ERUDIO student loans help

Desperado99

I'm in a similar position Beezmouse, having looked everywhere I've lost my feb payslip. As it happens SLC never accepted them anyway as they are hand written so I always have to provide a letter from my employer regardless (it's only 6hrs a week and I don't get a P60 - if it wasn't for my student loan they would class me as self employed but I'd then have to provide accounts).


It's taken years of trial and error to get my deferment process down to a fine art and now I've got to start with a new set of rules. And now I'm wondering what sort of hoops I'll have to jump through when I turn 50.

rizla_king

aberwales2013 wrote: »

hi,

im a single mum of 3 doing a phd. the student loans company are taking my benefits and child Maintenance into my calculations and class them as income. so i end up just above their threshold value. they have told me over the phone therefore i will have to pay £130 a month. i dont have that money. the money i receive is for my kids. it is not my money to use. im trying to find out where i stand. councils dont take child Maintenance into account as income, or child benefit. Tax credits dont take my education grant into account. im given the bare minimum to live off and adjusted by the council if tax credits goes up. i have no taxable income at all.
anyone have any facts or advice? can they take child Maintenance as being income.

thanks

There's an example of the old forms here.

http://www.ccscollect.co.uk/docs/SLC/20130901%20-%20Deferment%20form%2009-13%20(CCS%20Style).pdf

Saw someone post a small bit of that over the road.

There is a NOTE that gives a list of all the benefits that can't be used for income. Any on the I&E part of the form not on that list can be used. Only disability and related benefits are excluded.

fermi

Just looking at my old SLC docs, and that is the case.

fermi

Regards refunds or balance adjustments that some people are getting.

This is the reason why:

http://www.parliament.uk/documents/commons-vote-office/February_2014/13 February/1-BIS-StudentLoans.pdf

Late on in the sale and migration process, a potential issue was identified with some of the arrears correspondence that had previously been issued by SLC to a proportion of MS loan borrowers. These letters could be interpreted as having not been fully compliant with the Consumer Credit Act (CCA) 1974 (as amended in 2008) and associated secondary legislation.

Although borrowers are not thought to have been disadvantaged as a result, the decision has been taken to adjust the balance of the affected loans.

Erudio Student Loans Ltd. will remove any loan interest and/or charges paid by the affected borrowers from the time that they first received such a letter. Borrowers need take no action and all affected borrowers will be informed as part of migration.

This is almost identical in principle it seems as:

http://www.moneysavingexpert.com/news/banking/2014/03/lenders-to-repay-149m-after-paperwork-blunders-discovered

These refunds DO NOT mean your original loan agreement was invalid or unenforceable now due to this.

The issue is with letters and notices post contact that have to be sent out under the CCA, not an error in the contact itself.

The error in sending out the letters or notices meant that for a certain period some loans should not have had interest or charges applied for the period during which the correct notices were not sent out. During that same period the agreement would not have been enforceable in court.

The above was temporary, and when the correct notices were again sent out they could legitimately apply charges and interest again from the date they send the correct ones out, and it would again be enforceable by a court.

So the adjustment is simply a refund for the temporary period when under a technicality they should not have applied interest and charges.

erudioed

The original letter stating the loan had been sold, the FAQs and the fair processing notice that includes the voluntary signiture box to share data would also help i think. If i had a scanner i would do it but hopefully someone else has.

ericctheking

Someone is mumsnet is saying they taped a conversation a erudio manger had with them telling them if they have over a certain about of savings that money is erudios!!!!!!!!!
This person is sick now and seeing the doctors and is just going to pay erudio off because it is too much stress.
Cancer is too kind for those parasites at erudio.

erudioed

It is more The Wilmington Trust from what i can see who are behnd this, considering they both share our dear leader as a director. Here is our beloved leader Mark Filers recent and past directorships and some of his philanthropic ventures from the past...just scroll down.
http://www.companydirectorcheck.com/mark-howard-filer

Maybe someone can find something in that lot that BIS didnt in their due diligence test! And thats just the director of Erudio...as i have listed before, the big businesses also connected to this deal seem just as dirty, if predatory practices are considered dirty and not good capitalism that is!

ericctheking

Student loans are special and should never have been sold off.
Is there any other loan you can get with deferments if under income thresholds etc? I don't think there is.
The SLC was not perfect (and seemed to get worse when they brought in the new CEO who got paid with dodgy offshore tax dodges!) but they are a non-profit making organisation with government oversight whose job is to make a fair system for student finance. They have no incentive to not handle deferments fairly as they are not about making money.
How could these loans be then sold of to a profit-making oraganisation who is incentivised to trick people into paying and handle deferments poorly. How could this process have been given to a profit-making organisation? Of course there are going to be problems.
Some loans where already sold off before but with those loans the SLC always kept the deferment side of things in house, why didn't this happen with this recent sell-off? They could have given erudio the money that was collected but kept the process of deferment to ensure fairness for all.
I don't want to get into politics but the way things are going in this country is like America
ie. if we can't pay erudio ((when (1) we aren't entitled because we don't earn enough and they have spoofed us, and (2) we are under the threshold so it is a case of eat or pay erudio)) then we might all be thrown in erudio run private prisons!!!

Returnee

I am interested to know what happened to the 'PGCE' OPtion that allowed me to pay my Income Contingent Loan first then my mortgage style one.

That seems to have gone now, doesn't it.

I just cancelled my DD from ESL as I am overseas and don't have to pay by DD, so we shall see what comes of that. It will be interesting to see if Erudio accept the same documents that SLC does regarding my income. Which is three shabby payslips that I have to print of myself for the ICL period because the company I work for is paperless.

Johnny_X

Hello everyone this is my first post and I'm making it because I have (like others) have concerns about Erudio.

I work part time and I'm well below the threshold overall, however I've lost my P60 (I can provide other evidence however payslips etc.) Having read what people are saying about this company, I really do not want to give them my Direct Debit details (I never did under the previous company either) as I'm worried they'll just string me along and cause trouble so that they can start taking payments from me. If I print the letter out on these forums with no DD details and send in copies of my payslips will I not be in breach of the Ts and Cs?

Many thanks in advance