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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 306
    • ijwia
    • By ijwia 30th May 17, 8:24 PM
    • 35 Posts
    • 20 Thanks
    ijwia
    just got my p60 through in the post i wonder if that is ok to use as proof not keen on sending my bank statements to be honest
    • Sarebear78
    • By Sarebear78 30th May 17, 8:41 PM
    • 146 Posts
    • 232 Thanks
    Sarebear78
    just got my p60 through in the post i wonder if that is ok to use as proof not keen on sending my bank statements to be honest
    Originally posted by ijwia
    I send my bank statements but pretty much everything is blanked out apart from the relevant numbers - no details of that account number/sort code/running totals/anything irrelevant is also blotted out - I also blot out details of the transaction as they don't need to know what it was, just the amount of money it is for.
    • GinOClock
    • By GinOClock 2nd Jun 17, 11:46 AM
    • 98 Posts
    • 313 Thanks
    GinOClock
    I've had an email from a FOS adjudicator, advising they cannot consider my complaint against Erudio, as Erudio no longer falls under the jurisdiction of the Financial Ombudsman Service since its independent FCA authorisation lapsed.

    FOS have advised they no longer consider complaints against Erudio for events that have happened after 18 August 2016 as they no longer have the authority to do so.

    Doesn't seem right.
    • Lungboy
    • By Lungboy 2nd Jun 17, 11:56 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Holy moly, that's a big change.
    • GinOClock
    • By GinOClock 2nd Jun 17, 12:07 PM
    • 98 Posts
    • 313 Thanks
    GinOClock
    Dear GinOClock

    Thank you for contacting us about your complaint about Erudio Student Loans Limited.

    We deal with a wide range of complaints about financial services - but unfortunately, from the issues you've raised, it doesn't look like your complaint is something we can look into. This is because the business you've complained about isn't covered by the Financial Ombudsman Service.

    Erudio Student Loans Limited's membership with the Financial Conduct Authority lapsed on 18 August 2016, so we're unable to look into problems which happened after that date. From the information you've provided, I believe the problems you've experienced with Erudio Student Loans Limited happened on xx/xx/xx. Because this is after the date Erudio Student Loans Limited membership lapsed, we're unable to look into this for you as we don't have the authority to do so.

    I'm sorry we're unable to help you on this occasion.

    Kind regards,
    XXXX XXXXX
    Investigator
    • Lungboy
    • By Lungboy 2nd Jun 17, 12:30 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    So who the hell can we complain to about them? Or do we complain about the parent company as they are the ones with the FCA licence?

    e: Hang on a sec, I have a complaint lodged with Erudio at the moment and they sent me an FOS leaflet in case I don't agree with the outcome of the complaint, so they clearly still think the FOS cover them.
    Last edited by Lungboy; 02-06-2017 at 12:36 PM.
    • GinOClock
    • By GinOClock 2nd Jun 17, 12:40 PM
    • 98 Posts
    • 313 Thanks
    GinOClock
    So who the hell can we complain to about them? Or do we complain about the parent company as they are the ones with the FCA licence?

    e: Hang on a sec, I have a complaint lodged with Erudio at the moment and they sent me an FOS leaflet in case I don't agree with the outcome of the complaint, so they clearly still think the FOS cover them.
    Originally posted by Lungboy
    Yes, I received the same leaflets. I had thought Arrow Global's authorisation covered this.

    I've asked Erudio and FOS for further comment but not heard anything back from either party.

    But it's a heads up for anyone else with a complaint. FOS may be difficult with you.
    • erudioed
    • By erudioed 2nd Jun 17, 6:17 PM
    • 629 Posts
    • 919 Thanks
    erudioed
    That is indeed worrying. Do you think it concerns your specific complaint that they are saying is outside FOS' remit, or all complaints?
    • anna2007
    • By anna2007 4th Jun 17, 1:06 AM
    • 1,179 Posts
    • 2,070 Thanks
    anna2007
    That is indeed worrying. Do you think it concerns your specific complaint that they are saying is outside FOS' remit, or all complaints?
    Originally posted by erudioed
    It has to be all complaints erudioed, FOS's remit is limited to firms regulated by the FCA. This was always going to happen, with the conveniently timed change in legislation (was it 2015?) that allowed the SLC and Erudio to claim exemption from FCA authorisation for our student loans. I'm surprised it's taken FOS so long to come out and say it, but it's still a shock to see, because it looks like an admission that borrowers no longer have the legal protection that was agreed through a written contract with their Government.

    Our loan agreements still state they're regulated under the CCA, that fact can't be changed or erased. So where does that leave us, where's the CCA protection we were promised when signing up? Erudio still claim to be fully authorised under the Arrow Global umbrella. If that's true, then a complaint can be made against Arrow Global as the regulated firm. If it's a false claim on Erudio's website and they're sending leaflets out saying complainants can go to FOS when they can't - surely that's illegal?

    Removing the right of borrowers to take a complaint to the ombudsman is a huge deal, when Erudio/Arrow Global insist on messing up deferment. The high proportion of complaints upheld in our favour since they took over proves they need to be kept in check. If that's no longer FOS, then it surely has to revert to the 'Internal Assessor' who dealt with student loan complaints before the ombudsman. The right to a formal avenue of complaint is in the student loans legislation.

    This is something MSE should be interested in following up, to get a clear answer from Erudio/Arrow Global, let borrowers know exactly where they stand. Either FOS has got it wrong, or Erudio is (illegally?) misleading borrowers re their FCA authorisation.
    • erudioed
    • By erudioed 4th Jun 17, 8:53 AM
    • 629 Posts
    • 919 Thanks
    erudioed
    I agree. We have seen what they do when we do have a road for recourse. I would imagine the worse and then double it if we have no protection. Maybe this FOS assessor has got it wrong, or thats my hope.

    The ombudsman appear to follow me on twatter, so i have fired one off to see if they will give some kind of clarification.
    • gardenia101
    • By gardenia101 4th Jun 17, 5:10 PM
    • 578 Posts
    • 2,802 Thanks
    gardenia101
    I agree. We have seen what they do when we do have a road for recourse. I would imagine the worse and then double it if we have no protection. Maybe this FOS assessor has got it wrong, or thats my hope.

    The ombudsman appear to follow me on twatter, so i have fired one off to see if they will give some kind of clarification.
    Originally posted by erudioed
    I hope we get clarification soon - I emailed the FOS adjudicator who dealt with my second complaint to see if she could take on my imminent third complaint directly rather than it being assigned to someone else who may not know the history of Erudio problems, but have yet to receive a reply from FOS.

    Would it surprise anyone to know that for the third time (& after two FOS complaints) my first two letters from Erudio haven't been in large print? Nope, thought not

    Does anyone know if Anthony Reeves is still monitoring this thread? Would be interesting to hear his views if he has time.
    And I find that looking back at you gives a better view, a better view...
    • GinOClock
    • By GinOClock 4th Jun 17, 9:10 PM
    • 98 Posts
    • 313 Thanks
    GinOClock
    Good news. FOS have said they mistakenly overlooked Arrow Global's FCA authorisation - so now they are back to accepting complaints about Erudio.

    Erudio have also said this:

    We can confirm that Erudio were authorised and regulated by the Financial Conduct Authority for an interim period only. This ended on the 18th August 2016 and our authorisation now falls under that of Arrow Global Limited. This does not affect your right to escalate a complaint against Erudio to the Financial Ombudsman Service.

    Please don't hesitate to complain to FOS if Erudio do not deal properly with your complaint. If FOS try to avoid dealing with the complaint, send them to this page.
    • Lungboy
    • By Lungboy 5th Jun 17, 9:44 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Does anyone know if Anthony Reeves is still monitoring this thread? Would be interesting to hear his views if he has time.
    Originally posted by gardenia101
    I spoke to him a few weeks ago, but he hasn't been following the subject recently.
    • Pluthero
    • By Pluthero 9th Jun 17, 9:22 PM
    • 218 Posts
    • 557 Thanks
    Pluthero
    Update.

    Finally deferred and all arrears wiped. Only took 3 years!

    I never used their DAF. I never backed down in my belief that using a bespoke letter was enough to satisfy the original loan terms as the various DAFs were not fit for purpose. Thanks to all on the numerous threads who helped fight these fleecing cretins.
    Don’t stop fighting for your rights.
    • fermi
    • By fermi 9th Jun 17, 9:27 PM
    • 39,209 Posts
    • 47,038 Thanks
    fermi
    Update.

    Finally deferred and all arrears wiped. Only took 3 years!

    I never used their DAF. I never backed down in my belief that using a bespoke letter was enough to satisfy the original loan terms as the various DAFs were not fit for purpose. Thanks to all on the numerous threads who helped fight these fleecing cretins.
    Don’t stop fighting for your rights.
    Originally posted by Pluthero
    Well done.

    For people who perhaps find it hard to recall, or trawl through this mammoth thread to put things together, could you perhaps consider posting a summary/history of this?
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. 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
    • Pluthero
    • By Pluthero 10th Jun 17, 6:48 PM
    • 218 Posts
    • 557 Thanks
    Pluthero
    Well done.

    For people who perhaps find it hard to recall, or trawl through this mammoth thread to put things together, could you perhaps consider posting a summary/history of this?
    Originally posted by fermi
    Yeah, I will put something together soon.
    • Mr McGuffin
    • By Mr McGuffin 11th Jun 17, 9:41 PM
    • 90 Posts
    • 311 Thanks
    Mr McGuffin
    Update.

    Finally deferred and all arrears wiped. Only took 3 years!

    I never used their DAF.
    Originally posted by Pluthero
    Very good. I'm delighted to hear that.

    Those who accepted these loans all those years ago have been misled and lied to.
    • BorderReiver14
    • By BorderReiver14 20th Jun 17, 12:08 PM
    • 178 Posts
    • 409 Thanks
    BorderReiver14
    Happy Days Pluthero... 3 years... 3 bloody years!!! Well done.
    Paying for uni to get a job... just to get a job to pay for uni
    • Lungboy
    • By Lungboy 21st Jun 17, 8:24 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    My deferment was refused for a rubbish reason so I put in a complaint but it's taken so long to sort that I'm outside my deferment window now. I've not checked to see if they've taken money yet, but I've cancelled the DD so they shouldn't be able to. Fun times ahead.
    • Aligudgeon
    • By Aligudgeon 2nd Jul 17, 5:00 PM
    • 1 Posts
    • 0 Thanks
    Aligudgeon
    1995-98 loans erudio deferment
    Hi there
    My old style student loans were sold off to Erudio. I have successfully managed to defer for most of the life of my loans due to not earning enough.
    However this year when I filled in the deferment form, I received a letter stating they didn't have enough info and I had to send off my last three wage slips again. With my gross income I am under the deferment threshold. However they are taking into account my child allowance which takes me just over the threshold. Can they do this? I don't remember the SLC taking benefits into account. And my child allowance is not an income, it's provided to help feed and clothe my two children so I'm really annoyed about this.
    Received a phone call from Erudio last week chasing payment and now I'm worried I'm going to have to repay or risk bad credit. Any advice please?
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