ERUDIO student loans help

erudioed

At the end of Arrow Global's annual report, there is a final kick in the nuts to its shareholders, who when in need of finding something out about Arrow or to query something they have read in the annual report, they meet this: "You can contact Capita’s customer support centre, which is available to answer any queries you have in relation to your shareholding" and also "A share dealing service is provided by Capita Asset Services. For further information on this service, or to buy and sell shares, visit www.capitadeal.com or call 0871 664 04540871 664 0454", followed by the fee you need to pay to call them. Well, it shows it isnt only us who gets screwed around when coming into contact with Arrow Global...you cant get to them without going through their agent of choice first, i.e, Capita. With its TCF policy and use of Crapita for its front line collection services, one can only question the integrity of the annual report. It claims only 17 ombudsman complaints per 1 million customers, yet we know Capita has many hundreds per million, so does Arrow not include those on its report's results. The annual report exudes doing things correctly, TCF, approaching its customers and understanding them, yet its report is full of twisted language, skewed statistics and the claim they pay 7p per £1 of debt (which may actually be true...i wonder if that includes this student loan sale?)!

Brooker_Dave

"Debt campaigners tear up student loans"

"Rolling Jubilee has purchased and abolished $3.8m (£2.35m) of debt owed by 2,700 students, paying just over $100,000 (£62,000), or as it says, "pennies on the dollar".

The campaign group, which wants to "liberate debtors", says it takes its name from the tradition in many religions of marking a "jubilee" celebration by freeing people from debt.


An offshoot of the Occupy Wall Street protest that began in New York, the campaigners say that more than three quarters of US households are in debt.


Debts can be bought and sold in the financial marketplace. But student debt, which has spiralled to an estimated $1.2 trillion (£619bn), is not usually as available to buy as other debts, such as unpaid medical bills.
In this speculative secondary market, third parties buy debt for a fraction of its original cost and try to collect the full amount from debtors."


http://www.bbc.co.uk/news/business-29505582

Former_MSE_Helen

Hi all, you may be interested in the following news story we've just published...

Guest comment: How banking bonuses have hit student loan repayments

And this is the relevant forum discussion thread.

erudioed

Well, i thought that article to be very interesting!

Ed-1

MSE_Helen wrote: »

Hi all, you may be interested in the following news story we've just published...

Guest comment: How banking bonuses have hit student loan repayments

And this is the relevant forum discussion thread.

https://forums.moneysavingexpert.com/discussion/comment/66425189#Comment_66425189

Old news

erudioed

Ed-1 wrote: »

https://forums.moneysavingexpert.com/discussion/comment/66425189#Comment_66425189

Old news

It does indeed look like you should be getting some kind of first to the draw award for the explanation about why it went down.
Any post about the subject can only help though. Lets hope we can get it spread around, far and wide, as it does show how BIS seem to unnervingly lean towards the side of Erudio and its backers when it doesnt have to, especially given how many may be affected.

anna2007

I think this anomaly in the calculation benefits Erudio in one year, and the borrower in another, e.g the deferment level in 2009 and last year was artificially high, allowing some to defer when their earnings were above the true average earnings figure. It caused a drop in 2010 and this year, but the level then rights itself when the skewed earnings figure no longer features in the calculation.

It creates some uncertainty for those close to the deferment threshold, but at least BIS have been consistent in their calculations.

I'm more worried about BIS using this to make changes to the current calculation, which might ultimately be far more detrimental to the borrower, or set some kind of precedent for future changes?

This same calculation has been used from the very start - ok, it makes the deferment level a bit wonky on rare occasions, but this only affects a limited number of borrowers. Any changes introduced now could potentially affect ALL borrowers, and of course then favour Erudio.

BaffledByErudio

Nothing really to add, just opinion and my two-penneth (hush, don't tell them I have tuppence to spare).
That news seems totally kosher and obviously the maths are correct, but isn't it just bloody convenient that a tax dodge, orchestrated to help boost the already plentiful funds of the rich and privileged, has the knock-on effect of kicking the underprivileged smack bang right in the nuts?
While I agree with Anna2007 the system always used to work out average income for deferrals should stay, I really think the bean counters should/could have adjusted the timescale in question to reflect the true, larger economic picture.
Not really any room for monkeying around with the system and processes used to calculate the average income (who knows - as Anna suggests, it could be to our detriment and give Erudio greater leeway to refuse deferrals), but it staggers me just how rotten things really are when you pick away at the scab of officialdom and government.
Everything really does seem stacked in favour of the rich and influencial and against the less well off. It'll take a lot to convince me Arrow weren't given at least a teasing whiff of the potential to drastically lower the deferment threshold pre-sale. Economists and lawyers aren't daft. They slave over every detail, scrutinise it and then give it to another set of economists and lawyers to scrutinise again. Someone involved in the deal surely had an inkling the average earnings threshold would drop because of a momentary blip in the figures!
While the situation is clearly legit, I feel it needs higher profile in the press because this angle of the story is eyebrow raising because of the ridiculous irony of how it's occurred!

erudioed

With one of The Wilmington Trusts other shell companies Titlos PLC (also listed as controlled by Mark Filer, like Erudio) and its role in fiddling Greece's books pre-crisis, and the recent FOI request by Bloomberg news being refused by the EU to reveal Titlos' role, it seems suggestive that The Wilmington Trust are a choice by State level actors in need of a well positioned shell company or two. I would go even further and suggest they are a protected company. It is yet unclear what the level of connivance is between our government and associations that also include The Wilmington Trust, but BIS certainly seems to fall down on their side on every occasion i can think of. What with the lack of protections given us in this deal, not releasing any key info about this student loan deal in the FOI's, how silent The Wilmington Trust are in Erudio's affairs and a host of other things i have been reading around, i think there is much more to this student loan sale than meets the eye that has been/is going on out of the public eye and behind closed doors.

Mr_McGuffin

It is a tangent to Erudio, but to see how connected a student loan debt collector is to wider European debt and its securitisation, take a look at the central role of Paul Burdell's Link Financial and LCM Partners in the development of the European Central Bank's 'ABS Loan Level Initiative' and 'European Data Warehouse' to provide standardised loan information on the components of asset backed securities. LCM is designing this with the ECB, a clutch of Central Banks and ratings agencies. Check out the website zerohedge for more on Titlos too.