ERUDIO student loans help

GirlGeek

Until I have to do it again next year, I don't believe anything I'm told, even when I'm pretty sure something is correct 'people' seem to think they can say whatever they like and you have to abide by it!
Right now, at 12:13hrs if you have more than one loan they should be deferred by SLC.... it could be different at 12:17hrs!
If only they'd have left it all alone!

ericctheking

GirlGeek wrote: »

Until I have to do it again next year, I don't believe anything I'm told, even when I'm pretty sure something is correct 'people' seem to think they can say whatever they like and you have to abide by it!
Right now, at 12:13hrs if you have more than one loan they should be deferred by SLC.... it could be different at 12:17hrs!
If only they'd have left it all alone!

SLC always asks for original payslips so it would be too difficult to send evidence to two lots of organisations!
What if SLC approved deferment but Erudio didn't!

GirlGeek

ericctheking wrote: »

SLC always asks for original payslips so it would be too difficult to send evidence to two lots of organisations!
What if SLC approved deferment but Erudio didn't!

We know this but Erudio would prefer it if we didn't. Before I realised the futility (and danger) of speaking to them on the phone they refused to admit to me it wasn't them that approved deferment, or the 'operator' didn't know!

anna2007

ericctheking wrote: »

If the SLC always have to defer Thesis and Honours loans (as part of a previous agreement) they still need to keep people who can do deferment. Seems crazy to have Erudio doing deferment too.

Why couldn't it be kept with the SLC for everyone?

The answer to that will lie in the true proportion of deferred vs defaulted loans included in the sale to Erudio. I think the %'s quoted by BIS in the press release could be seriously misleading, I'm going to put another FOI request into SLC for some more detailed figures on the status of all loans at the time of the sale.

Does anyone know - if a debt is "in litigation", can it be sold on? The majority of SLC loans with long term arrears were in litigation, if these were included in the 40% quoted by BIS, but not actually transferred to Erudio, then the proportion of deferred loans is way higher than 46%... and that would be good enough reason for BIS to sell the deferred ones this time around.

I doubt if Arrow Global/CarVal would be interested in a small number (or even a large number) of defaulted loans, if many may be statute barred - a much more attractive deal if a large number of deferred loans are thrown into the mix, with all the personal data that comes with it...

Lungboy

Erudio claim that everyone must use their forms in the interest of equality and fairness, yet some of their own "customers" get deferred by the SLC, using different levels of proof? That doesn't seem particularly fair and equal.

cluelessfish

anna2007 wrote: »

I doubt if Arrow Global/CarVal would be interested in a small number (or even a large number) of defaulted loans, if many may be statute barred - a much more attractive deal if a large number of deferred loans are thrown into the mix, with all the personal data that comes with it...

dont forget they did not pay the face value of the loans. also defaulted loans are probably worth more to them as defaulting means they can claim the whole value back on their terms. Deferred loans can remain deferred until they are written off.

did I miss a post about "statute barred" Thought student loans could not be statute barred and once defaulted don't go away?

ericctheking

Lungboy wrote: »

Erudio claim that everyone must use their forms in the interest of equality and fairness, yet some of their own "customers" get deferred by the SLC, using different levels of proof? That doesn't seem particularly fair and equal.

Well, it makes a mockery of that excuse.

However, Can you imagine having to apply for deferment to two sets of blood sucking DCAs!!

ericctheking

cluelessfish wrote: »

did I miss a post about "statute barred" Thought student loans could not be statute barred and once defaulted don't go away?

Mortgage style loans can be statute barred (6 years) defaulted doesn't mean anything there needs to be a CCJ. for them to never go away and even then the CCJ needs to be acted on in a reasonable time.
Only thing is they can't be written off in bankruptcy.

JeLaw

cluelessfish wrote: »

dont forget they did not pay the face value of the loans. also defaulted loans are probably worth more to them as defaulting means they can claim the whole value back on their terms. Deferred loans can remain deferred until they are written off.

I'm probably missing something and being completely stupid, but would the defaulted loans really be worth more to them? I suppose it depends how many were allowed to become statute barred by SLC. It would only loans defaulted on within the past 6 years that could be worth anything to Erudio. What proportion of defaulted loans would this be?

ericctheking wrote: »

Mortgage style loans can be statute barred (6 years) defaulted doesn't mean anything there needs to be a CCJ. for them to never go away and even then the CCJ needs to be acted on in a reasonable time.
Only thing is they can't be written off in bankruptcy.

As far as I'm aware, people used to be able to write off their loans if they went bankrupt. I can't remember exactly when but the law was changed so that this was no longer the case.

Out of interest, how was it decided which loans were sold to Thesis/Honours? Was it just a lottery which of use ended up with Erudio? This might have been covered earlier in the thread so sorry if I've missed this.

gardenia101

JeLaw wrote: »

I'm probably missing something and being completely stupid, but would the defaulted loans really be worth more to them? I suppose it depends how many were allowed to become statute barred by SLC. It would only loans defaulted on within the past 6 years that could be worth anything to Erudio. What proportion of defaulted loans would this be?



As far as I'm aware, people used to be able to write off their loans if they went bankrupt. I can't remember exactly when but the law was changed so that this was no longer the case.

Out of interest, how was it decided which loans were sold to Thesis/Honours? Was it just a lottery which of use ended up with Erudio? This might have been covered earlier in the thread so sorry if I've missed this.

If this was posted earlier I've also missed it.

I've not actually had confirmation that all 3 of my loans have been sold to Erudio yet, I just know that at least 1 has or they wouldn't be contacting me.

I've had an email from them in response to my scanned letter for deferment/evidence so I know they've had it. They asked for some additonal information which I hadn't supplied (my middle names & previous addresses I'd lived at - hadn't thought to supply these as I have an uncommon name, & I'd given them my DOB, loan account numbers etc. already).

No other contact from them yet though, & no responses on the leaglbeagles website either.

Will post back when I hear anything, although I haven't had any unpleasant dealings with them yet, so I hope they've seen that I am entitled to defer.