ERUDIO student loans help

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  • rizla_king
    rizla_king Posts: 2,895 Forumite
    Zed2707 wrote: »
    I may have declare myself bankrupt

    Not wiped out by bankruptcy as far as I know, so would be a waste of time doing it for just those.
    Still rolling rolling rolling...... :) <
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  • fermi
    fermi Posts: 40,546 Forumite
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    No. Student loans are not provable debts in bankruptcy, DRO, IVA etc and they can't written off under one.
    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
  • ericctheking
    ericctheking Posts: 328 Forumite
    fermi wrote: »
    No. Student loans are not provable debts in bankruptcy, DRO, IVA etc and they can't written off under one.

    I can see how that can be the case for a government debt but how can that be when it is owed to a private company. That sounds ridiculous! Any come back on that?
  • fermi
    fermi Posts: 40,546 Forumite
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    ericctheking wrote: »
    I can see how that can be the case for a government debt but how can that be when it is owed to a private company. That sounds ridiculous! Any come back on that?

    It's because the exemption is not based on who owns the debt at any point in time, but that the liability originated due to a student loan made under the Education (Student Loans) Act 1990 or the Teaching and Higher Education Act 1998.
    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
  • ericctheking
    ericctheking Posts: 328 Forumite
    fermi wrote: »
    It's because the exemption is not based on who owns the debt at any point in time, but that the liability originated due to a student loan made under the Education (Student Loans) Act 1990 or the Teaching and Higher Education Act 1998.

    So that is why they were so keen to get their grubby mitts on them.
    Do student loans die with death even?
    Surely being able to discharge debts is a right?
    Still seems crazy that a private company can have that control over a debt???? Can that not be challenged in anyway? It doesn't seem right at all. It is almost anti-capitalism in a way.
  • fermi
    fermi Posts: 40,546 Forumite
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    Yes, they are cancelled when you die. That is in the legislation and on the loan agreements as I recall.
    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
  • erudioed
    erudioed Posts: 682 Forumite
    First Anniversary Name Dropper First Post
    If a company were particularly terrible at upholding things promised over the phone, sending out mails and generally causing chaos in the lives of those they touch, lying, taking money and not upholding rules etc, especially when considering it is a company handling personal information, is there any kind of gross incompetence that can be claimed. Especially if thousands of signatures could be gathered testifying to that.
  • rizla_king
    rizla_king Posts: 2,895 Forumite
    If there was, the whole debt collection industry would be rapidly go out of business.

    Lying, cheating, incompetence, and breaking the rules are standard industry practice.
    Still rolling rolling rolling...... :) <
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  • rizla_king
    rizla_king Posts: 2,895 Forumite
    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.html
    The 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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  • BillJones
    BillJones Posts: 2,187 Forumite
    rizla_king wrote: »
    If there was, the whole debt collection industry would be rapidly go out of business.

    Lying, cheating, incompetence, and breaking the rules are standard industry practice.

    Sadly it's probably in response to the people from whom they are trying to collect, who are even worse.
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