ERUDIO student loans help

in Credit File & Ratings
6.6K replies 876.5K views
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Replies

  • I'm surprised how easily this company manages to bully people, because bullying tactics are the method used by debt collection companies. Big bold red threatening type face screaming threats of bad credit, court and possession of goods and property, it's the stuff of nightmares. Particularly when you're feeling skint and vulnerable.

    Step one- don't let them boss you around. You don't have to do whatever they tell you. You do not have to sign anything they tell you. They are not the law, they are a company trying whatever dirty methods they can to squeeze money out of people with very little. If your local butcher posted you a form to sign saying that you agree to jump off a cliff and he could sell your corpse as sausages, would you sign it and agree to it? yes/no? same thing. Don't do what you're told. They are not representatives of the law, nor are they upholding it. They are no better than scammers trying their luck in my book.

    Read the original terms and conditions of the loan, that is the legal basis on which you borrowed the money. Just because another company buys the debt, doesn't mean they can change the terms.

    This company can stamp it's feet and demand you pay it back in full but they cannot make you do this. They may threaten but they are tying their luck with intimidation because they think you'll cave in and start paying them money.

    All they want is for lots of people to pay them money, and they don't care how they go about doing it. They are like a child having a tantrum, they will scream and shout all sorts of things. Do not be scared of them, and don't let them boss you around. Get clued up on the terms and conditions of your loan, the law is on your side. They are not some greater force above the law, although they will try to convince you otherwise. There is a legal process for these sort of things, find out what it is and stay on top.
  • rizla_kingrizla_king Forumite
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    Doesn't the law of property act 1925 conflict with some other laws?

    No. It doesn't. It's the basis on which debts are sold. be it a student loan, a credit card, or any other sort of debt.
    Still rolling rolling rolling...... :) <
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  • ericcthekingericctheking Forumite
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    and what if you receive no notice of assignment from the SLC?
  • rizla_kingrizla_king Forumite
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    Notice of assignment is legal if sent by the buyer. Weird, but true.
    Still rolling rolling rolling...... :) <
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  • ericcthekingericctheking Forumite
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    rizla_king wrote: »
    Notice of assignment is legal if sent by the buyer. Weird, but true.

    Then how can you know if it a scam or not? Wouldn't scam artists be sending fake ones out left, right and centre?
  • rizla_kingrizla_king Forumite
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    They could do, but if you checked with the original creditor and no such assignment has been made then a notice of assignment would not be legal, no matter what it said. The notice is a notice. One that can be sent by either party to the assignment to make it effective. Not the legal assignment itself.
    Still rolling rolling rolling...... :) <
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  • ericcthekingericctheking Forumite
    328 Posts
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    and what if you don't receive one from either party?
  • rizla_kingrizla_king Forumite
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    and what if you don't receive one from either party?

    The assignment doesn't take legal effect until you do. :cool: It's an easy thing for them to correct though.
    Still rolling rolling rolling...... :) <
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  • ericcthekingericctheking Forumite
    328 Posts
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    Rizla King you seem to know a lot about the law.
    What would your advice be for people dealing with all this?
    Write to your MP and don't vote conservative!
  • erudioed- the Financial Conduct Authority does look into reports of unfair contracts. Here is a link to the form:

    http://www.fca.org.uk/consumers/protect-yourself/unfair-contracts/reporting-form
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