ERUDIO student loans help

Student1983

Zombi read this by Fermi

This update on a FOI request to BIS confirms 100% the position on deferment for borrowers with shared loans.

https://www.whatdotheyknow.com/request/227596/response/566053/attach/html/3/FOI%202014%2019700%20R%20Miles%20reply.pdf.html

So if SLC staff try to deny they have anything to do with it, you can tell them that is not so, and hard luck, they are the ones that have to process your deferment for ALL loans where you have them with more than one company.[/QUOTE]

Originally posted by Fermi regarding shared loans.

Sarebear78

zombi wrote: »

I wrote several emails to Erudio as part of a formal complaint. Eventually I received a letter from them stating they would reply to me in 8 weeks. It's months later now and nothing. Is this the time to complain to Ombudsman?

I'd say yes - do it. They never replied to my complaint until the FOS got involved then (magically) they did.

rizla_king

AReeves wrote: »

I agree with Brooker Dave, that the solution to the Erudio problem is the use of the courts to enforce the agreements.

Anthony Reeves
Lawyer

Would that be some sort of injunctive relief or specific performance, or simply damages to restore the position under the agreement?

Reading around the subject it seems the appropriate option can be tricky?

rizla_king

More or less a representative example?

http://www.ccscollect.co.uk/docs/SLC/20130901%20-%20Deferment%20form%2009-13%20%28CCS%20Style%29.pdf

anna2007

Came across Arrow Global's 2013 Annual Report:

www.arrowglobalir.net/files/file/download/id/149

The CEO's review on page 4 contains these clangers (sorry, "strategic objectives"):

"Establish Arrow Global as the most respected debt purchaser... Our Financial Ombudsman Service ("FOS") complaints remain amongst the lowest in the industry, at 17 per one million accounts".

Possibly because you like to set up shell companies, such as Erudio and HSL, to take the flak for you?

"Grow the business while maintaining rigorous underwriting discipline. In a competitive UK market, we were able to use the breadth of our origination channels".

In plain speak, you're chums with Dave and Vince?

"Pursue a disciplined approach to expanding into new asset classes and geographies. During the year, we extended our presence in the UK student loans and second lien mortgage markets, following successful pilots in previous periods".

So, HSL was the pilot, our tranche of loans is the real deal...

Then, Page 8 -
"A wealth of management experience and highly skilled staff - Approximately 73% of our workforce has a degree qualification and approximately 32% has a postgraduate or professional qualification".

So what, !!!!!!-for-brains, near to 100% of this particular "customer" base has a degree qualification. What's your point?

Page 11 - Business Strategy & Objectives:
"Strategy: Pursue a disciplined approach to expanding into new asset classes and geographies -
2013 performance and key performance indicators: Further investment in the student loans market through a consortium portfolio purchase".

That's us! - don't we feel special as a "key performance indicator".

That's as far as I've read and it's 53 pages long...

anna2007

Mr CEO of Arrow Global, Tom Drury's email, if you want to send/copy him into Erudio complaints, or even point out clangers in his annual report:

[EMAIL="tdrury@arrowglobal.net"]tdrury@arrowglobal.net[/EMAIL]

Student1983

Just in from a well deserved night out. But had a conversation earlier with erudio. The bottom line is deferral will be difficult as they don't see it as a right the same way slc did. (This we knew anyway) So for anyone who is still trying or is going to have to go through the process it will be challenging. That's why next years deferral application needs looked at now and any money that comes into your account might need to be redirected. If you do get 3rd party support you might want some of it in cash. Be sure you don't lower your income too much as they will get suspicious. If your income is below the minimum wage it will be suspicious. The threshold might lower so get your child benefit moved to your partner as Anna mentioned as this is not fair if penalised as a result of this. As for other support get your partner to pay all bills from his/her account so you don't need the money in your account to cover this. Because at the end of the day it doesn't matter as long as the bills are paid. Don't give erudio a chance to take this as your income when basically it is just a redistribution of finances which is needed to pay household bills, food etc. which could easily be sorted out by your partner although for ease of access it is given to you. If I don't get my loan cancelled my account will only show income that is rightly mine. Not shared as this will be difficult to prove. That's my theory and I reckon that is the way to go.

Student1983

Ps if you have had to repay already get your finances sorted and reapply with your new threshold. Change of circumstances.

madobea

Hi all.
Apologies in advance if my question has already been answered. I've been looking all over the net and have gotten to the point where I can't read any more.

I also have an old style student loan - 97/98/99 - and have always deferred because I earn so little. Last year I became a new mum (yay me!). I've never been a very organised person, and with the little one my disorganisation escalated (baby brain??), to the point that I was barely getting through any of my mail. Everything's on direct debit so I didn't worry too much about it, but, long story short I missed the SLC letter talking about how Erudio were taking over, missed the first two letters from Erudio and missed my deferment date... by quite a few months!
I sent them what they need to defer me a month ago, but they are chasing me for 5 months areas. They said they can waive 3 months but I still seem to owe them close to £800. It wouldn't make any difference if it was £8 or £8000, I don't have it. They haven't confirmed deferment yet, but I know they got my info as I saw that they set up a new DD on my account, (which I cancelled immediately).
I just want to know how I should respond to them. I know I'm definitely under the threshold and entitled to defer. Do I have any right to not pay the arrears. I don't know what will happen if I just tell them I don't have the money. What's the best way to go about this, and am I screwed? I can't afford to give them any money
I appreciate any advice you can offer.

madobea

Just to add...
This is what they eventually emailed me regarding deferment/arrears..

"Please be advised that the information that you provided is currently being processed and you will receive a letter in due course.

Also I need to make you aware that you currently have arrears on your account for the sum of £897.13 covering a five month period. Please know that failure to keep your payments up to date may lead to the following;

Calls and letters.
Further administration charges.
The account being terminated which leads to the loss of your right to defer and the cancellation of any age and time related loan closure dates.
The account being passed to an external debt collector.
Outstanding arrears could impact your credit file.

If you are accepted for a deferral, we can roll back up to three months worth of arrears therefore removing them from your account. Any arrears that are there for beyond a three month period will be not be removed and therefore still be payable.

I trust this is satisfactory, however if we can be of any further assistance then please do not hesitate to contact us."

So it's closer to £900 I owe
Even if they do cut off 3 months it's still money I don't have...