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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 307
    • pepperpot22
    • By pepperpot22 3rd Jul 17, 12:19 PM
    • 44 Posts
    • 26 Thanks
    pepperpot22
    I've received some emails and texts from Erudio inviting me to defer using their online portal. Apparently this will allow me to defer 12 weeks in advance rather 8 weeks.


    I'm aware of some of the issues with Erudio but haven't personally had any difficulties with postal deferment. I am wary about using the portal due to the nature of this organisation. To be perfectly honest though I'm not sure exactly what the dangers of using online deferment are, other than that I won't have a paper trail and proof of recorded delivery of my deferment. Sorry if this is stupid question but are there any other risks with deferring online? Would it alter the terms and conditions of my loans in any way? My loans are due to be written off in the not too distant future so I'm thinking it will be best to carry on with the postal deferment a few more times but I'd be interested to know more about this.
    • Lungboy
    • By Lungboy 3rd Jul 17, 10:51 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Yes, by using the portal you agree to their updated T&Cs, which are subject to change at any time they fancy on the website. Stick to paper if you want to be sure.
    • dizzybuff
    • By dizzybuff 4th Jul 17, 11:32 AM
    • 1,380 Posts
    • 2,301 Thanks
    dizzybuff
    Hi Yes they can do this as it states all income and Student loans didn't take this into account . it was a discressionary thing. I was married and always below the threshold, however now I'm single I have to include all my benefits and my children's maintenance go figure.


    I argued with them till I was blue in the face and even went to the ombudsmen , who sided with them , I was basically told suck it up buttercup.
    You can do a statement of earnings and send it to them to prove that you will struggle. not that they will take much notice of it.
    ONE HOUSE , DS+ DD Missymoo Living a day at a time and getting through this mess you have created.
    One day life will have no choice but to be nice to me
    • erudioed
    • By erudioed 4th Jul 17, 6:14 PM
    • 629 Posts
    • 919 Thanks
    erudioed
    Sorry if this is stupid question but are there any other risks with deferring online? Would it alter the terms and conditions of my loans in any way? My loans are due to be written off in the not too distant future so I'm thinking it will be best to carry on with the postal deferment a few more times but I'd be interested to know more about this.
    Originally posted by pepperpot22
    You are also giving them a variety of other more personal information, information Arrow Global can then use in one of its other business strands of selling information through its very shady and secretive Proprietary Collections Bureau, in which it sells access to other debt collectors, to allow them to perform checks on people and cross check info. By using its website, you agree to them sharing info with 'third parties'. I certainly dont want an Arrow Global cookie sitting on my computer, waiting around, collecting, collecting, collecting, for god knows what. Just knowing that was on my computer whenever i am using it potentially communicating with Arrow Global HQ is enough to bring me out in a rash...
    • Lungboy
    • By Lungboy 5th Jul 17, 9:11 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Erudio's 8 weeks to respond to my complaint ended on Friday with no reply. Do I go straight to the FOS now?
    • erudioed
    • By erudioed 5th Jul 17, 11:05 AM
    • 629 Posts
    • 919 Thanks
    erudioed
    Yes! And as they showed you ultimate contempt by not replying and acknowledging your existence, a complaint of terrible service should also be added...
    • Lungboy
    • By Lungboy 5th Jul 17, 11:06 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Well they acknowledged my complaint, but nothing more. I've had multiple letters since reminding me my deferment was rejected though and asking for more evidence.
    • erudioed
    • By erudioed 5th Jul 17, 11:49 AM
    • 629 Posts
    • 919 Thanks
    erudioed
    Oh, well, they still didnt uphold their commitment to reply to the complaint in the allotted time, so thats more fuel for your complaint.
    • Lungboy
    • By Lungboy 5th Jul 17, 3:05 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Done. Let's see what the FOS think.
    • Jonmenzies
    • By Jonmenzies 6th Jul 17, 12:45 AM
    • 21 Posts
    • 5 Thanks
    Jonmenzies
    Hi. Sorry if this is off topic but I want to go back to eduction and get 4 years of loans. I have no intention of paying them back. Would I be right in saying as long as I earn less than £21000 and keep it that way, I will be okay?
    • Lungboy
    • By Lungboy 6th Jul 17, 8:13 AM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    Leaving aside the morality of taking the loans with no intention of repaying them, the only possible answer is "who knows?". This government has shown it is happy to make changes to student loans after the fact, so they could easily do so again.
    • fermi
    • By fermi 9th Jul 17, 8:36 PM
    • 39,209 Posts
    • 47,038 Thanks
    fermi
    http://www.thisismoney.co.uk/money/comment/article-4677320/SALLY-HAMILTON-Student-loans-mis-selling-scandal.html
    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
    • StopIt
    • By StopIt 10th Jul 17, 9:19 AM
    • 658 Posts
    • 598 Thanks
    StopIt
    Hi. Sorry if this is off topic but I want to go back to eduction and get 4 years of loans. I have no intention of paying them back. Would I be right in saying as long as I earn less than £21000 and keep it that way, I will be okay?
    Originally posted by Jonmenzies

    Why would you want to permanently limit your income, just to avoid paying back a percentage of your income above that point?


    Talking about cutting off your nose to spite your face.


    Most people get a degree to maximise, not minimise their earning potential. If you want to earn less than £21k, don't bother getting a degree. No debt, no worries. You'd also avoid the deferment merry go round that ends up with the debts being sold and dealing with these lovely fellows at Erudio.


    And no, if you earn less than the deferment threshold you wont have to pay, but frankly, I'd be looking to get a degree and get more money!


    Edit: To Fermi, that article was exactly how I expected to read.


    Mis-selling = telling students that a 6% loan is cheap, which by historical standards it is! Especially one with deferments. Also taking the definition of mis-selling a little too far in my honest view.
    Last edited by StopIt; 10-07-2017 at 9:22 AM.
    • pepperpot22
    • By pepperpot22 10th Jul 17, 1:38 PM
    • 44 Posts
    • 26 Thanks
    pepperpot22
    The fact that they have sent so many emails, texts and letters inviting me to use the online portal is enough to raise suspicions! I doubt this has little to do with them wanting to reduce their carbon footprint or make deferment easier for customers...
    • taraljg
    • By taraljg 10th Jul 17, 3:36 PM
    • 1 Posts
    • 0 Thanks
    taraljg
    Hello, I'm brand new to this site and not sure how to start a new threat but it relates to Erudio. I have always been able to defer my 1997 student loan as I was under the repayment threshold. 3 years ago i became a single parent, and wouldn't you know it, the tax credits i got which topped up for childcare as I have always worked full time, took me over the limit. Erudio and I agreed I would make a payment of £73 a month (instead of the £150 a month they wanted).
    I start a new job in September in a school which will take me under the threshold again. I requested a deferment form via email on 6 June. On 15 June I received this reply
    "We can confirm your Student Loan terminated on 14/06/2017 due to the outstanding arrears balance; therefore, your account is no longer eligible for deferment.

    We can further advise your full balance is now due in full, however, we can confirm you currently have a payment arrangement in place to repay £73.31 each month. Can you advise if this arrangement is still affordable and if you would like this to remain in place?"

    Now what are the chances that my loan ended just a few days before???? Can they do this and what are the ramifications? I replied to the email saying I would not be able to afford £73.31 a month and they have sent me a financial statement form. I had planned to fill it out and offer £20 a month.
    Do you think this is the right thing to do? Any advice very gratefully received.
    • Lungboy
    • By Lungboy 10th Jul 17, 9:40 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    I'm honestly not sure what to advise but I'm sure that one of the other regulars in this thread will be able to help.
    • Brooker Dave
    • By Brooker Dave 11th Jul 17, 10:38 AM
    • 4,815 Posts
    • 3,117 Thanks
    Brooker Dave
    "We can confirm your Student Loan terminated on 14/06/2017 due to the outstanding arrears balance; therefore, your account is no longer eligible for deferment.

    We can further advise your full balance is now due in full, however, we can confirm you currently have a payment arrangement in place to repay £73.31 each month. Can you advise if this arrangement is still affordable and if you would like this to remain in place?"

    Now what are the chances that my loan ended just a few days before???? Can they do this and what are the ramifications? I replied to the email saying I would not be able to afford £73.31 a month and they have sent me a financial statement form. I had planned to fill it out and offer £20 a month.
    Do you think this is the right thing to do? Any advice very gratefully received.
    Originally posted by taraljg
    Just go straight to the FOS, they're cheating you out of money and are in breach of the terms you signed up to.

    I take it they didn't bother send you a notice of default or any of the other things they are supposed to do by law?
    "Love you Dave Brooker! x"

    "i sent a letter headded sales of god act 1979"
    • Lungboy
    • By Lungboy 11th Jul 17, 12:14 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    You'll probably need to do an SAR to get all of the paperwork from them relating to your supposed default and take it from there.
    • dizzybuff
    • By dizzybuff 11th Jul 17, 3:38 PM
    • 1,380 Posts
    • 2,301 Thanks
    dizzybuff
    the only thing i can advise on is the child tax credits thing. Unfortunately my tax credits and my maintenance too me over the threshold. so I opted for paying it back as the FOS agreed with them even though this money wasn't mine they classed it as an income.

    However i agree they should have sent you a defaut notice.
    ONE HOUSE , DS+ DD Missymoo Living a day at a time and getting through this mess you have created.
    One day life will have no choice but to be nice to me
    • Lungboy
    • By Lungboy 14th Jul 17, 8:59 PM
    • 1,063 Posts
    • 1,009 Thanks
    Lungboy
    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.
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