ERUDIO student loans help

fermi

Erudio are obliged to provide these annual statements under.

http://www.legislation.gov.uk/ukpga/1974/39/section/77A

brought in under the Consumer Credit Act 2006, and which apply whenever the loan was actually taken out from one year following when that 2006 act came in to force.

I note that:

(6)Where this subsection applies in relation to a failure to give a statement under this section to the debtor—

(a)the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b)the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

(c)the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i)would have become payable during the period of non-compliance; or

(ii)would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

(7)In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which—

(a)begins immediately after the end of the period mentioned in F5. . . subsection (5); and

(b)ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier.

Form and content of the required statements were legislated as:

http://www.legislation.gov.uk/uksi/2007/1167/schedule/1/made#text%3Dstatements

May have been amended a bit since then, but if the information required is not there or incomplete then they are in breach of the requirements and the sanctions above apply.

Not sure if the same applies if there are simply errors in the info? Would be interesting to find out....

anna2007

fermi wrote: »

Not sure if the same applies if there are simply errors in the info? Would be interesting to find out....

My 3-year-old's doodles make more sense than Erudio's statement.

If the statement's full of errors and therefore inaccurate, Erudio haven't met their legal obligations? They might as well have sent me a doodle and called it an annual statement, doesn't mean it is!

anna2007

erudioed wrote: »

This is the most excited ive been about getting an annual statement ever.

I'm looking forward to ripping into them on this one, a real comedy of errors. I really hope Erudio are bombarded with complaints, might just be the turning point for FCA getting involved, then maybe Erudio will start to behave.

Or, even better, FCA declare them as not fit for purpose and revoke their licence

Forever

I have just received my statement too. I am currently deferred.

The figures work out at 3.3% interest. I only have my one loan listed.

But I am confused by the final sum given in the Total Credit Provided row which is just over a 1000 pound less than my Closing Balance above it.

Does anyone know what this box means? I am living in hope that this is my new amount I need to pay back (yeah right!)

Jonez

Total Credit Provided is the total of the loans that you originally took out. Confused me too.

erudioed

anna2007 wrote: »

Or, even better, FCA declare them as not fit for purpose and revoke their licence

Im not sure anyone in such a position to judge on this issue would have the cajones to make such a FAIR suggestion as that. Still, maybe someone in such a position is prepared to challenge this particular incarnation of big money and Governmental resentment towards 200,000 of its citizens, roll up their sleeves, be honest, admit this colossal ideological mistake of selling off what it sees as debt...and on top of that, with an election coming up, make a name for themselves by nailing this selling off of student loans to the cross and letting the very notion evaporate into the sun until the end of civilisation!

Forever

Jonez wrote: »

Total Credit Provided is the total of the loans that you originally took out. Confused me too.

Darn! Well that's my hopes dashed then!

Mr_McGuffin

anna2007 wrote: »

Date first loan issued per NOA is 10 days after I signed the credit agreement, so all good.

But the "First Loan Payment Date" (from SLC to me) on Erudio's statement is dated 6 days before I signed the agreement.

Are there any implications there (other than it's yet another thing to add to the growing list of things they've got wrong)?

Thank you fermi for the very helpful links and clarification:

http://www.legislation.gov.uk/uksi/2...t%3Dstatements

Anna, I don't see how the 'first loan payment' on your statement can correctly be dated before you made the agreement, it is plainly not true. I don't see how your statement can comply with these regulations.

So why would Erudio send this statement, when it would suggest to anyone familiar with this legislation that the agreement cannot be enforced?

What possible reason can there be for that?

chiefdave

How would you get copies of your old statements? Have to admit that rather foolishly I haven't kept them and I want to check what is on the Erudio statement.


I assume that, once my current deferment ends, the amount repayable should be the balance / (60 - number of payments previously made).


Problem is I know I made some previous payments, at least a couple of years worth, but I can't remember exactly how many.

anna2007

chiefdave wrote: »

How would you get copies of your old statements? Have to admit that rather foolishly I haven't kept them and I want to check what is on the Erudio statement.

I assume that, once my current deferment ends, the amount repayable should be the balance / (60 - number of payments previously made).

Problem is I know I made some previous payments, at least a couple of years worth, but I can't remember exactly how many.

Same here chiefdave, I know I made some payments years ago, but no longer have the statements.

I've decided to make a Subject Access Request, costs £10, but you get ALL personal and financial info they hold about you, so I think it's worth it.

There's a good template SAR letter here:

https://forums.moneysavingexpert.com/discussion/1475553