ERUDIO student loans help

patanne

Please feel free to totally ignore what I have to say as I have no student loans as I am WAY too old. I never liked the idea of them & still don't. I think a big problem you all have is one of public perception. When I first read the story about the sale, I read people haven't been repaying their student loans so we are selling them to someone who will get the money back. I certainly didn't know that a lot of the sale was people who were not earning enough to be obliged to. There is no way that I am the only one who believed this.

It was only when I came across this thread soon after it started that I realised what they had actually sold. To be honest when they said they were selling my first thought was well why don't you just employ someone from the debt collecting sector who knows what they are doing and get them to chase up the debtors. But no-one has ever said a politician is going to be logical.

What you need is to get this issue off the financial pages and on to the front page and many many apologies to Gardenia, but maybe the best thing that may happen for you all is her being defaulted & go public. Again my apologies Gardenia

[Deleted User]

I don't know if this helps.., but I hadn't heard anything from Student Loans for loans taken out in 1992 and 1993 (when they first started). I should have been able to apply for deferment. I didn't worry about it too much as I knew there would be a transfer over period and was pretty sure my loan was due to be written off.

I was eventually contacted by Erudio.., and they have written the loan off (it wasn't huge). But they really did seem to not know what they were doing, there were lots of errors in the paperwork. Rather glad I don't have to deal with them.

gardenia101

JeLaw wrote: »

...Gardenia101 - have I misunderstood your situation? Unless I've missed something, aren't you "in arrears" only because Erudio still haven't enabled you to apply for deferment? They still haven't sent you the deferment application in large print - so you have not been able to apply for deferment. In that case, surely that can't push you into defaulting? I hope you get somewhere soon with your complaint!

No you haven't misunderstood - I'm in default because they can't send me the correct paperwork, collect on an already set up d/d or respond to my letter requesting deferment :mad: I'm contemplating ringing them & paying by c/c so that they (& the FO/FCA/anyone else I complain to) can see that I'm not trying to get away with not paying - but I'm not sure I want to give them a penny more since I'm not confident they'll be able to refund me when/if deferment is granted.

patanne wrote: »

....What you need is to get this issue off the financial pages and on to the front page and many many apologies to Gardenia, but maybe the best thing that may happen for you all is her being defaulted & go public. Again my apologies Gardenia

Totally agree with you about the public perception of this - sure most people think we're trying to shirk out of a debt which isn't true. Sure they don't realise that us single parents are disadvantaged by having our child maintenance & childcare element of tax credits counted as earnings.

But I'm reluctant to go public for personal reasons even though I could be the poster girl for how rubbish Erudio/student loans sell off & how disability rights are not taken seriously in one go :rotfl: (That would probably work better if I was a lot younger & prettier).

deannatrois wrote: »

I don't know if this helps.., but I hadn't heard anything from Student Loans for loans taken out in 1992 and 1993 (when they first started). I should have been able to apply for deferment. I didn't worry about it too much as I knew there would be a transfer over period and was pretty sure my loan was due to be written off.

I was eventually contacted by Erudio.., and they have written the loan off (it wasn't huge). But they really did seem to not know what they were doing, there were lots of errors in the paperwork. Rather glad I don't have to deal with them.

Glad to hear they do write off loans when they should - that is good news on an otherwise dismal thread :T

Do you actually have the correct paperwork from Erudio confirming that they are completely written off? Have they got all your personal details & original loan account numbers right? Are you happy with the final statement they've sent?

If not I'd advise getting all of the correct info in black & white - but maybe I'm just too cynical now

I can't decide if they're just a bunch of muppets who've inherited an awful mess from the SLC & really are trying to make sense of it all - or if they have a different agenda & want us all to default....

ETA - what is happening with the sigs? Looks fine on my preview, but turns to utter rubbish when posts appear.

patanne

The MSE team have been trying to get rid of a spammer & it hasn't quite worked out - just go into your signature and save it & it should reappear as the original. Thanks for not taking offense & I do understand that you wouldn't want to go public (I wouldn't in your shoes as I am a pretty private person normally)

jonboysez

Update on my email to Erudio asking for a breakdown of their calculation of my loan repayment (if I wasn't in deferment):


"Dear Mr xxxxxxx


Account Number xxxx 4622 2224 xxxx

Thank you for your recent email.

We can confirm that your Student Loan Account is due to mature on 30th April 2019, therefore your account needs to be paid in full before this date.

Therefore your payment is worked out over the period that your loan has remaining to run upto your maturity date, your first payment will be due on 15th May 2015 and your final payment on 15th April 2019.

Your interest is calculated in September each year and is added into your monthly payment.

We trust this clarifies the situation.

Yours sincerely


Erudio Student Loans"

First of all what is this "maturity date" they refer to? Are they referring to when I reach the age of 60? Where in the regulations that I signed my agreement under does it refer to a "maturity date". What it does say is they will cancel "my liability to repay the loan" when I reach 60 - that is not the same as saying the loan has come to an end or, in their words, has "matured" - it merely says that they won't force me in law to repay any balance on it once I reach the age of 60! Secondly the period of the loan is 60 months in my case, and has I haven't yet made any repayments, the "remaining period of the loan" is 60 months, none more or less! If anyone can show me where it defines "maturity of the loan" in the loan regulations which I signed under please show me the error of my ways please!

Sarebear78

jonboysez wrote: »

Update on my email to Erudio asking for a breakdown of their calculation of my loan repayment (if I wasn't in deferment):


"Dear Mr xxxxxxx


Account Number xxxx 4622 2224 xxxx

Thank you for your recent email.

We can confirm that your Student Loan Account is due to mature on 30th April 2019, therefore your account needs to be paid in full before this date.

Therefore your payment is worked out over the period that your loan has remaining to run upto your maturity date, your first payment will be due on 15th May 2015 and your final payment on 15th April 2019.

Your interest is calculated in September each year and is added into your monthly payment.

We trust this clarifies the situation.

Yours sincerely


Erudio Student Loans"

First of all what is this "maturity date" they refer to? Are they referring to when I reach the age of 60? Where in the regulations that I signed my agreement under does it refer to a "maturity date". What it does say is they will cancel "my liability to repay the loan" when I reach 60 - that is not the same as saying the loan has come to an end or, in their words, has "matured" - it merely says that they won't force me in law to repay any balance on it once I reach the age of 60! Secondly the period of the loan is 60 months in my case, and has I haven't yet made any repayments, the "remaining period of the loan" is 60 months, none more or less! If anyone can show me where it defines "maturity of the loan" in the loan regulations which I signed under please show me the error of my ways please!

Pah - they are talking tosh!

You are right - 60 monthly payments - if this happens to run past your 'write-off date' (whenever this may be) then tough luck to Erudio.

I would write a complaint back to them about them not sticking to the terms of the loan and quote the original relevenat credit agreement conditions. After eight weeks, you can then take it to the FOS if they don't back down.

Good luck x

Student1983

Jonboysez. They are talking rubbish. Well they better be. My loan due to be cancelled in December as age 50. The repayment is still 60 minus what already paid. They might try to call mine in as still not signing their form. However that will be a breach on their part.
I have just written to BIS to seek clarification on the loan cancellation. Loan maturity should be thrown back at them.
Hopefully BIS will reply has I have highlighted how many more complaints will result if erudio attempt this. Read your terms and conditions and then email it back to erudio and of course write to them also quoting the rules.

gardenia101

patanne wrote: »

The MSE team have been trying to get rid of a spammer & it hasn't quite worked out - just go into your signature and save it & it should reappear as the original. Thanks for not taking offense & I do understand that you wouldn't want to go public (I wouldn't in your shoes as I am a pretty private person normally)

No offense caused at all - if I didn't have a dodgy ex then I'd be going to the press, stopping random strangers in the street to put the record straight :rotfl:

Thanks for the advice about the sig too.

jonboysez wrote: »

Update on my email to Erudio asking for a breakdown of their calculation of my loan repayment (if I wasn't in deferment):


"Dear Mr xxxxxxx


Account Number xxxx 4622 2224 xxxx

Thank you for your recent email.

We can confirm that your Student Loan Account is due to mature on 30th April 2019, therefore your account needs to be paid in full before this date.

Therefore your payment is worked out over the period that your loan has remaining to run upto your maturity date, your first payment will be due on 15th May 2015 and your final payment on 15th April 2019.

Your interest is calculated in September each year and is added into your monthly payment.

We trust this clarifies the situation.

Yours sincerely


Erudio Student Loans"

First of all what is this "maturity date" they refer to? Are they referring to when I reach the age of 60? Where in the regulations that I signed my agreement under does it refer to a "maturity date". What it does say is they will cancel "my liability to repay the loan" when I reach 60 - that is not the same as saying the loan has come to an end or, in their words, has "matured" - it merely says that they won't force me in law to repay any balance on it once I reach the age of 60! Secondly the period of the loan is 60 months in my case, and has I haven't yet made any repayments, the "remaining period of the loan" is 60 months, none more or less! If anyone can show me where it defines "maturity of the loan" in the loan regulations which I signed under please show me the error of my ways please!

They're talking rubbish - Fermi has explained it far better than I could.

fermi wrote: »

Yes, I'm aware of that. Just making the point that the correct monthly payment is not just the outstanding balance divided by 60 (or however many months you have left to pay).

The "maturity date" of the loan as referred to by SLC and the original paperwork is not the write off date as far as a recall.

The "maturity date" is the date that the full 60 or 84 monthly payments have all become due, and as such if you defer then the maturity date is a moving target.

But yes, it does not mean that SLC or Erudio are allowed to reduce the number of weeks to get it all paid off before the write off date.

You are entitled to have the loan run the full 60 or 84 payments, and if they haven't been completed by the write off date then that is just tough on Erudio.

fermi wrote: »

...The remaining term would be 60 monthly payments minus however many you paid.

I wonder if Erudio are regretting buying these loans - maybe, just maybe, they've been totally misled over all of this (but that's no excuse for not doing your own research).

jonboysez

Yes I think some people are getting mixed up by the terminology - the "maturity" of a loan is the date by when all the instalments have to be paid and nowhere in the original T&Cs does it say that this date is your 60th birthday if you haven't yet made all your 60 repayments - what it does say is that the loan is "cancelled" when you reach 60. So I agree - the only maturity date written into the terms is after 60 (or 84) instalments (or probably immediately if someone has defaulted on a repayment)

rich_j_b

My wife's deferment is just coming up and she is £9 over the new deferment threshold. However, she does have childcare vouchers deducted each month of £243 plus also a flexi-payment which also deducts £73 from her monthly salary (she's bought some additional holiday days). As these deductions are before tax, are they included in the deferment calculation (i.e. can we deduct these from monthly income which would bring her well below the threshold)?