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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
    • 634 Posts
    • 922 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
    • 1,126 Posts
    • 1,064 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
    • 1,126 Posts
    • 1,064 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
    • 39,322 Posts
    • 47,139 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
    • 39,322 Posts
    • 47,139 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
    • 1,126 Posts
    • 1,064 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
    • 1,456 Posts
    • 1,236 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
    • 1,126 Posts
    • 1,064 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
    • 1,456 Posts
    • 1,236 Thanks
    datlex
    For me no reason not to as my details match what they have.
    • fermi
    • By fermi 7th Dec 17, 9:49 PM
    • 39,322 Posts
    • 47,139 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
    • 1,126 Posts
    • 1,064 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.
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