ERUDIO student loans help

Student1983

Hi Anna2007
I value your response. Wish I could but not sure if signing would negate my old contract. Whilst it shouldn't I think erudio may twist it so it makes it impossible without having to fight for it. I do not recall any breaches or arrears on my part. Think news a SAR to check as no doubt just before my date is due I will be sent something. I have a feeling that the DD I had in place will mysteriously disappear as this will be for their interest close to my cancellation date. Need to pay close attention to that one. My deferral due to run out in 3 weeks. So will need to make a decision promptly. Also have looked at the pre 1998 CCA in relation to cancellation. This differs from the post 1998 one. My last loan was 96/97 academic year. Does the pre1998 still apply or has the post 1998 superseded this?

Pluthero

anna2007 wrote: »

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!

I agree it would be nice to 'get deferred' by signing their DAF BUT we don't yet know the consequences of signing it; you may not be able to 'sort out the rest' later as you may have signed up to new terms! I do not think Erudio's actions thus far should give anyone hope that they will quietly walk away from all the lovely money they could make with these loans. They are a ruthless DCA not the cuddly SLC. God knows what legal hoops they will set up in the coming years to get their hands on our cash. I'd rather sort this out now because I'm be damned if I am spending this amount of time every year trying to get deferred by these chancers.

Remember :

Under the threshold + supplied evidence of such to Erudio = Deferred/Obligations to loan terms met.

All else is Erudio bluster and implied threat, CRA's etc etc.

I'll see them in Hell before I pay them a penny whilst I am earning under the threshold. :mad:

anna2007

@ Student1983 Signing the DAF wouldn't negate the original agreement. The Government has also publicly stated that the original t&c's remain.

Your signature on the DAF is to certify that your declared income is correct, but if you do use the form, you need to remove the FPN at bottom of page 5/page 6. There's also a statement on the DD mandate about the DD being a requirement during deferment, but probably not so much of an issue for you, with cancellation a matter of months away.

One thing we know for sure is that, as things stand just now, Erudio won't process your deferment without a signed DAF, it will drag on way past your cancellation date in December, and they'll add arrears on your account while you fight for deferment.

It's the pre-98 agreement that applies to your loans - there's a copy of both agreements here if it helps:

https://forums.moneysavingexpert.com/discussion/4945901

anna2007

Pluthero wrote: »

I agree it would be nice to 'get deferred' by signing their DAF BUT we don't yet know the consequences of signing it; you may not be able to 'sort out the rest' later as you may have signed up to new terms! I do not think Erudio's actions thus far should give anyone hope that they will quietly walk away from all the lovely money they could make with these loans. They are a ruthless DCA not the cuddly SLC. God knows what legal hoops they will set up in the coming years to get their hands on our cash. I'd rather sort this out now because I'm be damned if I am spending this amount of time every year trying to get deferred by these chancers.

Remember :

Under the threshold + supplied evidence of such to Erudio = Deferred/Obligations to loan terms met.

All else is Erudio bluster and implied threat, CRA's etc etc.

I'll see them in Hell before I pay them a penny whilst I am earning under the threshold. :mad:

Completely agree. But my priority has always been not to give Erudio any reason to add arrears on my account, as that's the only way they can try and weasel money. I'd be even more determined if cancellation of the loans was less than 3 months away.

No arrears means the loans must be cancelled when the time comes, otherwise Erudio are in breach of contract and I'll see them in court!

Jonez

My current deferment ends after my sixtieth birthday - it was issued by Erudio after a minimum amount of hassle (certainly by the standards of others here). My recently issued annual statement confirms that there are no arrears. So, come next May, I will write them a letter requiring them to cancel the debt, as per the relevant legislation. I do not expect a hassle-free conclusion to the matter.

I hope the proposed court case happens and best wishes to all of those undertaking it.

Student1983

Used my access to free 24 hour legal advice and discussed this with them. Without having all the info to hand the general feedback is:
to let Erudio know that you are not consenting to their disclosure to CRA as it is unfair , detrimental and not in keeping with original custom and practice. Although section 16 allows information to be shared at that time we were not informed who it could be shared with. As a result we were unable to give proper informed consent.
The above is my summary of the advice. As someone pointed out before CRA were only just in existence then. Obviously our agreement has not acknowledged this. The legal advisor I spoke with commented that erudio were trying to possibly bring our old agreement in line with current legislation which all company's must follow under the cca 1998.

Furthermore I was advised to speak to ICA and FOS following the procedures first.

AlbertAchillies

We'll it appears to me that deferments don't make any difference to whether or not payments are taken anyway. I deferred from July14 to July 15 and received confirmation in the post. I then had as payment taken out of my account of £140. After calling them and complaining, they said it would be refunded and would take up to 14 days. 14 days later and no money. I called again and they said they'd organize a refund (hang on.... I thought that had already been done) and he said it would be in my account within 5 days. 5 days later.... No money SHOCK!!?.... I called and they guy said that our takes up to 14 days not 5. For some strange reason I have also received a deferment for another year too.... To Sept 16. it's so crap that we have no choice but to have to deal with these idiots.... They are so disorganised and unprofessional. I guess leaving me with hardly any money and three children to feed is not important.

Sarebear78

Sorry to hear that AlbertAchillies - you must write an official complaint - followed up by a complaint to the Financial Ombudsman if necessary.

Also don't go through Erudio - you can go directly to your bank and claim it back under the Direct Debit Guarantee - the bank must refund you immediately (then they get it back from Erudio after that). Any time they take it incorrectly you can do this.

ericctheking

What about reporting Erudio to the police for fraud?

Forever

AlbertAchillies wrote: »

We'll it appears to me that deferments don't make any difference to whether or not payments are taken anyway. I deferred from July14 to July 15 and received confirmation in the post. I then had as payment taken out of my account of £140. After calling them and complaining, they said it would be refunded and would take up to 14 days. 14 days later and no money. I called again and they said they'd organize a refund (hang on.... I thought that had already been done) and he said it would be in my account within 5 days. 5 days later.... No money SHOCK!!?.... I called and they guy said that our takes up to 14 days not 5. For some strange reason I have also received a deferment for another year too.... To Sept 16. it's so crap that we have no choice but to have to deal with these idiots.... They are so disorganised and unprofessional. I guess leaving me with hardly any money and three children to feed is not important.

This is really disgusting.

I would complain to Erudio via email, and cc the Financial Ombudsman as well as your MP. The FOS won't be able to do anything until Erudio has a chance to deal with it. But I think this helps Erudio to behave slightly better.

Once Erudio has dealt with your complaint, I would take this up with the FOS and the FCA anyway.

If you wanted to, I would also recommend taking this to the media too.

In the meantime, you have to keep an eye on your back account. As soon as they take something, you can get it back under the DD guarantee via your bank. This means you don't have to deal with Erudio - which is heaps easier!

I hope you get your money back.