ERUDIO student loans help

anna2007

fermi wrote: »

The pattern that Erudio will use every underhand tactic they can to prevent you deferring, or pressure you into payments?

Both really, I was more referring to the new tactics that are emerging. No doubt there will be many more to come as Erudio manipulate the terms of the contract and legislation, to see just what they can get away with.

erudioed

I agree, nothing that has yet happened is a huge shock, with most of this kind of stuff being guessed at in the forums back at the start around April, just based on the wording and approach inferred to us by their forms. I personally expect all the goal posts to gradually shift and leave many of us in a very large dilemma about whether to start paying or not...all, we will say, illegally.
This is why it is so important to keep going on the offensive and getting the word out, continually annoying the hell out of people...if we have been deferred and cease raising these issues during that year, we will only have ourselves to blame when the next year some new horrendous subtle change sends us all into a new tail spin.
They have invaded our lives, and until most of us get to 50, they are going to be a part of our lives every year. There will come a point though where they will start of offer short settlements, but they are going to take us through the mill before they consider we have no choice but to settle short. From my own perspective about the way they have approached us thus far, and how they are acting, i would sooner throw any cash they would like into a rain filled gutter that give it to them...it would just justify their approach of softening us up right now and for the coming 2 or 3 years if they were to start getting money from those initially considered as non-payers (us deferers). That is the game of course, get those who dont have to pay, to pay, with the only tool they have in their armoury being the threat of CRAs (which to be honest does, to some, myself included, mean relatively little). However, with the Experian Collections Network and the host of other companies and networks Arrow has, there may also become a point where they get increasingly forensic about analysing each of us, with, as times and this terrifying surveillance state we have going on right now increase, they become increasingly invasive, putting this horrible psychological pressure on us even if we have done nothing wrong and meet all the criteria for deferment.

Brooker_Dave

From back in the day:

"The Student Loans Company is a company limited by shares and owned by the Secretaries of State for Education and Science and for Scotland. It is based in Glasgow and is undertaking preparatory work on the student loans scheme. It is the Government's intention that, subject to the passage of the Education (Student Loans) Bill, the company will administer the scheme.

can the Minister assure the House today that the Student Loans Company will not have access to individuals' tax records and that he will reimburse institutions for the additional administrative costs incurred with the loans scheme and with the access funds?
§Mr. Jackson The hon. Gentleman, uncharacteristically, goes over the top. There is nothing unusual about the arrangements that we are making for student loans. The loan is simply a form of customer credit and is common in other cases. There is no question of access to tax records.

a non-means tested Government loan facility offered at nil real interest (i.e. the
nominal rate of interest payable on the loan is set equal to the rate of inflation - in real
terms an interest free loan

"Students are not required to repay their loans until the April after they finish or leave their
courses. Repayments are usually made in the form of fixed monthly instalments; most
commonly 60 instalments over five years. Students may defer loan repayments for a year at
a time if their income is not more than 85 per cent of national average earnings."

"Loans are cancelled in the event of death and if unpaid because of deferment, unless the
borrower is in default, the loan is cancelled after 25 years or when the borrower reaches the
age of 50, whichever is the earlier."

"Former students whose incomes are below that threshold may defer their repayment for up to a year at a time. If their income remains low, deferment can be repeated year by year. If that continues for a period of 25 years or after the age of 50 (or 60 for students who start their course after the age of 40), 112 the outstanding debt will be cancelled. So there is no need for the prospect of repayments to deter people from entering lower paid professions.

The deferment protection means that anyone not confident for any reason of securing a direct financial benefit from higher education need not be worried by the repayment obligation."

erudioed

well, heres BIS's answer to the latest FOI request:
https://www.whatdotheyknow.com/request/215581/response/538739/attach/html/4/image2014%2007%2014%20091054.pdf.html

BIS wont release the other bidders names for commercial reasons...but, they do provide an answer of sorts and part of the agreement Arrow signed.
Question 2, why BIS sold to Arrow is more interesting and one for many a sarcastic response i would guess, especially part ii) concerning successful execution. The only successful execution i see is yet to happen, which is the successful execution of every business entity within and hiding behind the name Erudio Student Loans Ltd to conduct their own particular brand of legalised extortion, or is it blackmail!

rizla_king

rizla_king

Complete failure on point (iv) then as Erudio have said a big f#ck you to the original terms and fair treatments under the regulations.

Same with the answer to question 2.

Erudio have just ignore those.

erudioed

Yep, anybody who has to deal directly with them knows that to be true, a blatant disregard.

BaffledByErudio

Yep, those answers are about as useful as a chocolate fireguard - did anyone expect them not to be?
I'd definitely pull them up on the 'fair treatment' assurances. I can not recall (and this is no exaggeration) being fannied about to such a mind-numbing extent by any company, public body or financial organisation in my 38 years on this planet. The deferment process (which we're breaking no rules by following) went from a very straightforward annual procedure, taking a couple of weeks, to a living nightmare, lasting months, costing money in calls and registered postage. And even when and if a borrower is successfully deferred, you're left panic-stricken by potential credit file damage and the ongoing fear surrounding the 'compulsory' Direct Debit while in deferment. The rogue payments that were taken from people 'mistakenly' have actually worked in Erudio's favour in the long run, because whether they were a mistake or not, we now know that Direct Debits while in deferment can be and have been drawn against. The more cynical in me would suspect this was Erudio's ultimate plan. I can't prove that, so it's just a theory, but it's ruddy funny how it seems to be a nice little corner it's backed us into.
I'm also very interested by Brooker Dave's quotes from what looks like Hansard. There is a CLEAR onus in that speech (in the embryonic days of the student loans system) that borrowers shouldn't fear entering low-paid careers after university, as payment need not be a concern.
Now I would wager few of us actually took out a loan and fully intended never to pay it back, but the way the world has evolved has meant that those with a degree don't always achieve the glittering success of a high-flying career. So nice to see this potential outcome was addressed years ago, even if it's now being overlooked and deferrers treated like scum!
Finally, has ANYONE had a requested copy of their original loan agreement provided? I asked for one back in April. Sent the payment, and Erudio acknowledged I'd asked - pointing out they'd source it and send it to me. Despite the fact I've emailed every month since, it still hasn't turned up and I get no response when I ask. For crying out loud, when, sweet Jesus, WHEN, will these cowboys either get fined or get the appropriate kick up the arris that jolts them into sticking to what we all signed up to?

Brooker_Dave

Today I received a "Remedy of Account", together with 3 "Annual Statements" from 2011, 2012 and 2013 and 2 "Notice of sums in arrears" from 2012 and 2011 and an A4 information sheet from the office of fair trading titled Arrears, and finally an information sheet from the FCA headed arrears.

Any ideas what this is about?

Brooker_Dave

Does the BIS have a duty of care towards the loan holders?

If it could be shown that they were lax in selecting an reputable company to take over the loans?

Should the government be selling national assets at a fraction of their value to a company based in a tax haven?