ERUDIO student loans help

Pluthero

CC2 wrote: »

I will no longer be eligible to defer when my deferral period ends next month, thanks to them changing the goal posts. They want £365 a month from me. I do not have £365 a month to give them (bank balance before payday was MINUS £960!) My parents are coming to the rescue and have agreed to loan me the full amount payable and I can pay them back in far more reasonably sized chunks, but paying it back in one go is seemingly not straightforward - as per poster above! I too would love to know how exactly I'm supposed to do it!

Your loan amount must be over 11k? To be repaying that much or erudio are having you on??

CC2

I don't have 60 months any more, I started repaying for a while before I took out a mortgage. Of course, I can't remember how long I repaid for. I had 4 full loans from 97 - 2001. I can't find the letter right now, but on last year's statement (March 2014) I still owed £3846.36, so I must only have 12 months left.

Pluthero

CC2 wrote: »

I don't have 60 months any more, I started repaying for a while before I took out a mortgage. Of course, I can't remember how long I repaid for. I had 4 full loans from 97 - 2001. I can't find the letter right now, but on last year's statement (March 2014) I still owed £3846.36, so I must only have 12 months left.

I still have trouble with the maths of this?

Anyone else think this monthly repayment is WAY to HIGH no matter how long you have left to repay or how much you owed?

CC2

I'm not great at maths either, but £3486.36 split into 12 installments is about £320, plus interest for the past 12 months and the 12 it would take me to pay it. I can't remember the interest rate, but if it's compound then that would be about right I think.

Lungboy

This sounds horribly like Erudio up to their old tricks again and trying to divide amount left by time until loans are written off instead of by number of months left of the 60 they started with.

anna2007

A response (if you can call it that) from BIS to the FOI on Erudio's late submission of accounts, provisions for breaches of loan agreement/sale and purchase agreement, etc.

If proof was needed that BIS have well and truly washed their hands of us, I suppose this is it:

https://www.whatdotheyknow.com/request/erudio_student_loans_limiteds_fa?nocache=incoming-615515#incoming-615515

Pluthero

anna2007 wrote: »

A response (if you can call it that) from BIS to the FOI on Erudio's late submission of accounts, provisions for breaches of loan agreement/sale and purchase agreement, etc.

If proof was needed that BIS have well and truly washed their hands of us, I suppose this is it:

https://www.whatdotheyknow.com/request/erudio_student_loans_limiteds_fa?nocache=incoming-615515#incoming-615515

Lol. Short and sweet that was!

Lungboy

I can't even see a response.

anna2007

You must have blinked at that point Lungboy.

"Erudio is regulated by the FCA for accounts formed under the CCA 1974 (as amended) and must operate in accordance with the relevant regulatory requirements and industry guidance.

At present, there are no intentions or provisions to take action in these cases".

BIS seems to have conveniently left out the fact that the accounts were also formed under the Student Loans Act and Regulations.

And they've confirmed today they have no contingencies or provisions in place whatsoever, if Erudio are in breach of our loan agreements, their own agreement with Erudio (what's the point of having a sale & purchase agreement if BIS won't act on it if it's breached?), or even the relevant law.

As the previous owners of our loans and wholly responsible for selecting these cowboys as the purchaser, it's criminal negligence on the part of our Government, to say they'll take no action if Erudio acts illegally. It's !!!!ing disgraceful!!

CC2

I found the letter and the good news is I mis-remembered the repayment amount. It is in fact 'only' £335 per month. No mention of how many installments.