ERUDIO student loans help

dizzybuff

Oh My DD isnt there , they messed that up as well and cancelled it thats how i origanlly got into arrears. However thats sorted , they gave me alternative means to pay but this means I will be paying 5 days late and the payment takes 7 working days to clear, thus making my payment ( if I make one) 12 days late .

K

Sarebear78

dizzybuff wrote: »

Oh My DD isnt there , they messed that up as well and cancelled it thats how i origanlly got into arrears. However thats sorted , they gave me alternative means to pay but this means I will be paying 5 days late and the payment takes 7 working days to clear, thus making my payment ( if I make one) 12 days late .

K

That is a joke (not a very funny one). The terms and conditions say that you must pay by dd, ok, but you had it set up. Hard luck if they cancel it as a DD is run by them not us. How can you be in arrears when THEY messed up? We have no control over the initial requests for money from the bank via Dd. (Obviously we can claim it back afterwards if incorrect).

Surely if you had to go to court they would be laughed at when you said that you complied with the t&c about setting up a DD but they didn't claim the money (because they cancelled it). If that were the case they could just not claim a DD for a few months and put you in arrears and then claim you need to pay them the full loan back. I am sure a judge would say you kept up to your side of the deal and if they were incompetent at keeping theirs, tough luck! (Or I would hope that'd be the case).

anna2007

Voyager2002 wrote: »

Yes, but you will have to trawl through the thread to get the details.

What, all 59 pages?!

@ slam3000 There's mention just 2 pages or so back (see Edwood Woodwood's post #1139), although s/he hasn't confirmed if it was written or verbal confirmation.

The only other one I can think of may have been someone with the help of their lawyer spouse, I don't think they filled out the form?

dizzybuff

Sarebear78 wrote: »

That is a joke (not a very funny one). The terms and conditions say that you must pay by dd, ok, but you had it set up. Hard luck if they cancel it as a DD is run by them not us. How can you be in arrears when THEY messed up? We have no control over the initial requests for money from the bank via Dd. (Obviously we can claim it back afterwards if incorrect).

Surely if you had to go to court they would be laughed at when you said that you complied with the t&c about setting up a DD but they didn't claim the money (because they cancelled it). If that were the case they could just not claim a DD for a few months and put you in arrears and then claim you need to pay them the full loan back. I am sure a judge would say you kept up to your side of the deal and if they were incompetent at keeping theirs, tough luck! (Or I would hope that'd be the case).

I was in a batch of DDs cancwlled by them after I had set it up due to an admin error their end. I will not set one up till they have calculated everything correctly and given me proof of how it has been calculated. if and only if I am not eligible I will set a dd up. Is there anything in the t&s that the dd can be moved to a more suitable date. I need to wipe the floor with them .

anna2007

Something that's been bothering me about Erudio's response to my complaint on the CRA issue, they said:

"We can confirm that by signing the DAF customers are not giving consent to the FPN. The FPN permits information on post-1998 loans to be passed to CRAs. As your loans were taken pre-1998, the FPN does not apply to you. You can therefore apply for deferment without consenting to the FPN".

I thought Erudio only bought the pre-1998 mortgage style loans, so why have they said the FPN only applies to post-1998 income contingent loans, when they don't own any of these loans? Surely that means the FPN can only apply to our earlier loans?


Was thinking it might be to draw attention away from the fact that Erudio have said that by submitting the form, they can search our credit files, and by accepting the deferment application, they can register the deferred loan data with CRA's, i.e. they're trying to say that by applying and getting deferment, that's consent, no signature required - does that mean Erudio have breached the loan agreement/regs by placing extra conditions on the deferment process when we're legally entitled to defer without these agreeing to these?

Also, glad they've confirmed in the last sentence that I haven't consented to the FPN!

ericctheking

The name pre-1998 can be confusing.
1998 was the last year people could take mortgage style loans.
Someone starting University in 1998 would have loans in 1998, 1999 and 2000 all mortgage style which Erudio have bought.
Someone starting in 1999 would be on income loans.

I think there were three years 1998,1999 and 2000 of mortgage loans with slightly different terms and conditions.
These conditions are clear about not reporting to CRAs

Erudio are trying to force these people to sign up to new terms and conditions.
Be careful if you have these loans and Erudio try to force you use their forms and change your agreement.

Sarebear78

anna2007 wrote: »

I thought Erudio only bought the pre-1998 mortgage style loans, so why have they said the FPN only applies to post-1998 income contingent loans, when they don't own any of these loans? Surely that means the FPN can only apply to our earlier loans?

They bought up to 1998 loans too, as the SLC still did mortgage style ones in this year too. They really should have written 1998 loans, rather than 'post-1998'. I have three loans (all mortgage style) - my 1998 one, however, has different terms and conditions (in my case, at least) and is the one they tried to get me to sign to agree to their CRA terms in their initial contact.

dizzybuff

I need to read the T&C again regarding direct debits

K

anna2007

On the DD issue, Erudio said in their response:

"Please accept our apologies for the correspondence from Erudio which stated you would be in breach of your agreement if you did not have a direct debit set up on your account. We have reviewed our policies and we can confirm we no longer require a direct debit to be set up on an account when it is deferred".

Although they've said it's not a requirement if an account's deferred, a few people have been told by Erudio that their "policy" on the DD is that it's not required if a borrower is classed as "low risk". I think where Erudio might be headed with this, they will say the DD's not a requirement if your income's below £x amount, as the higher the income, the more risk of it going over the threshold? My income's very low as I'm a SAHM, so I'd fit into this "low risk" category.

Another 'risk' factor might be the loan value - mine is relatively low as I took out the first loans when they were being phased in (I think the third year was the only year where it was all loan and no grant), and I also paid some of the loan off.

If this is what they're up to, it's also got me thinking that it might have a bearing on the amount of crap Erudio dish out when dealing with us. My deferment application was done in 3 weeks and was relatively painless - would be interested to know if anyone else who's had a quick turnaround has low income and/or low loan value?

I've asked FOS to instruct Erudio to amend the DAF, guidance and website to reflect the fact that a DD isn't a legal requirement for any deferred borrower - Erudio have no right to bring in a policy saying some borrowers require a DD and not others, as they have to act in accordance with the loan agreement and legislation - nothing more.

I might be wrong on this, it's just my thoughts on what Erudio are up to.

anna2007

dizzybuff wrote: »

I need to read the T&C again regarding direct debits

K

I had a look at the at the loan agreement and regulations, there's nothing in there to say they can stipulate the date of the DD, only that repayments will be made by DD (unless an alternative method of payment is agreed, which I think applies to you?).


I also googled it, and can't find anything there either - I think because a DD is a voluntary arrangement (or should be anyway!), so the date of payment can be agreed at the time the DD's set up?