ERUDIO student loans help

anna2007

Saw this on Arrow Global's website, remarkably similar in wording and tone to Erudio's FAQ's in that they may do this or they might do that, but the bit about accounts already reported to CRA's is new to me and quite interesting:

"How could my credit rating be affected?

In accordance with the terms and conditions of your agreement, Arrow Global may share information about the payment history and the way that you manage your account, with credit reference agencies (CRAs).

If your account is already being reported to a CRA at the time of purchase, then Arrow Global will continue to report the status of the account (defaulted or non-defaulted) with the relevant CRA. Arrow Global may also report the status of the account with any CRA to which it may not have previously been reported.

If you fail to make repayments, a default may be registered on your credit record. This information normally remains on the CRAs' files for six years from default. This could make it difficult to obtain credit in the future. It could also make your other borrowings more expensive if you are seen as a credit risk by lenders"

Why would Erudio aka Arrow Global be so vague in explaining what might happen with our credit files? They obviously have access to a legal team, so if they're entitled to do it, why not say they will report our deferred loans? Why say they want to promote responsible lending and borrowing, but still be sitting on that credit info 9 months later without reporting it, doesn't seem very "responsible" to me.

I'm more convinced than ever that these empty threats against our credit records are just that, and Erudio/AG's primary interest is to harvest our info for financial gain (but they're happy to trap people entitled to defer along the way). So how can we put a stop to that? It looks like complaints to Erudio/BIS/ICO/FOS/FCA/CSA/la-de-!!!!ing-dah aren't going to work. Mr McGuffin said to me a while back I should contact my MP and I wish I'd done that before everything else. They want re-elected, so I'd urge EVERYONE affected by Erudio to contact your MP now and demand they do something about it - preferably before the GE

The only other avenue I see is the media and targeting the bigwigs at Arrow Global/Carval/Wilmington Trust, etc, etc - they won't like being copied into complaints to the media. Nobody that has any influence seems particularly interested, so answers on a postcard please...

EDIT: For anyone working their way through this gargantuan thread, whatever you decide to do, don't agree to the FPN attached the DAF - score through, attack with scissors and/or write your objections on the form.

http://www.arrowglobal.net/customers/faqs.aspx

Micawbered

hi, I owe the gargantuan sum of 2,500 pounds and have sucessfully deferred repayments for at least a decade. Today I found a thick envelope in the post from some loan sharks, name of Erudio. It is impossible to defer or even sign the form because of a change in conditions of the terms of the original agreement. Anyone think a FMOTL approach might be the answer? If yes, has anyone been successful? If no, why not? Thank you for your help/replies.

Micawbered

Hi, browsing this Forum and came across a reference to 'maturity' - someone seems to think Mortgage style loans before 1998 mature (expire?) after 25 years.

Is this fact?

Is this fact after 25 consecutive years deferment?

Anyone had their loan 'mature'? Or been absolved from the loan agreement due to time elapsed? Is the agreement age related?

Again, thanks for replies and tips.

Micawbered

Hi, I have a copy of an old SLC deferment form, which simply asks me to sign and confirm my income is below the repayment threshold. No other income, no benefits. Name and address, account numbers for the loans.

Crossed out SLC at the top and wrote ERUDIO.

Signed and dated. Bob's your uncle

Anyone prepared to opine? Clearly, filling in and signing the new form is not an option.

ps I note with great concern that many people here have actually agreed to set up DD accounts, in order to comply with Erudio's loan deferment application. Is this a completely new and therefore illegal condition to the original loan agreement? If so, why have so many simply agreed to it?

erudioed

Micawbered wrote: »

ps I note with great concern that many people here have actually agreed to set up DD accounts, in order to comply with Erudio's loan deferment application. Is this a completely new and therefore illegal condition to the original loan agreement? If so, why have so many simply agreed to it?

Speaking for myself, i didnt want to give these bottom feeders a chance to default me if it was correct. Many things were happening when the 1st wave of DAFs went out. We now know they have conceded this requirement in a complaint response to Anna, but there gumpf still hasnt changed on the website or DAF about it being a requirement. As such, we have more evidence about what a crap company they really are and with their billion £ portfolio of debt, they cant even get basic consistency going. Still, im personally hoping they do take a payment because then i can move forward with a legitimate complaint that will both get them fined, and me a healthy bit of compensation!

pinnit2014

My OH had dealings with Erudio and though she's on a DMP they still ring chasing payment...awful company. I remember he being made redundant and them asking for money with her response being she was out of work and wouldn't even receive a salary this money - cue the 'she was in receipt of a salary over the last 3 months, so we expect payment'.

anna2007

Micawbered wrote: »

Hi, browsing this Forum and came across a reference to 'maturity' - someone seems to think Mortgage style loans before 1998 mature (expire?) after 25 years.

Is this fact?

Is this fact after 25 consecutive years deferment?

Anyone had their loan 'mature'? Or been absolved from the loan agreement due to time elapsed? Is the agreement age related?

Again, thanks for replies and tips.

There's provision in the regulations for loans to be cancelled when you reach 50 (or 60 if you were over 40 when you took out the loans), or the last loan has been outstanding for 25 years, whichever is sooner, see Schedule 2, Part I, Regulation 12 here:

http://www.legislation.gov.uk/uksi/1998/211/made

There's no reference to loan 'maturity' in the regs or loan agreement so is something invented by Erudio, where they have tried to say the maturity date (the date the last repayment is due) is the same thing as the loan cancellation date (when any outstanding balance qualifies to be written off). There have been some reports on the forum of Erudio increasing the repayment amount/shortening the repayment term so that the whole amount is repaid before loan cancellation, a clear breach of the regulations which state the loans are to be repaid over 60 months.

It doesn't matter if the loans have been in deferment for all or part of those 25 years. And if it's less than 60 months to your loan cancellation date and you are no longer entitled to defer, you would only make the number of repayments up to cancellation date, any outstanding balance should then be written off.

Erudio also confirmed to me in writing a couple of weeks ago that it's 25 years from the date you took out your last borrowing, and not the date repayments were due to start (which is in the April following the last borrowing).

erudioed

The last minute tweak to the job ad for Erudio must have worked, the ad has vanished from sight now. It must have helped find the right candidate for the job, as most of us will hopefully find out again in the coming few months when year 2 rolls around! Thanks again to Rizla King for giving it the kind of attention such an esteemed job offer deserved...

dizzybuff

Can the solicitor who's dealing with the case please pm me.

Brooker_Dave

dizzybuff wrote: »

Can the solicitor who's dealing with the case please pm me.

Google Anthony Reeves and ring him up.