ERUDIO student loans help

Sarebear78

LuckyEskimo4 wrote: »

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.

So does that mean that - if your loan has been reported to the CRA as being a payment holiday - you would need to complain to SLC? (and then FOS, if required).

Has anyone else found their Credit files marked yet?

anna2007

Sarebear78 wrote: »

So does that mean that - if your loan has been reported to the CRA as being a payment holiday - you would need to complain to SLC? (and then FOS, if required).

Has anyone else found their Credit files marked yet?

I think it can be used against Erudio, as the new creditor, in our complaints to the FOS (or ultimately the courts), especially the part about enforcement of creditor's rights, there's some info here that explains it quite well:

http://www.brodies.com/node/837

Re credit files, I think Erudioed may be right in saying that Erudio will most likely pass our loan data exclusively to Experian.

For anyone who grudges paying Experian for their credit report, you can actually get paid by Experian for signing up to their 30 day free trial of Experian Credit Expert via one of the cashback sites - £10.50 via Topcashback, or £5 via Quidco. It means cancelling before the end of the 30 days (or you'll be charged!), and then buying the statutory report from them at £2 a time, but the £10.50 will buy 5x reports, so will mean free credit reports for at least 6 months.

anna2007

Brooker_Dave wrote: »

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

I think a complaint against BIS to the Parliamentary and Health Service Ombudsman might be the way to go, it means formally complaining to BIS first, then submitting a complaint to the ombudsman via your MP. From what I read last night, they'll consider a joint complaint from a group of people affected by the same issue, and have

http://www.ombudsman.org.uk/make-a-complaint

If you read the ombudsman's principles on the approach public bodies are expected to take in dealing with us, it's fair to say there are more than a few that have been breached by BIS in selling off our loans:

http://www.ombudsman.org.uk/improving-public-service/ombudsmansprinciples

I think the response to the latest FOI request that Erudioed linked to will be helpful, i.e. the fact that borrowers are being treated differently depending on who their loans were sold to. I'm waiting for a response to my own FOI request for the original student loans literature given to prospective and new students.

If enough of us make a joint claim, then our collective statements on how the loans were 'sold' might hold some weight, but if we're serious about making a misselling claim, we need to gather as much evidence as we can before making the complaint to BIS, then the ombudsman.

The Universities at the time seem to have been singing from the same hymn sheet, as many of us were told these are Government loans, not the same as a commercial loan, they won't affect your credit rating or show on your credit file, etc. Which means the Uni's must have been briefed/given guidance by Government on what info to give students. Would someone be willing to make a FOI request for this info (I have 2 requests already pending with BIS, otherwise I'd do it myself)?

BIS also quoted an extract from the 'Sale and Purchase Agreement' for the loans sell off, in response to another FOI request here:

https://www.whatdotheyknow.com/request/215581/response/538739/attach/html/4/image2014%2007%2014%20091054.pdf.html

It might be an idea to try and get a copy of the whole Sale and Purchase Agreement through another FOI request, there may well be something useful to support our claim?

Lungboy

Here's a link to the SLC pages from 1996/7, I haven't had time to search through for the relative parts, but hopefully there might be something about it not impacting us somewhere.

http://web.archive.org/web/19970122200140/http://www.slc.co.uk/

JeLaw

I'm finally forcing myself to get my head out of the sand and return to the horror that is Erudio!

I haven't been able to face this thread or anything else to do with them for the past couple of months, but with my deferment (battle) looming I can't afford to ignore it all any longer.

Absolutely dreading attempting my deferment.... And it doesn't bode well having had a brief look at the last few pages of this thread. I was desperately hoping things might have improved by now....

I'm still furious about it all and the stress is the last thing I need. My health condition flared up a couple of months ago and I really don't need additional stress but nothing I can do!

I'm still debating what to do about the DD.

I'm going to contact my MP this week. I did write a few months ago but never heard back. I think I might try and attend one of his surgeries in person.

Separate from my own battle, I haven't had a chance to look at this thread properly but I'm certainly keen to pursue the mis-selling route. I definitely feel that I we were mis-sold these loans.

If there's anything I can do to help, I'd like to join in. I'll have a look at what's being suggested here and see what I can do.

fermi

"Graduates will pay less interest on their student loans from September, but fewer people will be able to defer "...

Read the full story:--> Student loan interest rates to fall from September, but fewer graduates eligible to defer





From 31st August the deferment level threshold falls from £28,775 to £26,727.

Sarebear78

anna2007 wrote: »

The Universities at the time seem to have been singing from the same hymn sheet, as many of us were told these are Government loans, not the same as a commercial loan, they won't affect your credit rating or show on your credit file, etc. Which means the Uni's must have been briefed/given guidance by Government on what info to give students. Would someone be willing to make a FOI request for this info (I have 2 requests already pending with BIS, otherwise I'd do it myself)?

I don't mind requesting the information - would it be another request to BIS?

Brooker_Dave

fermi wrote: »

From 31st August the deferment level threshold falls from £28,775 to £26,727.

The government seems to be working for Eurdio....

erudioed

anna2007 wrote: »

I think it can be used against Erudio, as the new creditor, in our complaints to the FOS (or ultimately the courts), especially the part about enforcement of creditor's rights, there's some info here that explains it quite well:

http://www.brodies.com/node/837

Re credit files, I think Erudioed may be right in saying that Erudio will most likely pass our loan data exclusively to Experian.

For anyone who grudges paying Experian for their credit report, you can actually get paid by Experian for signing up to their 30 day free trial of Experian Credit Expert via one of the cashback sites - £10.50 via Topcashback, or £5 via Quidco. It means cancelling before the end of the 30 days (or you'll be charged!), and then buying the statutory report from them at £2 a time, but the £10.50 will buy 5x reports, so will mean free credit reports for at least 6 months.

It also means giving Experian loads of personal info, including bank details and previous addresses etc and all things that mean they have a larger data file on you. A little bit of candy for some extra personal info to make their files more complete.

erudioed

Brooker_Dave wrote: »

The government seems to be working for Eurdio....

Like Arrow and BIS didnt discuss this when the loans were sold. A few of us have suspected this would happen in the forums back in april, alongside predictions about raiding our banks via direct debits. Seems these 2 have or will come true now. This will be the first significant lowering that i am sure will come frequently from now year on year. Arrow etc wouldn't have brought 45% odd of deferred loans that have been dormant for 15 or so years if they didnt know they would be able to get a good slice of it back.
This smells so bad, its like a game playing out in front of us all that has already been decided...without us having any part in it. All we did was sign a government form in good faith to get a better education...and lived up to that agreement. Now look how it has come back to bite us.
There must be something in what you and others are finding in all your great research into this Anna that justifies our instinctive outrage, it just smells too bad and pre-rigged against us to be not hiding something rather complicitous or corrupt!