ERUDIO student loans help

ericctheking

What happens when something is miss-sold?
What does it mean?
Why don't people all get together as witnesses and give evidence about how the loans were sold and how it has all changed?
If everyone dealing with erudio got together and made a claim together over miss-selling that is a lot of evidence of a miss-selling case.
People have effectively been duped, miss-sold a loan.
Can erudio deal with a every one of there sold called "customers" saying "These loans were miss-sold"

ElwoodBlues

ericctheking wrote: »

NEWS FLASH!

Heard that erudio's remedy of accounts letters that are removing interest added are adding interest for the year that the RPI was negative!!!!
In effect that year when the interest was negative so people had negative interest rates and the balance was reducing, the SLC didn't send out statements as is there statutory duty so they have decided now that people lose that bonus of the negative RPI through the SLC's own fault!
Surely that can't be right.

I did receive a statement for that year (2010) that shows my loan balance reducing. Are you saying they didn't do that for everyone?

ericctheking

ElwoodBlues wrote: »

I did receive a statement for that year (2010) that shows my loan balance reducing. Are you saying they didn't do that for everyone?

I' saying they did reduce the balance that year at the time but what they have done recently is undo that reduction of the balance from 2010.
So they have re-added the money taken off the balance at that time!!

Because the SLC weren't compliant with the Consumer credit act interest seems to be void at times they weren't complient, yet in a period of deflation with negative APR if the negative interest is void you end up in a worse off position! This seems crazy?

ElwoodBlues

ericctheking wrote: »

I' saying they did reduce the balance that year at the time but what they have done recently is undo that reduction of the balance from 2010.
So they have re-added the money taken off the balance at that time!!

Because the SLC weren't compliant with the Consumer credit act interest seems to be void at times they weren't complient, yet in a period of deflation with negative APR if the negative interest is void you end up in a worse off position! This seems crazy?

My latest annual statement was August 2013, and the recent balance information from Erudio only shows a small increase since then. I can't see anywhere on the statements where they've reversed it and added it back on. It was only a small amount though (£35 for the year), but I doubt anyone could have a much bigger credit than that as I had 4 years of loans.

anna2007

ElwoodBlues wrote: »

My latest annual statement was August 2013, and the recent balance information from Erudio only shows a small increase since then. I can't see anywhere on the statements where they've reversed it and added it back on. It was only a small amount though (£35 for the year), but I doubt anyone could have a much bigger credit than that as I had 4 years of loans.

Have you received the recent 'remedy of account' letter, with the notices of arrears, from Erudio? I think it's only customers who've had more than 2 months' worth of arrears on their account (between 2008 - 2013 when the SLC made the error) that are affected, so you won't see it unless you've received the revised statements.


Sorry if I've read your posts wrong - I wasn't sure if you were checking your original annual statements or revised ones!

anna2007

ericctheking wrote: »

When the loans here transferred a figure was just given then along with the notice of assignment
This is all of it broken down and the stuff that should have been sent at the time.
Even if it is the SLC who did the adjustments I don't see how they can add to the balance for the year of negative APR?

Just saw this:


http://www.moneysavingexpert.com/news/loans/2009/09/student-loan-interest-rates-go-nega


So Erudio can't just cancel the reduced balance for that year, they're just at it... again!

anna2007

Pluthero wrote: »

I am wondering can you also complain to FOS about mis-selling and CRA issues? Is this within their remit?

Yes to the CRA issue, and you can also complain to the ICO (they have the same 8 week timescale for Erudio to give a final response), but they seem to play more of a regulatory role, so won't be interested in helping your own individual case. The ICO also reports directly to Government, so although they're meant to be independent, I'm not convinced of it! It can't hurt to send your complaint to both the FOS and the ICO though.


I'm sure the FOS would consider a student loan mis-selling complaint, as they deal with PPI complaints, and I'm assuming that a formal complaint would have to made first to the SLC - unless there's a shortcut we can take? I haven't looked into it properly yet, so will post here if I can find out more

ste_wilko

Just out of curiosity, how many people had their accounts sold in November 2013? And what is their outstanding balance? I've just had a look at how much Eurdio paid for 250,000 accounts

Pluthero

ste_wilko wrote: »

Just out of curiosity, how many people had their accounts sold in November 2013? And what is their outstanding balance? I've just had a look at how much Eurdio paid for 250,000 accounts

Think they bought 900m of loans for 160m. Bargain! Or about 5p in the pound. Would have loved to have been offered that deal myself!

ElwoodBlues

Pluthero wrote: »

Think they bought 900m of loans for 160m. Bargain! Or about 5p in the pound. Would have loved to have been offered that deal myself!

When you work it out, £160m is approx the value of the loan book that was actively being repaid when Erudio bought it. So effectively any more money they get from presently deferred and defaulted loans is their profit margin.

If all the deferred loans stay deferred, and the defaulters are never brought to book, Erudio would only just break even (assuming no overheads). So they have to get people out of deferment and they have to get defaulters repaying, either by hook or by crook. And that is exactly what they are doing already.