ERUDIO student loans help

Student1983

Contacted slc yesterday to verify what 3rd part support meant as I have always reported that my partner gives me money. Never a big deal then but now I realise how every word etc counts.

I asked if I was earning then is the additional money my partner puts into my account for household stuff classed as third party support.
Slc said no as I had my own income

Hope this helps but again check this out as we are getting mixed messages. So if you earn and are basically self supporting then you do not have to add in any money your partner gives to you in kind.
If my interpretation is correct then student loans in the past never needed to know this. This possibly more relevant if I showed I was living on the minimum amount set by government.

Student1983

Also asked erudio to clarify what they meant by loans or credit cards and asked how this is income. We live in a world of credit so not happy that they are trying to fleece this out of me too. Basically they couldn't justify there answer other than to say that we are trying to look at all income to support you. When I asked how debt was income the person said maybe you get cash back. I wish if I did I'm sure it would be pittance given my limited income Again this isn't even taken into account when you add up the gross income it is basically there to prove you have no support other than debt. Again think this should be ignored if income is proven by other means be that by a wage, via benefits or if none of these 3rd party support.
I might be assuming too much here but if your income fro any of these sources shows you are on or above the breadline then other evidence should not be required. The slc process of deferral highlighted in a post showed that further evidence would be required if it appeared that you were not getting the statutory living requirement. I think it is now on slc freedom of information as it was recently requested.

BaffledByErudio

@Student83

Genuinely wouldn't worry about Erudio asking if we have credit cards. I know that can't be classed as an income source. It's credit. The same as if you have an agreed overdraft on your bank account.
Although, in saying that, Erudio do seem to have a habit of calling themselves the 'lender' in relation to our loans - which in itself (while technically correct now) is bonkers.
If there is any ulterior motive Erudio has/had for asking about our credit availability and worthiness, [while we don't know for sure] it was probably mostly about phishing for details. Credit reference agencies buy and sell data on debt and it's mostly because this data is lucrative.
Outside of my student loan, I have a credit card, nowhere near its limit, yet over the last few months, I've had shedloads of letters encouraging me to take out new cards. (Never used to get them).
I've also had my current credit card limit increased (never happened before).
While I'm only assuming this stuff, it's important to remember that Arrow Global (Erudio backer) had a deal with Experian (most recognised CRA in UK) to somehow share or swap data.
I suspect [can't be sure - it's not an accusation] somewhere along the lines, credit card and loan data would be useful.
If this IS the case, it's originally down to mis-selling by the government. And our local education authorities when we took out the loans. I'm even now in touch with one of my former teachers. We were encouraged (I wouldn't even call it advised) that to study at university would only cost us if we went above the earnings threshold. I can still hear my humanities teacher's words ringing in my ears 'you might not even have to pay it back'.

I always end these posts with this acknowledgement. I think we all should. 'None of us took out the loans and thought we'd never be able to pay them back. We wanted a good wage. But the terms were that as long as we were legally able to defer, we could. And while many of us are now deferred by Erudio, we're left blinkered by their paperwork and slack approach to replies, telephone enquiries and paperwork'.

Student1983

Any other Friday night I would be in my bed but I am too wound up possibly because my deferral date is looming. But I am going to put this matter to bed now as I am so wound up however this is my way forward.
My child has been bullied in school. I have managed to get him to expose the bullies. How can I tell my child to do this if I am not prepared to do this myself.
Hence tomorrow I will contact erudio and ascertain their cancellation policy. I will contact foi and ascertain if the rules around cancellation are subjected to change by erudio. I will apply for deferral using a covering note and I will cc bis, local mp, all local, national and worldwide media as this is global. I will keep my direct debit in place as I will not give them the chance to put me in arrears. I will have to become overdrawn as a consequence but I will claim this back. I will let erudio know that I am done being bullied and I will go to sleep tonight knowing that I am standing up to them because my income is well below the threshold and any court will agree.
If I don't stand up to them how can I tell my child to do the same. Bullies remain bullies until exposed.

fermi

Cancellation policy must be the one set down in law and in your loan agreement. As said, Erudio cannot change it.

http://www.legislation.gov.uk/uksi/1998/211/schedule/2/paragraph/12/made

12. The lender will cancel the borrower’s liability to repay the loan if the borrower—

(a)dies,

(b)is not behind on any repayments under any agreement for a student loan and—

(i)was under the age of 40 when his last agreement for a student loan was made and he reaches the age of 50 or when the last agreement for a student loan has been outstanding for not less than 25 years, whichever is the sooner, or

(ii)was aged 40 or older when his last agreement for a student loan was made and he reaches the age of 60, or

(c)if the borrower can show the lender that he gets a disability related benefit and because of his disability is permanently unfit for work.

They will.

Not can, or may do, or shall if they feel like it, or at their discretion.

They will.

Erudio have no choice and must stick to the legislation above.

Student1983

Hello Fermi. Thankyou for your posts. Unsure how to than other posts. Is there a way to do this.

Also tried to Pm but this not working.
I think it is sent but when I look at my sent box it says 0
regards

fermi

Student1983 wrote: »

Hello Fermi. Thankyou for your posts. Unsure how to than other posts. Is there a way to do this.

Also tried to Pm but this not working.
I think it is sent but when I look at my sent box it says 0
regards

The PMs are getting sent but for some reason the default settings on a new forum accounts are set to not save copies of sent PMs in the sent folder.

Change it via:

User CP > Edit Options



Then click save changes at the very bottom of the list of other options.

anna2007

Student1983 wrote: »

Any other Friday night I would be in my bed but I am too wound up possibly because my deferral date is looming. But I am going to put this matter to bed now as I am so wound up however this is my way forward.
My child has been bullied in school. I have managed to get him to expose the bullies. How can I tell my child to do this if I am not prepared to do this myself.
Hence tomorrow I will contact erudio and ascertain their cancellation policy. I will contact foi and ascertain if the rules around cancellation are subjected to change by erudio. I will apply for deferral using a covering note and I will cc bis, local mp, all local, national and worldwide media as this is global. I will keep my direct debit in place as I will not give them the chance to put me in arrears. I will have to become overdrawn as a consequence but I will claim this back. I will let erudio know that I am done being bullied and I will go to sleep tonight knowing that I am standing up to them because my income is well below the threshold and any court will agree.
If I don't stand up to them how can I tell my child to do the same. Bullies remain bullies until exposed.

I remember the sleepless nights worrying, it's the thing that P's me off most about Erudio (and why I'll keep fighting), that they can seemingly have that effect on us, when in actual fact they have no power at all with deferrers, other than to intimidate. It sounds like you're ready for the fight

With your loans due to be cancelled soon, the key part for you (and all of us eventually) from the regs:

"is not behind on any repayments under any agreement for a student loan".

Erudio can't make money from legitimate defererrs, they will try every trick to turn you into a defaulter, so they can recall the whole loan, as that's the ONLY way they can profit. With your loans due to be cancelled, the most important thing is you don't give them the opportunity to say you've defaulted.

Others might disagree, but with cancellation so close, I'd say complete the damn form, get deferred, sort the rest out later!

BaffledByErudio

Just watched a few videos on youtube about the American student loans crisis and Sallie Mae.
It's troubling viewing. Individuals owing daft amounts like $170,000, when they originally borrowed $40,000 to get themselves through uni in a country where tuition fees were never free.
The main thing troubling me is wording.
In many of these videos, you hear the expression 'forbearance'.
In American student finance, if borrowers can't afford payment, they're sometimes offered 'forbearance'. It's a 'payment holiday', where interest and payments are compounded massively until repayments are possible again.
Now, in the early days of Erudio's remit, I remember Zach Lewy saying he didn't think some deferred mortgage style loan holders qualified for deferment and should instead be offered 'forbearance'.
Like it was some type of gift. Like a friendly gesture.
Also, as we're all now in 'payment holidays' (if deferred) we can expect similar gauges of our income and lifestyle?
I swear, if this bloody 'forbearance', or whatever they claim it is appears on my credit record and affects the mortgage I'm applying for, I'll take the idiots to court.
I now have tracked down three of my teachers who, at the time, encouraged 17-year-olds to go to University, with the 'take a loan out and don't be scared' attitude. I've also written to my local education authority.

anna2007

BaffledByErudio wrote: »

Now, in the early days of Erudio's remit, I remember Zach Lewy saying he didn't think some deferred mortgage style loan holders qualified for deferment and should instead be offered 'forbearance'.
Like it was some type of gift. Like a friendly gesture.

That statement was made in Martin's blog on the Government selling us out:

"Erudio says it wants to provide a bespoke system for each borrower. It believes many who deferred in the past shouldn’t have been deferred, they should have been given forbearance (ie, they are eligible to repay, but should in special circumstances be let off doing so) and it wants to look at each case individually".

http://blog.moneysavingexpert.com/2014/05/06/the-government-has-sold-people-out-over-erudio-student-loans/

If Mr Lewy is suggesting our right to defer is in any way discretionary, or similar to the American student loans system, he's the only one who thinks so. I suspect he was talking through a hole in his @rse, and knew only too well that "forbearance" is irrelevant, but was trying to imply Erudio have more power to enforce payment than they actually do. Either that, or he seriously misunderstood the deferment process for our loans.