ERUDIO student loans help

Ed-1

jonboysez wrote: »

I'm still waiting for a reply from Erudio - I emailed them again today reminding them it was now over 7 days since they said they would reply in 7 days - my annual statement says the closing balance on my loan at 31/08/14 was £10,267.35 and, unless in deferment, I would need to pay £228.32 on the 15th of each month. Now I make that 60 X 228.32 = £13699.20 but I am 60 on 19 Jan 2019 and presently deferred until 14/05/15. I took out 4 loans amounting to £6360. Anyone make any sense of this amount they say I would need to repay if not in deferment??

What year did you take out your last loan?

jonboysez

Well the statement says "First loan payment date" 15th September 1999 against the last of my 4 loans - I understand if I was over 40 when taking out the last of the loans it wont be cancelled until I reach 60 (I originally hoped it was 50 but I think they got that right my dob 19/01/59 - altered by a few days as its not a good idea to reveal too much on the internet is it!)

Ed-1

jonboysez wrote: »

Well the statement says "First loan payment date" 15th September 1999 against the last of my 4 loans - I understand if I was over 40 when taking out the last of the loans it wont be cancelled until I reach 60 (I originally hoped it was 50 but I think they got that right my dob 19/01/59 - altered by a few days as its not a good idea to reveal too much on the internet is it!)

or 25 years after you took out your last loan... but it looks like you'll be 60 before that.

anna2007

jonboysez wrote: »

I'm still waiting for a reply from Erudio - I emailed them again today reminding them it was now over 7 days since they said they would reply in 7 days - my annual statement says the closing balance on my loan at 31/08/14 was £10,267.35 and, unless in deferment, I would need to pay £228.32 on the 15th of each month. Now I make that 60 X 228.32 = £13699.20 but I am 60 on 19 Jan 2019 and presently deferred until 14/05/15. I took out 4 loans amounting to £6360. Anyone make any sense of this amount they say I would need to repay if not in deferment??

I think the £228.32 they've quoted already has interest over the repayment period factored in. It looks likely they've worked it out over the 53 months (or close to it) until you turn 60 (£10,267.35 + £1,133.72 interest = £11,401.07/53 is £215.11 per month, so close to their figure).

Your monthly repayment amount should be £192.51 per month (interest of £1,283.42 - assuming 2.5% over the 60 months) - so £11,550.77/60. You would pay £10,203 over the 53 months until you turn 60, and the remainder should be written off. This is assuming you haven't made any previous payments (also, the interest rate would likely change each September in line with RPI, and your outstanding balance would be reducing as you make repayments - so I think your monthly repayment would change each year in line with that, but shouldn't be too far off).

jonboysez

Yes I think you are right - surely they can't get away with this - if you only had 12 months to go til you were 60 you would be paying a massive amount each month, more than anyone could afford! I'm pretty sure when you put it that way, the write off clause at 50 or 60 would never have been included if it meant they could double up, triple up etc etc on the repayments! Am I right in thinking that all the repayments are of an equal amount?

anna2007

@ jonboysez Yes, it's shocking that Erudio think they can get away with such a blatant breach.

I'm in the same situation, but as I've previously made some payments (but no record of exactly how many), I can't say for sure how much they've overstated the monthly repayment. My loans are due to be cancelled in 2018 with the 25 year rule.

It's in my latest complaint, so should find out the exact workings when they respond. Might be best if you raise a formal complaint rather than dealing with it through C.S., especially as they've missed their own deadline to respond? And please let the FCA know too.

Yes, the monthly repayments will be in equal amounts, but adjusted slightly each September in line with any change in RPI affecting the interest - at least I think that's how it works!

anna2007

Jonez wrote: »

Anyone on here had their loans cancelled by Erudio as per the rules?

Not aware of anyone on here Jonez, I do remember someone on Mumsnet was close to cancellation date, will see if I can find it.

You may well be the test case for that new feat

gardenia101

Finally caught up with this thread & thanks to all who post - lots to think about.

BaffledByErudio wrote: »

...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).

Yes - I've had my only c/c limit increased by over £1000, even though I've never been anywhere near my previous credit limit for years.

Also had more c/c application forms than usual, & an increase in calls to my mobile that are from dodgy numbers (when I google the incoming call number) - no one ever speaks to me but I can hear lots of people talking in the background so it sounds like a call centre.

Of course it may have nothing to do with Erudio....

fermi wrote: »

Sure I recall reading here or on mumsnet at least a couple of people say they had deferred in the past with SLC via just a letter?

I used to fill in the SLC form & send a letter since I think I didn't include child maintenance on the form but explained how much I received & had a letter from my ex confirming the amount & that it was only child, not spousal maintenance. Never a problem with deferral.

gardenia101 wrote: »

Sadly Erudio are unable to claim any d/d from my account even though they confirm that they have the correct bank details - which have never changed & which SLC managed to use quite successfully. Not sure if that is due to incompetence or because they want to force me into defaulting.

If I want to make a payment I have to put it on my credit card.



Yes they are saying "We can confirm that whilst your complaint is being investigated you will not recieve any calls from us regarding arrears, however payments will still become due.[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]
Trusting this clarifies the situation."

I read the FCA/CSA rules to say that collection activity must stop during the complaint, which they are complying with since they aren't phoning me any more & have never been able to correspond well. But I can't see anywhere where it says that the debt itself stops running - which is what I'm worried about. If I wait til the 8 weeks are up I will have missed 3 payments & therefore defaulted....

No doubt playing straight into their hands.

I don't think they've treated any of us fairly :rotfl:

[/FONT]

Spoke to the FCA to clarify if my loan freezes during the 8 weeks, or whether I could be defaulted since I'll have had 3 outstanding payments - they said I could be defaulted by Erudio since their (FCA) guidelines only state that collection activity must stop (which Erudio have done so far by not sending letters etc) & that we must be treated fairly (with no definition of fairly).

So it looks as though I've shot myself in the foot with the timing of my complaint. Erudio can quite correctly say they couldn't get in touch with me about my debt (since they play nicely & follow FCA guidelines) yet my account will default before I get a reply to my complaint, unless I ring them up & make a manual payment :mad:

Doesn't seem fair, but I can't risk defaulting so I'm going to call them tonight & whack it on my c/c.

I'm also going to put in a SAR so that I will get confirmation of exactly how many payments I've made over the years. Anticipating another battle about Erudio altering my monthly payments to fit into the remaining time left since I'll be 50 in less than 60 months.

So fed up with all of this now.

Sponge

Sorry if I'm covering old ground, but it's a long thread - what's the most up to date recommendations on submitting a deferral?

Is it to sign the 'new DAF', but delete/amend the parts that you don't agree to? (New T&Cs.)

Do the above, but also include a covering letter outlining refusal to provide certain information?

Not to complete the DAF, but write a letter refusing to supply anything over and above what the legislation demands?

Or something else?

Pluthero

gardenia101 wrote: »

Finally caught up with this thread & thanks to all who post - lots to think about.



Yes - I've had my only c/c limit increased by over £1000, even though I've never been anywhere near my previous credit limit for years.

Also had more c/c application forms than usual, & an increase in calls to my mobile that are from dodgy numbers (when I google the incoming call number) - no one ever speaks to me but I can hear lots of people talking in the background so it sounds like a call centre.

Of course it may have nothing to do with Erudio....



I used to fill in the SLC form & send a letter since I think I didn't include child maintenance on the form but explained how much I received & had a letter from my ex confirming the amount & that it was only child, not spousal maintenance. Never a problem with deferral.



Spoke to the FCA to clarify if my loan freezes during the 8 weeks, or whether I could be defaulted since I'll have had 3 outstanding payments - they said I could be defaulted by Erudio since their (FCA) guidelines only state that collection activity must stop (which Erudio have done so far by not sending letters etc) & that we must be treated fairly (with no definition of fairly).

So it looks as though I've shot myself in the foot with the timing of my complaint. Erudio can quite correctly say they couldn't get in touch with me about my debt (since they play nicely & follow FCA guidelines) yet my account will default before I get a reply to my complaint, unless I ring them up & make a manual payment :mad:

Doesn't seem fair, but I can't risk defaulting so I'm going to call them tonight & whack it on my c/c.

I'm also going to put in a SAR so that I will get confirmation of exactly how many payments I've made over the years. Anticipating another battle about Erudio altering my monthly payments to fit into the remaining time left since I'll be 50 in less than 60 months.

So fed up with all of this now.

With Reference to Defaulting.

I may be being terribly naive but if you have sent off your evidence (recorded mail) of being under the threshold and Erudio dispute it/ignore it/lose it/say they need more etc then your DISPUTE starts with them at that date. Any arrears accrued due to their incompetence/gamesmanship will be void as when it goes to court/arbitration/ADR you will have proof of income/under threshold sent at that date.

I wonder how many have paid up out of fear? There is about 200k people affected apparently. Would anyone know the breakdown figures of say : Long term Defaulters V's long time deferrers? Seems these forums are filled with the law abiding citizen just trying to get these vultures of their backs?