ERUDIO student loans help

Sarebear78

@Anna2007 just for your info - I checked Equifax, as I didn't want to use Experian due to the Arrow link.

I would love to see mine on my credit report as it will start off a whole new set of complaints letters to them...... But sorry to anyone else effected.

ericctheking

Check out Erudios FAQs on their website
Talks about payment holidays.
Says you have to use their forms which signs away your rights.
Threatens all manner of stuff.

Now people are being affected by the change. having trouble opening bank accounts etc.
The government lied. David Willets should hang his head in shame.

ericctheking

I advise people to contact Martin about this latest issue of "payment holidays" and being adversily effected by the sell off.

ericctheking

There might be a possible loophole in the terms and conditions that could really screw erudio.

First read the regulations, found here;
http://www.legislation.gov.uk/uksi/1997/1675/regulation/11/made

Deferment

11. (1) Subject to the provisions of this regulation, a borrower who has not been required to make an immediate repayment of the outstanding amount of his loan under regulation 9(b) shall be entitled to defer making repayments of that loan if he satisfies the loans administrator—

(a)that his gross income for the month preceding the month in which he applies for deferment does not exceed the product of £1,316 and the annual adjustment, and

(b)if the loans administrator so requires, that his gross average monthly income during the three months immediately following the month first referred to in sub-paragraph (a) will not or is unlikely to exceed that amount.

Now, I'm not advocating this but I guess it could be read as follows?
That means that even if someone was over the threshold so long as they took income under the threshold in those months when applying for derferment, they should be granted derferment.
A self employed person could than pay themselves lots of money in other months and there is nothing erudio could do about it even if it was millions.
An employed person with savings could prehaps ask their employee to not pay them for months they apply for derferment and pay them more in other months.

In another thread someone was asking about reduncency pay, I bet erudio try and claim it takes he or she over the threshold. Or it could happen with inheritance, lottery wins etc.

This sounds all sneaky but well Erudio are being sneaky!

bart123

Apparently I'm in arrears as Erudio failed to set up the DD in time for my first payment. I've proof they had everything on their system more than 14 days before the payment was due and they've taken payments since.


I received 1 letter saying I'd not made a payment but this is dated after they took a subsequent payment and the letter didn't state which payment had been missed so I dismissed at as their usual incompetence. Now I've had a phone call over a month later threatening me with 'the consequences' if I don't make the payment.


During the phone call I repeatedly requested that they send me a letter detailing what I owed and how to pay as I'm not about to make a payment by phone with god knows who and they responded with I can't send you a letter.


Will call them tomorrow to try and clear this up and raise a complaint but I'm not sure what I should be aiming for here or even if I have the right to kick up a stink for their screw up as technically the payment was due but they didn't take it.


Anyone got any advice or a similar situation? Are they just being deliberately rubbish in an attempt to force me into arrears so they can chase the full amount?

erudioed

There is another freedom of information request in the works that will be worth following concerning CRAs. I do feel most of the CRA issue will only concern Experian though because they are the ones Arrow has a deal with and who they set up the Experian Collections Network to partner with. I would be surprised if other CRAs get any info, as info is money, and 120,000 new pieces of loan data for one CRA will be a boon over CRAs in offering a more complete data service to paying lenders wishing to check up on the oiks before handing out there already dirty money.
Here is the FOI request anyway:
https://www.whatdotheyknow.com/request/student_loans_and_credit_referen

Here is another link for the excellently spotted 0845 issue: http://www.callcentrehelper.com/the-end-for-0845-numbers-63370.htm

dizzybuff

emailed erudio last week, had a confirmation of who I am email. replies straight away. complaint with fos , wanting confirmation account on hold from erudio. reluctant to make a payment as its not an amount I can afford , and they have all their details wrong. so peed off with them , will be emnailing again tomorrow. I want to cry.

Brooker_Dave

anna2007 wrote: »

Someone on Mumsnet has posted to say her loans are now registered with the CRA's as a 'payment holiday'.

She was turned down for a new current account, so it's already had an adverse impact

Time to start watching our credit files...

Is this not good news?

It means we have *all* been misold, I was told that taking out a student loan would have no effect on my ability to borrow, clearly this was a lie.

Now how do we go about reporting the misselling of our loans?

anna2007

ossi wrote: »

What a surprise - It would seem that erudio are not operating within the constraints of UK law! As of 13th June this year, it is illegal for call/service centres to use an 0845 number:

From 13th June 2014, any company which fails to comply with the new law and still offers a premium-rate number for their customer service line will be putting themselves at risk of court action.

Customers will be within their rights to take such companies to court and successfully reclaim the excessive charges made to them. Trading Standards are also at liberty to get involved in bringing non-complying companies to justice.

Check this out on: callcentrehelper.com.

The Government in their infinite wisdom decided to exclude Financial Services from the new legislation, as there's specific regulation of this sector through the FCA, or at least there should be... unfortunately, I think that means the new rules won't apply to Erudio.

There are details in the update here:

http://www.moneysavingexpert.com/phones/0870-say-no#newrules

LuckyEskimo4

Erudio are awful. How long are they going to get away with their nonsense?

The Unfair Relationships under the Consumer Credit Act 2006 is what we need to use against them. Check it out :j

Of course at the time my loan was promoted to me and sold to me by my personal tutor on my course - and that I now believe was not proper. When I started at Uni, I was doing two part time jobs as I didn't want to take out loans. My personal tutor said I needed to study more and needed to quit my jobs. He said that student loans were introduced to replace grants - and that they were not like normal loans - and I would only pay them back if I was earning a large salary. I asked at the time if I would get a credit black mark (for personal reasons this was something I could not have) for taking out a loan - and he said absolutely not.

You see, none of us could have foreseen that those darn Lib Dems and Tories would get together and flog off our student loans to a filthy rotten debt collection agency. I know I HAVE been mis sold, and the The Unfair Relationships under the Consumer Credit Act 2006 can be applied retrospectively.

I went to a smallish uni. How were other people sold their loans back in the early 1990's? That could make an interesting thread as I bet in a few cases it was not very complaint with the Consumer Credit Act.