ERUDIO student loans help

PoppyR_2

Hello,

I have just found this thread because I am currently deferring my SL which has been sold to Erudio. Because of their shady reputation I want to send my letter, with supporting evidence, by registered post. However, their address is a PO Box which of course you cannot send registered mail to. How convenient.....

Their Registered Office on Companies House is:

c/o Wilmington Trust SP Services (London) Ltd 3rd Floor
1 King's Arms Yard
London EC2R 7AF

This is where I will be sending the registered letter to, in case they make out they never received my letter to their PO Box.

Interestingly, their company accounts are overdue. They were due to be filed by the 30th September 2014. Not very professional for such a large company and considering their affiliation with the government. Yes, I consider it an affiliation as the government chose them to sell our debts to.

In other news, about 8 years ago my husband was chased by Arrow Global for a debt he had no idea about and which they couldn't prove. Eventually everything went quiet after repeated requests for proof of the debt, which of course they couldn't provide. A couple of years ago he started getting phone calls from Mackenzie Hall who had rather stupidly bought the apparent debt from Arrow Global. They eventually went away too when they couldn't prove the debt.

Having had these previous dealings with Arrow/Erudio, I have no doubt that they will do everything they can to collect payment on all Student Loans they have bought and will act as aggressively as possible. This will obviously include them saying they have not received documents when they have.

Brooker_Dave

"Cayman Islands SPVs
By: Wilmington Trust In today's global economy, corporate managers must make the most of available opportunities, wherever they are in the world.
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An SPV may be formed in many jurisdictions, but the Caribbean's Cayman Islands have gained favor. The legal talent available in the Cayman Islands, a British Overseas Territory, ranks among the best in the world, including many attorneys who were educated and have practiced in the United Kingdom. For sophisticated asset financing transactions, conducting business in the Caymans is akin to doing business in New York or London.


The political and economic stability of the Cayman Islands is certainly appealing to corporations wishing to sponsor SPVs. The Cayman legal structure allows companies to raise capital off of their balance sheets, often at lower costs, and SPV activities may be insulated from claims of potential creditors.


While other jurisdictions also offer the opportunity to create SPVs, these rival venues may be more closed to outsiders, with fewer world-class law firms. Plus, banking and trust structures may not be as easy to arrange as they are in the Caymans.


There are many other advantages to operating in the Caymans. Fees are generally modest, and the legal and regulatory framework is extremely flexible. Red tape is also minimal: No governmental authorizations or licenses are necessary in order to establish an SPV in the Cayman Islands. Incorporation generally takes less than 24 hours once the process is underway, and costs are modest. To set up an SPV, government fees range between US $574 and US $2,400, depending on the amount of capital involved, and total costs generally range between US $2,000 and US $3,000.
In essence, companies from all over the world find that the Caymans are a friendly and advantageous place to do business.

A Less Taxing Environment
Under current Cayman law, most SPVs are established as "exempted companies." An exempted company is not permitted to conduct business within the Cayman Islands, and, in return, it is entitled to a complete tax holiday for 20 years, with a possibility of a 10-year extension. In any event, there are no direct taxes in the Cayman Islands, so an exempted company will not have to pay any form of income tax, capital gains tax, or corporation tax. Similarly, no taxes will be withheld from any cash flows.
Establishing an SPV in a tax-neutral jurisdiction such as the Cayman Islands is especially helpful if the ultimate sponsor operates in a high-tax country such as the U.S. or U.K. A properly structured SPV may reduce or even eliminate taxes owed to the sponsor's home country."


https://www.wilmingtontrust.com/wtcom/index.jsp?fileid=3000129

anna2007

Mr_McGuffin wrote: »

Can Link and Arrow/ CarVal renegotiate the role of the Secretary of State in producing the 'lender’s estimate' to do it themselves in future?

Even if they can, their calculation would still have to be done within the constraints of 85% of national average earnings, based on the ONS data.


Surely there's only so far they can deviate from the official figure before the lender's 'estimate' becomes a complete fabrication?

anna2007

Student1983 wrote: »

Interestingly Bis have not got back to me regarding age cancellation. I have a feeling that somewhere in the t&c's this can be manipulated

The cancellation of loans is conditional on there being no repayments due - this is the only thing Erudio can manipulate - by claiming there are arrears on the account. No arrears means the loans must be cancelled, so clearly arrears will be their focus. We've seen a few tricks already... makes me wonder what else they have planned!

anna2007

PoppyR wrote: »

However, their address is a PO Box which of course you cannot send registered mail to. How convenient.....

I sent my DAF and supporting evidence to Erudio's PO Box by RM recorded delivery, it was signed for the next morning. If a PO Box is used, a company rep has to collect recorded mail from the RM sorting office and sign for it in the usual way, or (even better) they pay RM to deliver it to their actual address.

I'd recommend copying/scanning everything you send (your payslips suddenly become illegible), and write your Erudio customer number on every bit of paper you send (those bits of paper somehow go missing once Erudio has a hold of them). I also emailed the whole lot, with a copy of the RM proof of delivery, and got an email return receipt, but that's maybe overkill

anna2007

erudioed wrote: »

I would be very interested to know exactly what it means. I wonder if they are basically collecting from us and paying the government as they take it from our accounts. Surely, if Arrow/CarVal havent paid for it upfront, then they dont fully own it? All they would have is an agreement that hasnt been fulfilled yet.

I suppose it depends on what's in that sale agreement? I'm sure I read that the Government actually paid the previous purchasers from 1998/99 sales to take on the loans? So BIS could have paid for someone to take on our loans/given them away/sold them for 'aggregate consideration'/received a cash lump sum - a number of ways. But BIS have justified their actions/selling us out by saying public debt will be reduced - has that actually happened? Instead, it looks like some nifty accounting work is going on, which might benefit Westminster/big business relations, but certainly has no positive impact on the taxpayer, or us as the debtors.

I think it's the notice of assignment that transfers 'ownership' of the debt from our beloved Government to Erudio, so the 'consideration', no matter how dodgy, might not matter (at least not legally)?

Student1983

anna2007 wrote: »

The cancellation of loans is conditional on there being no repayments due - thits is the only thing Erudio can manipulate - by claiming there are arrears on the account. No arrears means the loans must be cancelled, so clearly arrears will be their focus. We've seen a few tricks already... makes me wonder what else they have planned!

That is why I have been so diligent in my correspondence regarding repayment if not able to get deferred in time. I have told them to take my repayment. I have emailed,phoned and registered posted it. I have emphasised that I will not be getting into arrears. I have. Confirmed my DD is in place. If they don't take my money on Monday which is the next banking day when they can legally ask for it I will be on the phone to them. My worry is they might try to claim more than what they should but again I have reminded them what it said on my repayment schedule. I also got it confirmed by phone on Friday.

PoppyR_2

anna2007 wrote: »

I sent my DAF and supporting evidence to Erudio's PO Box by RM recorded delivery, it was signed for the next morning. If a PO Box is used, a company rep has to collect recorded mail from the RM sorting office and sign for it in the usual way, or (even better) they pay RM to deliver it to their actual address.

I'd recommend copying/scanning everything you send (your payslips suddenly become illegible), and write your Erudio customer number on every bit of paper you send (those bits of paper somehow go missing once Erudio has a hold of them). I also emailed the whole lot, with a copy of the RM proof of delivery, and got an email return receipt, but that's maybe overkill

Really? It's been a while since I tried to send something to a PO Box recorded/registered but last time I was told I couldn't. That's great info - thanks! I won't bother with the registered office if I can send it with proof to the PO Box.

gardenia101

anna2007 wrote: »

I sent my DAF and supporting evidence to Erudio's PO Box by RM recorded delivery, it was signed for the next morning. If a PO Box is used, a company rep has to collect recorded mail from the RM sorting office and sign for it in the usual way, or (even better) they pay RM to deliver it to their actual address.

I'd recommend copying/scanning everything you send (your payslips suddenly become illegible), and write your Erudio customer number on every bit of paper you send (those bits of paper somehow go missing once Erudio has a hold of them). I also emailed the whole lot, with a copy of the RM proof of delivery, and got an email return receipt, but that's maybe overkill

PoppyR wrote: »

Really? It's been a while since I tried to send something to a PO Box recorded/registered but last time I was told I couldn't. That's great info - thanks! I won't bother with the registered office if I can send it with proof to the PO Box.

I did the same as Anna (not overkill at all ) & they have received both special delivery & signed for letters at their PO Box 580 address.

Neither letter was questioned by the post office staff when I posted them either. They have stopped responding to my emails though, but most of these queries have been followed up by letter.

They've cashed my cheque for the SAR last week - wonder if they'll send me all the info I've requested on time & in large print :rotfl: I have my doubts.

I'm now 3 months in arrears (since they seem unable to collect on my always set up under the SLC d/d) but of course they'll have replied to my official complaint before the 4th payment becomes due, & all will be sorted. Yes I've taken my happy pills this morning...

crapola

Just a quickie regarding the recent botched Annual Statements.....

....has anyone recieved a revised Statement yet?

My husband recieved one of their standardised "complaint response" letters within the same week as his query. Nothing else, until this weekend when he recived another standard "we're still investigating".

Technically, he didnt make a formal complaint, but its (kinda) good to know they are treating it like one. We can then go to FOS after the 8 weeks if need be.