SLC sold my student loan to Erudio with ONE payment remaining!

kathrynha

building_with_lego wrote: »

I got my same-as-last-year form in February, as usual, and got the confirmation yesterday, which was a huge delay!

What's your form like then? And is it from SLC or one of the other companies?

It's a Erudio form. It arrived monday and it's about 4 pages of A4, all needing filling in, nothing pre-filled in to just confirm like the SLC forms.
Not had time to fully look at it yet.

I did get a letter last month from SLC saying it had been sold on to Erudio, but it said that deferment process would be the same. Didn't expect a mammoth form, which was sent out so late that it doesn't give much time to get it filled in and sent back.

building_with_lego

Joy! I'll look forward to that for next year then.

My loan with Thesis was deferred from the same form I sent to SLC; I wonder how this'll work now, whether I'll have to fill two forms.

kathrynha

building_with_lego wrote: »

Joy! I'll look forward to that for next year then.

My loan with Thesis was deferred from the same form I sent to SLC; I wonder how this'll work now, whether I'll have to fill two forms.

Only got the one form. Not had anything from SLC since the one telling me they had sold it.

Le_Mouse

I got my Erudio form the day before yesterday. Compared with the SLC form, it feels like jumping through hoops. They seem to want a P60 now too as well as the 3 payslips. I don't get this year's one until the end of April - surely much too late? Not that there's a deadline shown anywhere in that pack...

kathrynha

Le_Mouse wrote: »

I got my Erudio form the day before yesterday. Compared with the SLC form, it feels like jumping through hoops. They seem to want a P60 now too as well as the 3 payslips. I don't get this year's one until the end of April - surely much too late? Not that there's a deadline shown anywhere in that pack...

I was trying to sort it last night and noticed that too. Mine for this year could be as late as end of May, so they are going to get last years, just need to give HR a ring to get a copy.

Also notice that they say to only send copies of evidence not originals, as they can't return them. Just hope they dispose of them properly, as that's an awful lot of hard copies personal data they aren't going to be returning!

pbs84

Erudio are trying to pull the wool over your eyes.

Legislation sets down what you need to prove in order to defer.

ALL you need to prove is.

The Education (Student Loans) Regulations 1998

9. Each year the lender will tell the borrower the new deferment level for the period between 1st September and the following 31st August. The borrower can defer making repayments of the loan if—

(a) the lender has not already asked him to repay the loan in full, and

(b) he can show—

(i) that his gross income for the relevant month is not more than the deferment level, and

(ii) if the lender asks, that his gross average monthly income during the 3 months immediately following the relevant month will not or is unlikely to be more than the deferment level.

where “relevant month” means the month before the month in which the borrower asks for deferment;

kathrynha

pbs84 wrote: »

Erudio are trying to pull the wool over your eyes.

Legislation sets down what you need to prove in order to defer.

ALL you need to prove is.

The Education (Student Loans) Regulations 1998



where “relevant month” means the month before the month in which the borrower asks for deferment;

Thanks for that PBS. They will get just the copies of my last 3 payslips then with a note about point 9b.

There is the rather scarily worded note on the form about not filling it in properly leading to the deferment being delay/refused which does concern me slightly, but I really don't see what use an 11½ month old p60 is to them anyway.

They also want proof of child benefit too, which I have never had to provide before.
Either the award letter is it has a recent date on, which mine doesn't as child is now 8, or a copy of my bank statement, which I'm really not happy about, as firstly it is a joint account, and they have no right to my husbands details, and secondly it contains much more data than they need to collect, which breaks data protection laws.
One wonders if I could get away with sending them a copy that has everything blacked out except my name and address (which they have anyway), and the one line of child benefit payment going in.

pbs84

Have also been keeping an eye on this thread which is very uselful

http://www.mumsnet.com/Talk/legal_money_matters/2028211-erudio-student-loans?pg=3

ericctheking

Erudio student loans are really Arrow group and are very shark like underhand characters.
The best think to do is to just send the three month pay check evidence as before and written in the terms and conditions or the loan with a letter explaining this.
Remember one of the conditions of the sale is that peoples conditions would not become worse from the result of the sale.
Make sure you record evidence of this before sending it and send it by recorded delivery for proof.
They will probably deny deferment or denying receiving it and try to charge arrears etc. ignore all this but make sure you keep the three payslips with evidence of sending them.
Ignore all correspondence from them and just say take me to court then which they will never do because if you do you can prove you are under the threshold.
I think this is the start of a huge miss-selling scandal as these loans where sold on a different basis to other loans. The reason there isn't so much fuss is there are few of us pre 1998's left who for whatever reason earn below the threshold. Just wait until the more recent loans are privatised and then the "I was told the student loan is not really a loan" speech will really hit the headlines.

ericctheking

I've had trouble deferring when it was the slc in the best too, them saying they never received the forms when I had proof they were signed for!
So make sure you make a record of sending the forms.
By the way, I never received a notice of assignment (informing me of the transfer) about this although all pre 1998 loans have been sold apparently. one loan is with thesis but the other two defiantly held by the slc.
Not sure what to do in this situation. Anyone?