ERUDIO student loans help

dizzybuff

I've emailed erudio regarding the arrears that have accumulated during my dispute. Last letter I received was October. I have money put aside. But you can bet the information I get is misleading. I havnt got a response and as I have cancelled the dd they set up when I sent my information off they will have fun on the fifthbwhen it's due to Go.out. This was set up.without them.even confirming I was deferred or not. I have standing order information etc so I will.pay that way. I can't pay on the dd day. They state they can't change this which is codswallop. So itbwill.pay when I'm paid on the 15th. I have very little fight in me and as i need my credit rating for amorgage I need to clear arrears before my dispute is over. Which is about ten months worth. I will accept the fos decision but have a complaint in the process as even though the ombasman was asked to look at a calculation they failed to do so as it's not their job !!!!!!. Basic maths shows erudio got my pay wrong.

gardenia101

fermi wrote: »

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



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

Thanks Fermi, that is how I read it - I shall be asking them to change my latest deferment period though so there is no gap (or confirm that having a gap will not be an issue) as I don't trust them.

evilsheep wrote: »

I'm very confused.

I've recently received my latest correspondence from Erudio, after having sent them a template letter confirming my income, and 3 months payslips (I haven't filled in their DAF).

The letter is in reference to a complaint I lodged during a telephone call with them (they called me - and they also misunderstood the complaint, but that's another matter), and in it they quote Section 11 (a) and (b) of the Education (Student Loans) Regulations 1997:

Subject to the provisions of this regulation, a borrower who has not been required to make an immediate repayment of the outstanding amount of his loan under regulation 9(b) shall be entitled to defer making repayments of that loan if he satisfies the loans administrator—

(a)that his gross income for the month preceding the month in which he applies for deferment does not exceed the product of £1,316 and the annual adjustment, and

(b)if the loans administrator so requires, that his gross average monthly income during the three months immediately following the month first referred to in sub-paragraph (a) will not or is unlikely to exceed that amount.

I'm confused with the £1,316 figure. I thought that anyone earning less than £26,727 was eligible for deferment, but £1,316 per month is £15,792??

I'm mid-way through responding to their letter, and was about to point out that I had fully complied with Section 11, but my gross monthly income is over £1,316. My loans are all pre-1998 by the way. Help?

fermi wrote: »

You could possibly point out that:

- They are quoting the 1997 regulations which where revoked in law by the 1998 regulations, so not longer apply.

- By quoting incorrect regulations that no longer apply in law, they are trying to mislead you as to your rights and obligations, and to the level of the deferment threshold.

- The correct 1998 regulations only require that you "can show" that you are under the deferment limit, which you have more than adequately done, and would be able to demonstrate in court.

- You have complied with all the legal requirements required to apply for deferment.

- Erudio have no legal grounds to refuse or further obstruct your deferment.

Just my take on it. No liability accepted. lol

Up to you whether you do something like that or try their forms.

I didn't pick up on the naughtiness of this point at the time, but I also had both versions of the regs quoted in one of their letters. I just put it down to their utter incompetence, but I'm highlighting it again to FOS (in case they didn't pick up on it themselves :rotfl:) as I'm annoyed by their arrogance. Thanks Fermi for your thoughts.

Another letter on its way to Erudio, FOS & my MP

dizzybuff

I'm going to leave accepting the offer till the last day giving erudio.time.to respond to my email. Im not expecting anything off them so I may phone and ask for confirmation in email. I need to dig the last letters put and figure out the arrears myself. I should of bought these myself. I would have been better. I'm still very upset that even though I earn way under the threshold, my maintainance (Grrr) and benefits take me over.

erudioed

I was just mulling over the arrival of the new DAF earlier, so checked Erudio's site. I was rather suprised not to see any mention of the automatic sending out of the DAF 8 weeks ahead...something i had seen on its site before. Maybe i couldnt see it for looking.
Under the deferment period is due to end FAQ, it says this:
When your current deferment period expires you will be required to make monthly repayments as per the terms and conditions of your loan agreement.

If you believe you are still eligible for deferment, we urge you to return a completed Deferment Application Form to us within the next 7 days. Please note that your regular installments will remain due until your account has been successfully deferred.

Your deferment will not be renewed automatically. You need to reapply for deferment every 12 months.


Me again: Hopefully it is not the case that they have just changed the normal operational process and the new DAFs will start arriving this week for the first wave of deferers, but i think we may need to watch this a little closely.

fermi

They have hidden it away here:

anna2007

fermi wrote: »

They have hidden it away here:

Yes, strange they've hidden it away there, when there's a section headed "Applying for deferment"!!

Cook1e

erudioed wrote: »

Hopefully it is not the case that they have just changed the normal operational process and the new DAFs will start arriving this week for the first wave of deferers, but i think we may need to watch this a little closely.

Whatever happens I'm sure they will lose them again!

erudioed

Nice find fermi!
@cook1e: that is one thing i have little doubt about. I am wondering though if maybe Arrow Global's new company acquisition Capquest might be processing deferments this time, as its CE is now pretending to control (sorry, is the new face of) a shell company. Maybe the phone numbers will change or something like that and we will be able to tell. I think it will be a boon for the Post Office again though in uptake of its registered post offering, and its (yet another) new pricing increase. Whoever said privatisation sucked?

fermi

anna2007 wrote: »

Yes, strange they've hidden it away there, when there's a section headed "Applying for deferment"!!

Deviousness?

Idiocy?

Incompetence?

All are possible.

Former_MSE_Helen

Update 3 March: SLC has informed me that where it quoted the 'Regulations' below, this is incorrect and that it should have actually quoted the loan credit agreements.

Hi all, we've updated the story with the response from the SLC on whether or not it has always been the case that in certain circumstances details of the loans can be reported to credit reference agencies.

The SLC told us the following: The terms and conditions of mortgage-style student loans did not change as a result of the sale of these loans to Erudio.

Mortgage-style (MS) student loans are regulated loans under the Consumer Credit Act 1974 (as amended). The terms and conditions for the deferment of MS loans are prescribed in the Education (Student Loans) Regulations 1998, these terms have not changed as a result of the sale, and borrowers have the same rights and obligations as they had when their loans were managed by the Student Loans Company (SLC).