ERUDIO student loans help

fermi

Thank for the PM RK. Looks like gustavep has posted the links on another site as below.

gustavep wrote:

Hi, today I've had 3 post 98 loans deferred by Erudio without completing a DAF. I have escalated a complaint to the FOS but this was only in the last couple of weeks. Attached are copies of the letters I sent if it's any help to anyone

cover letter

https://docs.google.com/document/d/1aOU7NUCS4-R3p9__zBRgpU3WLOGq1xHXoALYQCT7WyA/edit?usp=sharing

earnings declaration

https://docs.google.com/document/d/1o_b-BwtAvigiYB99Zyd72TS5A4fBnnWL5gaG2Wzabeo/edit?usp=sharing

Erudio replied to the first letter refusing to defer without a form so I following a call they logged a complaint and sent a reply, will scan it later. I responded with the below and heard nothing until today.

final complaint letter

https://docs.google.com/document/d/1gc85LpGHzWEsbl1STEXckTMuW6VeB3N6dw_8ofPHFag/edit?usp=sharing

gustavep

Thanks fermi

I should add I have one other loan with Erudio due for deferral in February. I've sent the exact same documentation which they received on 13th January.

So far they haven't acknowledged receipt. Going to be interesting to find out if they keep consistent and defer as well.

Pluthero

BorderReiver14 wrote: »

Very sad to read all about Pluthero's hollow victory. Many thanks for sharing the FOS reply. Several parts make interesting reading to say the least. Others have already summed it up far better than I could but it seems clear they do not understand the very basics in that there is no legislation to say we have to use a DAF and it simply isn't fair or reasonable to delay in giving straight answers to very serious questions when we have £1000's riding on this.

This ain't over yet. Few things more in life I hate than BULLIES.

Also I watched the films SELMA and PRIDE recently. I am heartened by people recently standing up to land lords in London and the Greeks election results. One or a few people CAN make a difference.

Don't let the Bast*rds grind you down

anna2007

Sarebear78 wrote: »

On an unrelated point - has anyone who was given compensation from the FOS actually received their money from Erudio? It has been nearly 2 months since I accepted £100 from them and no money received. Have sent two emails to the FOS and she is chasing them. Does anyone know what happens if they don't comply with the FOS decision? I will keep complaining, if just to make it more difficult for them!

I'd watch out for them applying any compensation to your loan balance, rather than paying out, think that happened to Rosskie?

If FOS is anything like CISAS (Telecomms ombudsman), they don't actually have any powers to enforce payment, but if you make the ombudsman aware that Erudio haven't paid out and they keep doing that in other cases, they can be removed from the ombudsman scheme for not complying with the FOS decisions. No idea if that would ever happen, but I think Erudio are legally required to be part of an ombudsman scheme.

You could threaten court action and demand extra compensation on top for the extra hassle?

fermi

http://www.financial-ombudsman.org.uk/publications/factsheets/enforcing-an-ombudsmans-decision.pdf

RoaringTwenties

Just dug out my old loan agreements, they talk about "cancelling" the loans when you reach age 50, or 25 years after they were taken out. Do we know if this "cancelling" will be recorded as an unrecoverable debt?

fermi

It should not be, as it will have been cancelled as per the terms of both the contract and the governing legislation.

As opposed to a normal unrecoverable debt that would have to be marked as defaulted as you broke the agreement.

I would imagine that the only acceptable way for it to be marked for anyone who should have the account's history on their credit report would for them to be marked as settled in full. As they would have been under the terms of the contract and law at that point, as said contact and law say at that point you legally no longer owe anything.

Sarebear78

anna2007 wrote: »

I'd watch out for them applying any compensation to your loan balance, rather than paying out, think that happened to Rosskie?

This is what I am fully expecting them to do and I will keep complaining until there is a cheque in my hand/money in the bank. Also if I find they send me a cheque and then add this amount to my loan balance (another thing that is likely with these buffoons!) there'll be more complaints. He he he. I don't even care about the £100 at all just what it stands for A little victory.

anna2007

RoaringTwenties wrote: »

Just dug out my old loan agreements, they talk about "cancelling" the loans when you reach age 50, or 25 years after they were taken out. Do we know if this "cancelling" will be recorded as an unrecoverable debt?

The Regulations say "The lender will cancel the borrower’s liability to repay the loan" once you qualify, so it would be completely inappropriate for it to go on your credit file as an unrecoverable debt. I'd have thought we could claim a hefty amount of compensation if they damaged our credit files in that way.

fermi

Indeed. It would be inaccurate and arguably defamatory.