ERUDIO student loans help

cluelessfish

calise wrote: »

Here's a new and interesting one!!! I deferred in May like most other people with lots of too-ing a fro-ing, lies and stolen DD's which I ended up cancelling. Thought I'd hear no more until next year.

I still have the same bank account that I had when I was a student but since I'm now a SAHM, it is only used for my child benefit and student loan now erudio DD (in deferment). Since I gave up work, I am now a named 2nd person on my husbands account and thats what we use for day to day stuff.

Last week he decided to change bank accounts. Today I got a new DD instruction from Erudio detailing zero payments but my husbands new bank account details!!!!!! Now I haven't closed my bank account down or given them my husbands details so where have they got them from and HOW DARE THEY!!!!!!!

So what should I do? Is this legal? Do I call them and give them a piece of my mind? I am LIVID!!!!! or do I report them....and who too? Thanks in anticipation :-)

my guess is that they got details from their credit collection network thing with experian. old and new banks would surly register closing/opening account with credit agency. If you were named on the account then will show on your credit file as well.

as we all know erudio have super sophisticated systems:rotfl::rotfl: that can tell the difference between a second joint account and your account.

I do agree this is very worrying as it shows that erudio are keeping tabs on us in between deferment applications.

Will they (can they) challenge are declaration or earnings if they think our circumstances have changed because of, for example, a new mortgage/loan/phone contract on our credit files?

Pluthero

cluelessfish wrote: »

my guess is that they got details from their credit collection network thing with experian. old and new banks would surly register closing/opening account with credit agency. If you were named on the account then will show on your credit file as well.

as we all know erudio have super sophisticated systems:rotfl::rotfl: that can tell the difference between a second joint account and your account.

I do agree this is very worrying as it shows that erudio are keeping tabs on us in between deferment applications.

Will they (can they) challenge are declaration or earnings if they think our circumstances have changed because of, for example, a new mortgage/loan/phone contract on our credit files?

That would be well outside the remit of the original loan agreement. BUT then 95% of Erudio's information requirements on their DAF are outside the original loan agreement so who knows.

calise

Ok, so I've phoned both the banks, old and new and it seems that I did previously set up a DD on my husbands account with SLC (I still don't remember doing this but I'm sure they wouldn't lie). It was cancelled within a year but the bank, in their wisdom, decided to send all old and deleted DD's over to the new account.

Apparently its all above board then so sorry for the false alarm everyone.

I'm just dismayed that Erudio have already got their claws into our new bank account before its even been christened!

DD now cancelled and no money taken however so no real harm done.....yet!!!!!

Sorry again

erudioed

The credit collection network thing would be this, the experian collections network:
http://www.arrowglobal.net/lib/docs/133657-experian-and-arrow-faqs.pdf

If anyone can understand the deliberately mystifying lawyer speak, then get a lawyer on to it because i doubt anything about it is legitimate - or legal!

And here is the press release for it from Feb 2013:

Experian launches the Experian Collections Network

Experian’s latest development will facilitate fair treatment of customers and help to improve compliance

Nottingham, 13 February 2013 — Experian, the global information services company, today announced the launch of the Experian Collections Network, a comprehensive service which aims to improve data accuracy in the collections marketplace and ensure customers are treated fairly.

The newly launched Experian Collections Network will help businesses establish and implement clear, effective and appropriate policies and procedures for engaging with customers according to their individual circumstances around debt. The scheme will facilitate improved operational compliance by bringing data sources together to help organisations adhere to Office of Fair Trading (OFT) debt collection guidelines, consolidate customer contact and streamline the customer experience.
The new platform enables transparent matching of data between creditors, customer representatives, debt collection agencies and debt buyers, and as such offers enhanced compliance benefits, as well as more accurate customer information. Experian’s Collections Network uses sophisticated software and pinning technology (ExPin1) to ensure the most recent and appropriate information about a customer is utilised.
This latest innovation from Experian comes as the debt collections industry faces increased scrutiny around the fair treatment of customers when engaging in debt recovery activity. Coupled with changes to the OFT’s debt collection guidelines announced in October 2011, there is a new drive for businesses to take proactive measures to enhance regulatory compliance and the customer experience.
A recent survey found that 71 per cent and 70 per cent of respondents in the financial services and debt collection sectors, respectively, stated they were experiencing some difficulty in demonstrating compliance in response to industry regulations2. The Experian Collections Network aims to change that.

With the proposed changes in regulatory regime and migration to the Financial Conduct Authority (FCA) in 2014, consumer credit businesses have an increased burden to evidence strong compliance practices. The Experian Collections Network aids adherence to such requirements.

Responding to this market need, in November 2011 Experian partnered with Arrow Global, a leading debt purchaser, to launch the Pilot Collections Bureau (PCB) as a precursor to the Experian Collections Network. PCB enabled the parties to develop and test the infrastructure and refine the program’s compliance and economic propositions. With 26 contributors and 12.5 million records contributed thus far, the pilot program has been successful in identifying compliant placement opportunities for Arrow Global and partners, as well as generating significant collections uplift. Building on this success, Experian is now rolling out its full industry-wide solution to creditors from across the financial services industry.
Paul Vescovi, Managing Director of Experian’s UK&I Credit Services business, says: “There has been much noise around the issue of debt collection and the need for improvements in this area has been significant. The new regulatory guidelines have made it vital for this marketplace to take proactive measures. Through data intelligence, Experian’s Collections Network will help to improve compliance, fair treatment of customers and debt placement decisions.”
Tom Drury, CEO of Arrow Global, says: “The majority of our business' resources and efforts are dedicated to managing, analysing and understanding available customer data in a way that helps us to treat customers fairly, protect our clients' reputations and facilitate collections. The data insights delivered via PCB have enabled us to tailor our collections strategy based on each individual customer’s circumstances. PCB has become an integral part of our business and we are committed to further refining and expanding its use. It has also allowed us to not only expand our extensive matching capability but also enhance the quality of our data and therefore our ability to cater to the needs of our customers.”
-ENDS-
[1] Experian’s ExPin changes the way data is matched by assigning every person a unique identifier PIN which drastically reduces any chance of duplication and significantly improves overall match rates and data quality. It also maximises the opportunity of retrieving data accurately which will enable firms to gain a complete and accurate profile of their customers.
[2] Sopra Group Debt Collection Survey 2012: Debt Management & Recovery in the UK’s Finance, Retail and Debt Recovery Sectors.


And, i also add, that when Experian and Zach Lewy went on the BBC radio to answer concerns put to them by Martin Lewis (or maybe Paul Lewis) a few months ago, neither the BBC's introduction to its guests Lewy and Experian, or either Lewy or Experian themselves mentioned their clear conflicting interests when Experian were seemingly not their to support Lewy and were just there to say no harm would come to us when our loans were reported to them. Interesting that!

erudioed

In fact, i just found this more recent launch by Experian:
Experian launches collections bureau service

30 September 2014, Experian

Credit reference agency Experian is to launch the Experian Collections Bureau (ECB), a development on data-sharing service the Experian Collections Network, which was launched in 2013.
The new platform will match users’ internal customer data against a database of 17 million records from other industry sources, with the aim of giving organisations a more holistic view of their customers.
Users will be able to see which customers have debts with other creditors, which are making an attempt to repay, and whether customers have established relationships with DCAs or debt managers.
Jonathan Westley, managing director for consumer information services at Experian, says the ECB evolved out of work with Arrow Global going back as far as 2010.
Westley commented: “the database has grown to include a large number of unique individuals, and we’ve moved to a position where we can offer a service beyond the collections market and into the creditor market sphere”.


Me again: Just throwing a thought out there but maybe they have already passed our information on to this scheme. However, that info doesnt show on our files but only to those paying companies that are part of this network.

cluelessfish

Pluthero wrote: »

That would be well outside the remit of the original loan agreement. BUT then 95% of Erudio's information requirements on their DAF are outside the original loan agreement so who knows.

That is what I would have thought but I`ll admit to still not reading all the t&c. just assumed that deferment, once granted, was always valid for 12 months at a time no matter what.

gardenia101

Can anyone help with my previous question about the dates of info provided by Erudio following a SAR please?

gardenia101 wrote: »

Amazingly I've had a response to my SAR well within the 40 day timescale, & all in large print.

But the data they've sent me is a bit worrying, if this really is all they have as it only lists statements from 2005 onwards, so none of my payments before then have been documented. Also my term is still shown as 60 so I don't know how I can prove that I've made any payments, as I haven't kept my own bank statements from 1996 onwards.

Has anyone else had a reply to their SAR & how far back do their statements go?

Erudio have obviously had other info from before 2005 passed on to them by SLC (I presume, although maybe they've got my previous addresses from CRAs?) All my previous addresses are correct, & Erudio know that I've had 16 deferrals in total (probably correct & surely that can only have come from the SLC?) since I left uni in 96, & they have the correct course end date.

Their manual log details the many times I've requested large print documents, but also reports they've sent out stuff in LP which either they're lying about or all this LP correspondence has been "lost in the post" while all of the standard print has found its way to me. I wonder which is true?

Interestingly none of my emails to them show up on this log, only references their emails to me. so I guess that answers my question as to why they've not replied to them.

I haven't had any copies of my original loan agreements - surely these should have been passed on by SLC?

The accompanying letter has been signed by their legal counsel, & they've sent a full explanation of all abbreviations etc. I'm bizarrely grateful that they've done what they should do, in a format they should provide & on time - then I'm cross with myself for being grateful; why should I be so pleased that they've managed to do this one thing correctly :rotfl:

I feel there is a lot of info missing, but before I write back & ask why it is missing I'd like to know if anyone else has had this problem?

The letter also suggests that SLC may hold some info too & I should write to them requesting a SAR. I thought SLC had effectively washed it hands of us (without joint loans) & whenever I've spoken to them they've insisted they only deal with the ICR loans now. Has anyone with MS loans got any info from SLC from a separate SAR

It's getting very close to the 8 week limit for a response to my complaint, so I want to draft another letter ASAP covering all the questions.

@ Calise; thank goodness you've got an answer to your d/d query. It would be just too scary if Erudio had got those details without being given them legitimately.

ericctheking

Zach Lewy, the CEO of Arrow global aka. Erudio is making a speech in Manchester.

http://www.cdspconference.co.uk/agenda

chiefdave

StudentLoansSuck wrote: »

I would use the SA302 sent in the post by HMRC to fight your case. Its a very simple document that any fool can understand, but more importantly if the online calculations are shown like this: Gross Profit 30k/ Costs 10K/ Net Profit 20K, this is how HMRC declares the tax calculations on the SA302 they send out

Income received (before tax taken off)
Profit from self-employment = 20,000
Interest bank/building societies = £0.00
Total income received = £20,000

All this info is before HMRC do another set of calculations on tax due. HMRC used the net profit figure and not gross profit you declared in your online calculations. Erudio may think they are above common sense, but are they now suggesting they are above the government?

Plus, the T&C define gross income as: income from all sources before deduction for or relief from tax or other statutory charge. Self-employed people’s gross income are worked out as the gross profit of the business less the cost of doing business before the deduction of things like personal allowance and tax.

I've always printed out the 'view your calculation' page from self assessment online (which sounds like it could be the same thing you are talking about) and its never been an issue with SLC.

My most recent calculation is laid out like this:

Total income received: £30150
minus
Losses: £4,346
Personal Allowance: £9440
Total on which tax is due: £16364

I've always taken that total on which tax is due figure and added back on the personal allowance which this year gives me £25804, below the threshold, but Erudio are claiming the total income figure is the one which should be used.

That's the basis on which they have rejected my DAR, I have put in a complaint about that which they have said will take 8 weeks to respond to. I then received an arrears notice so put in a complaint about that and it took them 2 weeks to even acknowledge they had received the complaint!

Absolute shambles, it would be laughable if it wasn't so serious and causing people so much stress.

ericctheking

chiefdave wrote: »

Absolute shambles, it would be laughable if it wasn't so serious and causing people so much stress.

But BIS did due diligence on Erudio although no one is alllowed to see this due diligence report because it may have consisted of a chummy chat over lunch at one of London's overpriced restaurants all paid for by the taxpayer!