ERUDIO student loans help

ericctheking

CreditCrunchie wrote: »

Does this affect loans from 2000? How can you even default on a student loan when it's taken out automatically? :-/

This doesn't affect 2000 loans yet.
So far it is only pre1998 loans that have been sold-off and they had a different payment mechanism.
Technically you can default on a 2000 loan if you work abroad for example and are over the threshold but don't pay as you are not in the British tax system.
BUT if I had any form of student loan I would be worried.
THE PLAN IS TO SELL OFF THE ENTIRE STUDENT LOAN BOOK.
Just read through these threads, I would get campaigning now about the sell off. Also there is a clause in post 1998loans (which you have) which wasn't in pre1998 loans which allow the terms and conditions to be changed.
So not be surprised in a few years if you end up in a similar s**tstorm!!!!!!!!!!!

CreditCrunchie

Crikey. I don't even know how much is left on mine. Never had to worry about it before. Might be prudent to start overpaying from now. Thanks for the info.

Beezmouse

Been following this thread with interest.

I got my deferment forms through yesterday. Currently I am deferred until 22nd May and from 23rd Erudio will begin to take payments. (so the letter says) I am below the gross income threshold so I will be deferring again. However, I do not wish to use their "official" forms just in case something goes wrong and I end up signing or agreeing to new T & C's. I was just going to send the letter someone mentioned earlier in this thread and include evidence of income etc.

Anyway I had all this sorted in my head that this was what I was going to do. However, I've just logged on to my online banking and I checked my DD and SO's. Lo and behold a new DD has been set up for ESL, payment amount: unknown, Payment frequency: unknown. I did not set this up.

I know SLC already had my account details etc (they needed this information before you took out the loan) however they have never ever set up to anything to take payment from my account.

Do I cancel the DD now and risk them not deferring my payments or wait until hopefully they grant deferrment and then cancel it?

I am so confused by this. I'm also very worried that i'm going to be hounded by debt collectors as a result.

My loans are from 96, 97, 98 and 99. Don't know if this makes any difference.

Mephistopheles666

Beezmouse- SLC also always had my bank account details. However, there was already a direct debit set up by them (which I could view in the relevant section of my online account), all set to go if my earnings went over the limit allowed for deferment. When the loans were transferred to Erudio, SLC apparently gave them my bank account details and the direct debit now has their name attached to it rather than SLC.

Beezmouse

Thanks for that.

I know SLC always had my account details however they had never set up any DD to take payment. I knew they would if the my earnings went about the threshold. The DD never showed up on my bank list of DD's. I have always been in deferrment on my loans. Erudio must have submitted my DD mandate (sold to them by SLC) to my bank and it is now showing as an active DD!! According to the letter I got from Erudio my deferrment ends 22nd May and payment will commence 23rd May. :eek:

I need to defer again this year. If I cancel the DD they have submitted to my bank I fear they will decline my application to defer, equally so I'm concerned about using Erudio's deferment form incase I end up getting a new set of T & C's from them. Feel like I'm dammed if I do, dammed if I don't.

erudioed

We really do need to get organised, what about this one (i just posted the same thing on mumsnet as well:
i think everyone should initially lodge a complaint with erudio about their gripe, whether it be about CRAs, unnecessary information or supporting info they say they need, or indeed as many of the above apply to you, or just all 3, or other complaints. This will get things going and buy time of about 8 weeks at most until they reply.
Running concurrently, complain to the BIS complaints address above and the Financial Conduct Authority, complaining about all 3 issues or others that bother you, including a personal account of how disorganised erudio switchboard is and the obvious blagging approach its staff are taking because they dont have the answers. Then at the end, and this is the big new idea, suggest that Erudio should be printing and mailing out a new deferral form and getting your form correct booklet without the unnecessary stuff, all the CRA stuff because the pack is for deferers only, and their necessary supporting info needed. (I suggest this final part because we need a deferral form we can sign without any of the !!!! on it that is clear and dignifies a deal involving xxx thousands. Signing an incorrect form and then everyone having hand written waivers on items in the deferral packs is ridiculous.) I also suggest mentioning that they wont even listen to short settlements even though us deferers are likely to have the loans cancelled soon...i suggest this because it shows they feel they can get the whole of the loans somehow by entrapping us to default. I also suggest stating the stress it is causing all because they couldnt get their forms right, their procedures arranged on time or even treat their customers with the respect they promised.

Whilst all that is in the works, we have the 8 weeks at most for them to respond to our complaints because of the deferment deadline being extended. Maybe before then and hopefully soon, someone will get written confirmation from erudio stating a) no CRAs will be informed if you are defered, b) they are ok with you leaving parts incomplete, and c) they will be ok accepting less supporting info than they need. After we see that, hopefully a jpeg or something as proof, just in case erudio are watching such threads as this and planting turd seeds, we should then suggest to erudio that they send out new deferal forms and covering booklet (but when we get there, we could plan what to do next). Maybe even making this a new compliant for another 8 weeks if needed when that time arrives.

OR, we will get negative responses to all our concerns and they will stand firm on us filling in the deferrment form or we wont be defered. If this happens, then we have the BIS and FCA investigating our complaints, an investigation that will be running concurrent with the erudio complaints. Hopefully, one will influence the other. But if not and the 2 outside investigations are not completed, the we can then go to the Ombudsmen with the furthering of our complaints. Dont forget, Erudio get charged about a £100 if the complaints are upheld. If they rule in our favour, or if we achieve a good response from the first stage, then we will all make Erudio restart their whole programme again so that they get it right and realise that they cant push a lot of us around if we are all on the same page, as well as erudio knowing that the financial services are watching them. I think that would be a big result, newsworthy maybe.

So in short, complain to erudio and BIS and FCA now.
Then we take each step when/if it arrives.
And not forgetting bombarding Mark (Howard) File with a tsunami of questions whilst we are twiddling our thumbs waiting for something significant to happen!

Beezmouse

I hear what your saying. But do we just ignore the deferment letters whilst waiting on an answer about the complaints? My main worry now is they have submitted my DD details to my bank and its sitting as an active DD on my account.. if I dont defer they will take money out my account. If I cancel my DD then I'm worried the will not consider my deferment. I really am worried sick about this.
Glad this board is here though.

Jill18

Just for info, I read on Martin Lewis's twitter feed that him and his team are investigating this but he said it's going to take time.

rovex32

Ive now sent off my deferral form. I only have a £1000 or so loan and it has about 4 years left to run, so im not too worried about it. Ive always found the deferal a right pain and have been tempted to settle just to stop the hassle every year!

I notice the deferment form asks for pay slips AND the most recent P60, which I cant provide because I dont have it yet, it likely to arrive after my April 19th deadline. I have stated its an impossible request on a letter enclosed with the form

I have sent a letter with the form stating I do not agree with them registering the loan with a CRA, although it doesn't bother me that much since I already have a loan and wont be getting another in the next 4 years.

Personally I know they cant have my money and I don't think the CRA issue is all that important to me, but i agree its the principal. All I know is that my job is reasonably secure, and salary under the threshold, so they arent getting a penny.

erudioed

beezmouse:
if you complain to Erudio (i suggest about most of the things in the forum such as CRAs, new information and changes to the verifying info they need for deferrment, your account will be put in hold for up to 8 weeks until they give you an answer. Make sure to ask them that your account is on hold on their system (im pretty sure it is part of their normal operating procedure for complaints but double check they have it on hold).
I dont know about cancelling of the DD. Some in the forum suggest it is ok to do so. But we all need to be researching and asking whoever may have answers. We have all been hit by this at the same time and we dont have many definites yet, thats why i suggest the actions above. If your account is on hold for up to 8 weeks, you have time to investigate the DD issue with whoever may have an answer. Ask your bank if they should have mailed you before setting the DD up because it is a contract with another company who must need your signature before setting up etc, or any other questions you may have. Then put any answers from them into letters to the BIS email in the forum and the FCA if the bank suggest bad practice by erudio. Then report back here what the bank says etc.
The proviso over everything though is that we cant breach our agreements until we know something definite...but again, we are trying to find out what a breach is.
I am aware you may want a yes or no answer but many of us have had our free time snatched away from us by trying to find answers, so we all need to do leg work to get answers to our problems. And for that, you can thank Erudio and their clear lack of organisation.