ERUDIO student loans help

anna2007

Mr_McGuffin wrote: »

All errors are deliberate here. The more confused and incomprehensible statements are the more it will be impossible to know for certain how much is owed now and in the future, what interest rate is applicable, whether there are arrears, when and how those historic arrears may pop up and accumulate, and with what penalties.

Completely agree. I didn't pay much attention to the SLC statements - that same trust doesn't exist with Erudio, who clearly aren't reducing the interest on loans because they're such a considerate and obliging DCA!

I'm going to decline their kind gesture, ask for an amended statement showing the correct amount of interest, which they're legally required to provide. A happy side effect is that it'll cost Erudio in extra admin and postage, easily avoided if they could get something right for a change.

Anything that's different to the way SLC did things could potentially be Erudio trying to weasel money, if not now then at a later date. If we don't earn over the threshold, we don't pay, that's (should be) the easy part. But we have to be wary if, for example, the terms and regulations say we owe 3.3% interest and Erudio charge lower than that.

This isn't just about the ridiculous deferment situation, it's everything in-between and how Erudio might twist terms and the law to suit themselves.

Ever the optimist... but I'm sure if we ALL keep fighting Erudio, what with the admin/FOS/FCA/court costs, they'll eventually write us off as a very bad debt, i.e. don't mess!

anna2007

cluelessfish wrote: »

also got my statement today and is also missing interest from March - July with a single large consolidated value for August. The opening and closing balances do add up to annual interest of 3.3%


The direct debit they took on 10th April is there as is the refund on the 29th April however there are also 2 adjustments and 2 PAYMENTS all on the 29th. I could understand an adjustment to errors from payment/refund but the extra adjustments and payments cancel out?

The statement was also dated 5th September only two days after my HSL statement but took almost three extra weeks to arrive?

I had the consolidated entry too, June to August, but the amount of interest (forgetting the interest from March to June) is wrong. It's monumentally !!!!ed up - it almost looks like it's deliberately wrong!

Mine was dated 5 Sep too, but received today. Did you have a statement at the bottom about interest being reduced?

The extra adjustments on 29th sound very Erudio...

erudioed

I'm sure most will have seen this but i was looking around the other day and came across this article again by Simon Read from November before most of us were aware our loans had been 'sold'. Makes you wonder about the due diligence process again:
http://www.independent.co.uk/money/loans-credit/simon-read-why-are-we-setting-persuasive-debt-collectors-on-our-former-students-8973887.html

ericctheking

Also this was in the Telegraph last year.
Like the sarcastic tone about due diligence.

http://www.telegraph.co.uk/finance/comment/citydiary/10485270/Dashwood-Governments-student-debt-owner-has-Delaware-bad-bank-connection.html?mobile=basic



Dashwood: Government's student loans owner has Delaware bad bank connection
GMT 01/12/2013
Will Erudio Student Loans represent the best value for the tax payer, as the Department for Business, Innovation & Skills claimed when it sold the company £160m of student debt last week?

Erudio is the joint venture set up by CarVal Investors and Arrow Global, the debt management specialist, to manage that loan book.

What has been kept quiet, however, is that Erudio’s trustee is the London arm of Wilmington Trust, the Delaware-based bank that is being investigated by the US Department of Justice in relation to “issues” that arose before the lender was rescued from collapse with a $351m (£214m) bailout from M&T Bank in May 2011.

No doubt the BIS conducted its due diligence in the “competitive” bidding process.

But might Wilmington, which provides London office space for Erudio and has installed its UK director, Mark Filer, on Erudio’s board, rethink its “company policy” of not speaking to the press when it takes control of the public debt early next year?

erudioed

So potential fraud in the US by one of the companies (The Wilmington Trust), known bad, dodgy collection practices by another (Arrow Global), questionable customer services practices by another (Capita) all with Channel Island connections, a shell company to take the heat and funnel the cash...and thats not even mentioning carVal which has an equally questionable history.
At least BIS used taxpayer money to conduct the due diligence because only a government agency would be able to find out all the above dodgyness to protect the student loanees from selling to such a bunch of corporate crooks as these...and they expect us to be totally honest about our finances! The bigger you are, the more untouchable you are, unless bad press keeps getting ratcheted up that is...which is where we fit in i guess to try (yes, try) and restore some semblance of logic and common sense to this clearly crooked business!

GirlGeek

I also received my statement today, dated 5th September. Several things of note; they've not added any interest to my loans since Feb, the activity from then on consists of wrongly taken payments and repayments. I'm not overly happy with the labelling of one. There were three taken 'in error', two repayments to me are labelled 'payment adjustment' and one is labelled 'direct debit unpaid'. There is, thankfully, a zero balance in the arrears box.

The other things of note are one of the two covering letters states the date and amount of payment they require (unless in deferment) each month. I'm assuming they're using this as the direct debit notice?

The final thing is in the FAQ list: "How should I make repayments? You should maintain a valid direct debit with Erudio Student Loans even if your account is currently in deferment".

I won't let them get anything out of me that they're not entitled to but omg I am so over this.

erudioed

Anna was right about all the new FOI requests, its just been pointed out to me that BIS have replied about them and have cancelled them all. Part 3 may be of particular interest but hopefully wont put anyone off asking 'directed' FOI requests from this point on.
https://www.whatdotheyknow.com/request/230821/response/565555/attach/4/FOI2014%20Mr%20Jonathan%20Wild%20Aggregated%20FOI%20requests%20response.pdf

crapola

Well, I've finally got round to signing up!

It’s just a quick one at the moment to say HOLA (I'm on lunch at work)...

I've been active on Twitter supporting and re-tweeting Erudioed's tweets for a couple of months now - so hello to any of my followers!

In a nutshell: my husband was in the first wave during March, he has 3 pre-98 loans. He experienced the full array and shitstorm mistakes but “successfully” received confirmation of deferral shortly after applying. The Annual Statement landed yesterday, which again seems to be the same as the majority of folk onhere have reported. He has noticed that the monthly payment amount (if and when relevant) is £30 different to that quoted at the beginning of the process.

We have been and continue to keep a very close eye on this forum and the media.

Erudioed beat me to it; the recent onslaught of FOI requests has been declined on the basis of Allocation Limit rules.

We’ve got to keep fighting this - we’re in it together!

Catch up later ;o)

erudioed

Finally, i am pleased you have landed! If you hadnt been passing on and flagging my posts, i may have given up already on Twatter.

erudioed

So here is Erudio's apalogy on its website a week or so back:
Annual Statements: Due to a systems error, some customers have received annual statements with an incorrect arrears amounts detailed. This issue has now been fixed and all customers affected by this error will receive a formal apology as well as a new annual statement. For further information visit the ‘Recently asked questions’ section of the website.

However, the mistakes being suggested here are much wider ranging, including not having all the accounts listed and such things, so lets see how big this !!!!-up is. Plus, some seem to have been sent out after they put this on their website. Someone said they had a printing date of 3 weeks ago but have just started arriving. It once again looks like a giant Capita !!!!-up. CarVal and Arrow Global deserve full compliments for hiring these bunch of bullies to represent their business interests. Now thats what you call good business decisions and they will all get tarnished with the same brush!