ERUDIO student loans help

fermi

Suppose the only terms in that you might be able to twist is "remaining period of the loan".

When you are nearing write off would that be 60 or 84 payments minus how many you have already paid at some point? Or the remaining time until write off as legally the loan ends then?

It's clear that it was written intending to be the first, but sure Erudio will try to twist it and con people that it is the other.

Pluthero

ericctheking wrote: »

This is what they are doing and it is even evidenced in people's paper work.

Is that not a breach of contract on Erudio's part? and what does that mean? What can people do about it?

If people have DDs set up Erudio are just going to help themselves to the money!

Now if that is true and they have put it in writing then Scandal!
Surely the FCA would have a field day with that kind of sharp practice! Did they not just warn firms about clarity recently. Imagine if erudio lost their license:-)

TBH I never really looked at my statement other than the four months of arrears I will not be paying! However if this is true I think I will send another complaint to the FCA and I urge everyone to do the same. In fact anything you feel erudio have been poor on, take your pick, then email the FCA.

anna2007

fermi wrote: »

The repayment amount should be a bit higher than the current balance ÷ 60 as it should take account of interest that would accrue over the 60 months based on the current years rate?

I think the quoted monthly payment already has the 2.5% for 2014/15 factored in - the letter says "The repayment amount is based on the current rate set by government, which when applied, produces an APR of 2.5%. The interest rate is set for 12 months at a time and may change again next September. If the interest rate does change, a new schedule will be sent to you detailing your new monthly payment amount".


I appreciate that the repayment amount might vary slightly if there's a change in the interest rate, but that aside, my outstanding balance, plus 2.5% interest over the remaining term, is essentially being squeezed into 47 monthly payments, rather than 60?

fermi

If it's differing by that much then yes it is blatantly wrong, and out of order.

ted999

Whilst I'd like to say I'm shocked at the change in repayments, where Erudio are concerned, maybe not, more expected!


Can I suggest that as well as emailing the financial ombudsman/FCA that you contact Paul Lewis from Moneybox who is still collecting stories about Erudio and I know he'd be interested in this one as there is definite paper evidence. His email address is paullewismoney at gmail dot com

fermi

And email news@moneysavingexpert.com with the evidence please.

Plus maybe tweet or email Simon Read from the independent who did the Erudio stories earlier in the year.

Granville23

Deferment applications from ‘shared borrowers’ (borrowers whose mortgage style loan
accounts are split between Erudio and either Honours Student Loans or Thesis
Servicing) are processed by the Student Loans Company. If an application is successful,
deferment will apply to all of a shared borrower’s mortgage style loans, including those

Fermi

Is this correct as I have had awful trouble when speaking to SLC and Erudio. Erudio tell me that SLC is responsible for deferment and SLC have categorically told me that they have nothing at all to do with the loan that Erudio bought from the goverment. This has caused me a great deal of anxiety, let alone SLC not sending me a deferment form when they say they did. This is an absoloute joke having loans split between different companies, I now have 2 with thesis and 1 with Erudio and none with SLC now they sold it on to Erudio

fermi

Yes, that is correct.

Unfortunately no one seems to have told a lot of the frontline SLC staff.

fermi

This is an email that was kindly forwarded to me by another member here or elsewhere.

Ref:

Dear ************

Customer Reference Number: ************

Thank you for your email dated ***** 2014, which has been registered as a complaint.

I would also like to apologise that your queries were not answered when you first called us regarding your deferment.

I can confirm that in your circumstance, we defer all accounts on behalf of Thesis Servicing and Erudio Student Loans.

All other aspects of your loan are administered by the respective company.

When your deferment period ends on ******** 2014, you can submit your forms to the address below as normal.

I hope that with this response we can now consider matters resolved. If there is anything in my response you would like to discuss please contact me at the below details.

Yours sincerely

**** ******
Customer Relations Officer
Student Loans Company
100 Bothwell Street Glasgow
G2 7JD

E-Mail: [EMAIL="customer_complaints@slc.co.uk"]customer_complaints@slc.co.uk[/EMAIL]
Telephone: +44 (0)141 243 ****

anna2007

Granville23 wrote: »

Fermi

Is this correct as I have had awful trouble when speaking to SLC and Erudio. Erudio tell me that SLC is responsible for deferment and SLC have categorically told me that they have nothing at all to do with the loan that Erudio bought from the goverment. This has caused me a great deal of anxiety, let alone SLC not sending me a deferment form when they say they did. This is an absoloute joke having loans split between different companies, I now have 2 with thesis and 1 with Erudio and none with SLC now they sold it on to Erudio

Could it be because you've contacted SLC directly, rather than via Thesis? I thought SLC processed deferments for both Thesis and HSL, but you get the application pack from Thesis/HSL?

Erudio's own website, under "Any other questions", states if you're a 'shared borrower', you can apply to any one of them and the deferment will apply to all loans, you just have to inform the other owners.