ERUDIO student loans help

Pluthero

Some prophetic words from that 1990 Hansard debate:

'If there is to be a student loans company, it should be dedicated to the service of students, and it should be accountable. It should not become a plaything of the financial markets, where profit maximisation for shareholders would come first and students second, and where the information held on individuals would be vulnerable. The unscrupulous might be tempted to make a quick buck out of selling, or otherwise using commercially, the profiles collected as part of the operation of the student loans company.'

If the unscrupulous can get you sign their new deferment form allowing them to do so!

God bless the internet. There is surely some sort of miss-selling argument to be had in all of this?

ste_wilko

ElwoodBlues wrote: »

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.

They bought approximately 250,000 loans in November 2013. They got them for £160,000,000. That's roughly £640 per loan. They wouldn't have bought them if they weren't going to make a profit on each and every penny paid back to them.

Disgusting that the government sold people's loans on to debt collectors for the sake of a quick few quid. You can guarantee that Erudio are going to start sending people to court. How they can justify collecting thousands of pounds for a loan when they paid less than £1,000 for it is horrible, but hey this government just cares about lining businessmen's pockets and screw everyone else.

Just found out that ArrowGlobal are supporting/backing Erudio with this too. So you they are going to start sending letters out to people demanding the money and threatening legal proceedings

anna2007

Another option might be to take it to the Parliamentary & Health Service Ombudsman via a formal complaint to BIS? There's info on what the ombudsman will consider here:

http://www.adviceguide.org.uk/england/law_e/law_civil_rights_e/law_complaints_e/how_to_use_an_ombudsman.htm#h_parliamentary_and_health_service_ombudsman

leigash

ste_wilko wrote: »

They bought approximately 250,000 loans in November 2013. They got them for £160,000,000. That's roughly £640 per loan. They wouldn't have bought them if they weren't going to make a profit on each and every penny paid back to them.

Disgusting that the government sold people's loans on to debt collectors for the sake of a quick few quid. You can guarantee that Erudio are going to start sending people to court. How they can justify collecting thousands of pounds for a loan when they paid less than £1,000 for it is horrible, but hey this government just cares about lining businessmen's pockets and screw everyone else.

Just found out that ArrowGlobal are supporting/backing Erudio with this too. So you they are going to start sending letters out to people demanding the money and threatening legal proceedings

Surely they wouldn't actually take people to court who were in their right to defer and had provided all of the information that was necessary to do this, except for signing the form?

ericctheking

fermi wrote: »

If you are referring to that the terms of the loans were misrepresented when they were taken out

That is exactly what I'm talking about as the key phrase here is a view to a financial gain

Selling off the loans is clearly illegal and any future sell off is too.

This is like PPI in that it is every loan and bigger than just one persons account so how does the ball get rolling on this?

anna2007

If it's true that the £160m Erudio paid for the portfolio is the value of the loans already being paid back, then the Government effectively gave our deferred loans away, lumped in with defaults, shook hands on the deal and wished Erudio the best of luck in maximising their profit.

Erudio will be looking to recoup the cost in processing deferments, and then some, and won't be relying on defaulted loans alone to do it.

Sold out (or given away) by BIS, the whole deal's rotten to the core.

ste_wilko

leigash wrote: »

Surely they wouldn't actually take people to court who were in their right to defer and had provided all of the information that was necessary to do this, except for signing the form?

ArrowGlobal are a debt management/recovery company. I wouldn't be surprised if poeple were forced to start signing new T&C's that reflect private sector loan agreements etc and will get screwed over in the long run

erudioed

ste_wilko:
I would suggest reading back to the start of this forum and seeing what has been dug up about the circle of companies surrounding shell company Erudio, it truly is horrendous.
You may also find this interesting on some level, maybe as a short cut to shorter cuts of that information:
https://twitter.com/erudioed

Pluthero

leigash wrote: »

Surely they wouldn't actually take people to court who were in their right to defer and had provided all of the information that was necessary to do this, except for signing the form?

Well we may be finding that out shortly (well I say shortly but as soon as Erudio get the finger out and give me some kind of answer to my complaint.) I have sent all the legally required info but have not signed their form due to disputing their right to give my details to CRA's and ruin my credit rating even though I will be in deferral not default. When/if there are developments I will post them on here.

Sarebear78

anna2007 wrote: »

I've just submitted a FOI request to the SLC via Whatdotheyknow:


https://www.whatdotheyknow.com/request/information_on_mortgage_style_st/new

This is great Anna2007 - this was what I was hoping to do but haven't managed it yet, so I'd be very interested to see what the reply is. Thanks so much :T