those cases are reopened and affected borrowers contacted (and possibly compensated by FOS themselves).

    https://www.whatdotheyknow.com/request/erudio_student_loans_limited_2
    • Lungboy
    • By Lungboy 4th Aug 17, 3:34 PM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    Can anyone quote the specifics of what Erudio are allowed to request as evidence for income? Not what they say they can request, but the official line on what evidence is sufficient for deferment?
    • plong979
    • By plong979 11th Aug 17, 1:16 PM
    • 105 Posts
    • 177 Thanks
    plong979
    Should be the same as the SLC. There is a link on CAG forum in a sticky with the document about what SLC staff used.
    • Lungboy
    • By Lungboy 11th Aug 17, 5:53 PM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    Thanks. It's just the FOS are siding with Erudio and agreeing that they can refuse redacted wage slips on the grounds that Erudio need to see all the info to work out income. I want to know what the original paperwork says, and I can't find my copies. I'll have a look on CAG.
    • patman99
    • By patman99 13th Aug 17, 12:00 PM
    • 8,096 Posts
    • 9,512 Thanks
    patman99
    Surely all the would require is a P60?. This would provide them with all your earnings for that Tax year.

    As it is an official document, refusing to accept it would surely be grounds for a complaint to the FOS.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £759.94/ £1000 (that's 75.49%)

    3-6 month EF £240.61/£3600 (that's 4 days worth)

    Do you/your spouse earn less than £197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Lungboy
    • By Lungboy 13th Aug 17, 2:31 PM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    They will accept a p60, but I don't want to give them that for the same reason I don't want to give them unredacted wage slips: anything other than my gross pay in the 3 months prior to deferment is none of their business.
    • JeLaw
    • By JeLaw 14th Aug 17, 4:51 PM
    • 172 Posts
    • 175 Thanks
    JeLaw
    Lungboy, I thought we only had to provide evidence of our income for the month prior to deferment (not three months)?

    I've always been extra-cautious and given three months - but didn't think this was strictly necessary.
    • Lungboy
    • By Lungboy 14th Aug 17, 9:28 PM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    It's not strictly necessary, we need to give the month prior and they can ask us to provide some evidence of what the next 3 months are likely to be. I've always given 3 for the same reason as you.
    • Ed-1
    • By Ed-1 15th Aug 17, 12:35 PM
    • 2,036 Posts
    • 1,096 Thanks
    Ed-1
    For anyone with mortgage-style loans, the deferment threshold will be £29,219 from September (up from £29,126):

    http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3866911&_dad=portal&_schema=PORTAL
    • want_to_save
    • By want_to_save 15th Aug 17, 4:12 PM
    • 320 Posts
    • 541 Thanks
    want_to_save
    does anyone know what the interest rate is going up to?
    • Ed-1
    • By Ed-1 15th Aug 17, 9:08 PM
    • 2,036 Posts
    • 1,096 Thanks
    Ed-1
    does anyone know what the interest rate is going up to?
    Originally posted by want_to_save
    3.1% (March RPI)
    • Lungboy
    • By Lungboy 17th Aug 17, 8:04 AM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    My FOS complaint has been passed up to an Ombudsman now as the investigator decided that Erudio could do whatever they wanted as that was their internal system.
    • jnm21
    • By jnm21 19th Aug 17, 2:54 PM
    • 633 Posts
    • 161 Thanks
    jnm21
    They will accept a p60, but I don't want to give them that for the same reason I don't want to give them unredacted wage slips: anything other than my gross pay in the 3 months prior to deferment is none of their business.
    Originally posted by Lungboy
    I think I may be able to help you here - I work in a financial services arena (nothing to do with loans of any type) & therefore have been studying data protection, both DPA & GDPR (basically DPA mark2 with more scope & teeth).

    Your argument that they only need gross pay is a very sound one - by even asking for more than they have a lawful purpose to need they may well be in breach of the DPA! You would need to check that DPA applies to them & maybe do some more digging. DPA should apply, but then again who knows what 'concessions' the government may have made to sweeten the sale!!!

    EDIT: This document may be of interest. I would suggest reading the right of access section - £10 fee for SAR will be removed. Also timescales are much reduced (40 days extendable without stated limit becomes 1 month extendable by 2 months). https://ico.org.uk/for-organisations/data-protection-reform/overview-of-the-gdpr/
    Last edited by jnm21; 19-08-2017 at 3:50 PM. Reason: See EDIT
    Certain OTT members have caused me to add this disclaimer: all advice given is free of charge & as such should be taken to be IIRC (as I don't spend hours researching all answers )!
    • ElwoodBlues
    • By ElwoodBlues 21st Aug 17, 10:22 PM
    • 69 Posts
    • 12 Thanks
    ElwoodBlues
    They will accept a p60, but I don't want to give them that for the same reason I don't want to give them unredacted wage slips: anything other than my gross pay in the 3 months prior to deferment is none of their business.
    Originally posted by Lungboy
    What have you redacted from your payslips?

    My current deferment expired a couple of weeks ago. They received my posted DAF and supporting evidence just over a week before that I have proof of delivery). Not heard anything back yet though. Should I just sit tight, or dare I phone them to ask what's going on?
    • Lungboy
    • By Lungboy 22nd Aug 17, 7:13 AM
    • 1,106 Posts
    • 1,053 Thanks
    Lungboy
    What have you redacted from your payslips?
    Originally posted by ElwoodBlues
    I redacted deductions from pay, like pension contributions etc., plus I redacted tax paid year to date and anything else that wasn't my gross pay.
    • Gardenia102
    • By Gardenia102 11th Sep 17, 9:09 PM
    • 3 Posts
    • 4 Thanks
    Gardenia102
    Hi All
    Gardenia101 here ~ forgot my password so had to create a new account

    Thought I'd update you about my trials with Erudio. For the third time the hell that is the deferment process started with standard print paperwork [they know I've been visually impaired since 2010 but for whatever reason their computer says no]

    A swift email reminding them I need large print was followed with a second standard print DAF...

    Another letter of complaint went in to Erudio which they answered almost at the 8 week deadline. Not surprisingly they found in my favour, explained they were still updating their systems [5 years & they STILL can't get it right ] & offered me £100 compensation. As I'd applied for the 3 year medical deferment & enclosed proof of my ill health retirement they agreed the write off my loans as I'd be 50 before the end of the next deferment period.

    While I'm delighted to be shot of these clowns I'm not happy with how we've been treated & let down.

    I spoke to FOS to see about raising a third complaint & was told there wasn't really much I could do - as Erudio had ignored the last 2 decisions from FOS [at least 1 was from an ombudsman, can't remember how far the second complaint got] then my next call would be court

    Good to know FOS are effective, isn't it? When Erudio ignored the first ombudsman's decision I was told FOS would go through an enforcement process, but that doesn't appear to have happened.

    Personally I'm glad it's over for me but it leaves me feeling very, very cross.
    • ElwoodBlues
    • By ElwoodBlues 12th Sep 17, 10:51 AM
    • 69 Posts
    • 12 Thanks
    ElwoodBlues
    My current deferment expired a couple of weeks ago. They received my posted DAF and supporting evidence just over a week before that (I have proof of delivery). Not heard anything back yet though. Should I just sit tight, or dare I phone them to ask what's going on?
    Originally posted by ElwoodBlues
    Now over a month since my last deferment expired, and still no word back from Erudio on the current deferment application. Shouldn't be an issue, as my income is obviously way below the threshold. I'm guessing they're swamped with paper deferment applications (or just deliberately being slow, to try and encourage people to do it online instead).
    • plong979
    • By plong979 13th Sep 17, 12:57 PM
    • 105 Posts
    • 177 Thanks
    plong979
    Had my annual statement through. Dated the 1st but received the other day. So usual Erudio postage lateness.

    It even had my monthly payment breakdown if I earned enough which is funny as I they say I've defaulted so shouldn't have the option. But I know I haven't defaulted because I have evidence of postage throughout these years of Erudio drama.

    Also I've nothing since I sent off my deferment evidence and letter, not even from crapquest.
    • ElwoodBlues
    • By ElwoodBlues 14th Oct 17, 10:49 AM
    • 69 Posts
    • 12 Thanks
    ElwoodBlues
    Now over two months since I re applied for deferment, but still nothing back from these clowns. Should I just wait it out, or is there any point trying to chase them about it?

    Also see that the govt is launching an enquiry into student loans (more aimed at the current system, but it's supposed to be looking into their plans to sell off existing loans):
    https://www.theguardian.com/education/2017/oct/14/student-loans-former-education-secretary-morgan-to-lead-inquiry
    • neal page
    • By neal page 14th Oct 17, 3:27 PM
    • 10 Posts
    • 18 Thanks
    neal page
    Just need to get this off my chest, so apologies in advance if I rant a little. I was deferred by these idiots last year. This year I applied again and was refused, but letters going back and forth means that I was forced into arrears by them.

    My monthly payment is currently £150, so I applied to have this reduced. My monthly disposable income is about £650, which to my mind covers things like MOTs, emergencies, additional petrol needs, some payments to my son at uni etc. So, letter received back. I expected them to refuse, but they're now demanding £300 a month, nearly 50% of my disposable income. Essentially they're happy for me to go into poverty to get their money. Not the end of the world for me as I only have £1500 left to pay on my loan, but these people are utter scum, facilitated by an uncaring government.
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