ERUDIO student loans help

fermi

Would be worth checking with the FOS, just straight out or via an FOI?

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dizzybuff

Complaint put into the senior management casework in the financial ombasman.

anna2007

So, if we don't want to apply to Erudio for credit, we don't have to complete their new "credit application" form, right?

The only time I applied for credit in the history of my student loans was over 20 years ago, when I completed the SLC's credit application form.

Seems to me they're hell-bent on eroding the unique nature of our student loans and our right to defer, by turning a deferment application into a credit application. Maybe that's how they hope to get away with recording deferred loans as being on payment holiday. And also why they're so insistent that the DAF's completed and signed - they could hardly call a self-certification of income by letter a credit application?!

Does anyone know about the legality of treating it as a credit application, when we're not actually applying for credit?

Pluthero

rizla_king wrote: »

Its all just a continuation of the rotten tactics they hope will stop people deferring when they are entitled to it and to stump up arrears even when they are not your fault.

Never forget these scumbags are debt collectors who have not one iota of your interests at heart.

Everything they do is self serving to maximise their returns.

Totally on the Money (Excuse the PUN.)

This is a PR exercise. Damage limitation.

However it does mean the complaints must have had SOME effect or lets face it they would not even bother with it. Would be nice to know if the FOS Arrow Global complaints are in fact relating to Erudio?

Recent swerving of court cases by Erudio/Arrow would strongly suggest you are under no pressure or are legally bound to use ANY DAF Erudio produce.

Its a self cert/show your income deferment process and Erudio claiming otherwise is borderline extortion.

BorderReiver14

Its really what we expected from Erudio as the FOS rulings of late suggested the pre 98 loans could be reported. Anthony has suggested in an earlier post that in his opinion, the wording and criteria in specifically clause 16 is too vague. This will not get sorted until it reaches court. I certainly cannot see the criteria laid down being met when applying for deferment....
I also wonder what those who managed to get a deferment without the DAF will do this time around?
....and no matter how they dress up their new DAF or credit application, they cannot change the legislation and regulations.

dizzybuff

Oh email from the manager I was dealing at the ombasman she is not a happy bunny.

gardenia101

anna2007 wrote: »

....I don't think it's the loan cancellation date we need to worry about, in the end it can't be changed. Erudio were keen to stress the point that my loans would only be cancelled if there were no arrears on my account, mentioned it twice in a short letter. That's what we need to be concerned about, as Erudio will try every trick to create arrears - delay/refuse deferment, demands for repayments when none are due, creating 'gaps' in deferment periods, understating interest on the annual statement, etc, etc.

How seriously do you think we need to consider gaps in periods of deferment? When I started to need large print documents about 5 years ago the (then) SLC always took longer to produce them, so my deferment period always ended, the first payment was taken by d/d (at which point I'd phone them AGAIN to ask why it was taking them so long). I'd then send back my DAF with evidence, be deferred & get a refund from SLC, & I never worried about it.

But again, although Erudio have finally deferred me, there is a gap in my last deferment periods even though there are no arrears on my account. I've assumed that as there are no arrears then they can't refuse to write off my loans when I'm 50 - am I being too trusting again

Not amazingly impressed with the new propaganda on the website. Especially baffled by the "If your application for deferment is successful and your account(s) meets one or more of the conditions as stated above, your account will be listed at the CRAs as in a payment holiday. This will confirm to the CRAs that we have agreed to temporarily stop your monthly repayments" part either. My loans are now deferred for 3 years so how on earth does that fit in with them being temporarily stopped? Suppose there is no legal definition of temporary either :rotfl:

Anyone know if there is an agreed (by reputable companies ) maximum duration a payment holiday can last for, given that its a temporary thing according to Erudio?

I can just imagine how it would look to a building society if I were to apply for a mortgage with 2 & a half years worth of payment holidays....

fermi

gardenia101 wrote: »

How seriously do you think we need to consider gaps in periods of deferment? When I started to need large print documents about 5 years ago the (then) SLC always took longer to produce them, so my deferment period always ended, the first payment was taken by d/d (at which point I'd phone them AGAIN to ask why it was taking them so long). I'd then send back my DAF with evidence, be deferred & get a refund from SLC, & I never worried about it.

But again, although Erudio have finally deferred me, there is a gap in my last deferment periods even though there are no arrears on my account. I've assumed that as there are no arrears then they can't refuse to write off my loans when I'm 50 - am I being too trusting again

The 1998 regulations which overide any previous agreement terms say that:

12. The lender will cancel the borrower’s liability to repay the loan if the borrower—

(a)dies,

(b)is not behind on any repayments under any agreement for a student loan and—

(i)was under the age of 40 when his last agreement for a student loan was made and he reaches the age of 50 or when the last agreement for a student loan has been outstanding for not less than 25 years, whichever is the sooner, or

(ii)was aged 40 or older when his last agreement for a student loan was made and he reaches the age of 60, or

(c)if the borrower can show the lender that he gets a disability related benefit and because of his disability is permanently unfit for work.

You are not behind on payments, i.e. in arrears, so they cannot refuse.

Brooker_Dave

Surely this just goes to show that we were all missold these loans, and the misselling argument is the way to go?

ericctheking

I started two threads one called "miss-sold a government loan" and the other "student loans could stop you getting a mortgage"
Full of fingers in their ears types rubbishing my claims saying how student loans are different etc. Well just wait until they all the income contingent loans students get sold out too.