ERUDIO student loans help

erudioed

MSE_Helen wrote: »

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).

That isnt an answer...

rizla_king

MSE_Helen wrote: »

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).

Not true. Or at least an answer that avoids the actual issue.

The disputed terms of 1997 and earlier loans that Erudio are relying on are not in the 1998 regulations. They are in the original terms of those older agreements, which Erudio are choosing to misinterpret for their own evil ends in a way SLC never did.

plong979

MSE_Helen wrote: »

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).

So if the terms and conditions haven't changed, how is it that the same evidence used previously for deferment isn't enough?

erudioed

plong979 wrote: »

So if the terms and conditions haven't changed, how is it that the same evidence used previously for deferment isn't enough?

There was some debate back around the start of Erudio's home invasion last year with BIS & SLC about what was a T&C and what was just Erudio doing something differently in the way it processed our deferments. Dont jump on me, but THEY said how Erudio choose to process deferments us up to them (or something like that). That said, their new DAF (or the bits we can glimpse in the new DAF guide) seems to have reverted back to being closer SLC...i recall for one part they now seem to only want the current month's bank statement, when last year they wanted more.
That said, all this is just semantics, which is why we cant get a definitive answer about anything that looks like a new T&C but reads like a threat.
I think that isnt a coincidence. If they do report our loans to CRAs for example and damage our credit files, in court, we would win because a student loan (if managed according to the T&Cs) should never damage someones chance to get credit later in life. Which this obviously would as no loaner/credit giver/money lender/bone breaker would like to see an unpaid loan of around 20 years and then think this person is a good bet for paying them back, whether on a 'payment holiday' or whatever phrase they choose to blacklist us with. Arrow know that, which is probably why they have decided not to do it yet. Maybe i will be proven wrong, but thats what i think, its just a threat. That to me would be a breach of the T&Cs...however, if they choose to check who we are differently to SLC, BIS were suggesting that was a matter for Erudio not a change to a T&C. As we have been advancing along this road now for almost a year though, i put little faith in what any of the main parties say (BIS, ARROW) as they are in collusion to make this loan sale a success because it is now government policy to start privatising the country off in a way that would give Margaret Thatcher an erection, which is why they tasked BIS with selling off the student loan portfolio (or should i say loans that helped students not starve to death, nor live on the streets when they were exercising their right to an education).

dizzybuff

My complain has been passed to a senior manager. Aren't i lucky. Let's see if they have taken their common sense pill this week.

mrsval

I've just received my Erudio student loan forms and one page states that they will check with third parties if what I say on the form is true. I will be sending them 3x wage slips what more do they want. I don't want anyone to know I have a loan especially my employer. What can I do? Any help will be much appreciated.

Jill18

MSE_Helen wrote: »

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).

Are you kidding MSE Helen? Do you seriously think that is an update? We all know and have known for a year that the stock response from Erudio, BIS, SLC is that the terms and conditions haven't changed. But in practical terms if they add our loans to our credit files they have changed or least Erudio have twisted a term to their advantage at great detriment to us. I was encouraged by MSE's initial response and in particular the way Martin tackled Erudio on Radio. But now you are just trotting out Erudio's standard lines. This is serious issue and we are being treated like idiots.

anna2007

mrsval wrote: »

I've just received my Erudio student loan forms and one page states that they will check with third parties if what I say on the form is true. I will be sending them 3x wage slips what more do they want. I don't want anyone to know I have a loan especially my employer. What can I do? Any help will be much appreciated.

mrsval - Do you know if it's the new DAF? If so, would you be able to scan and post up a copy of the form, as we've not seen it yet!

Erudio has no legal right to contact your employer, or anyone else for that matter, to verify your income, they just claim to have the right. I also don't know of anyone saying on the forums that Erudio has gone ahead and checked with employers, etc.

anna2007

I've received the adjudicator's decision on my complaint to FOS, won't go into too much detail, as it's pretty much repeating what they've said in other FOS decisions. They're satisfied the T&Cs of loans between 1990 and 1997 did effectively permit SLC (and subsequently Erudio) to report info about loans.

I wanted to know exactly when the loans would be reported, the response was "Erudio has advised that deferments are going to be reported with the CRA as payment holidays. This service is satisfied that this is not unreasonable provided the information is an accurate reflection of the account. However, Erudio has told this service that although it has not changed its stance on this, it is currently not reporting information to the CRA". Which doesn't exactly answer the question of when they'll be reported.

Referred me to the ICO for my claim that Erudio are breaching the DPA - been there, done that, they were no help either.

Because my loans were taken out pre-98, FOS is satisfied consent to the FPN doesn't apply, in which case neither SLC or Erudio have ever supplied me with an FPN - there was me thinking the FPN was a fairly major part of the DPA requirements.

No explanation of why Erudio considered the DD to be a breach of the loan agreement (although it's acknowledged that I was incorrectly advised on this by Erudio), because "it is not the role of the FOS to obtain or provide an explanation as to why each individual event occurred". Maybe that's why FOS make silly decisions then, if they don't consider why something happened?

They enclosed 3 template loan agreements, which still aren't true copies of the originals... and that's the third set I've been given.

£150 compensation for the crap customer service in messing about with the deferment start date (leaving a gap in deferment). Seems generous by FOS standards - might be because it took over a month for Erudio to reply to my initial enquiry about it. Or maybe it's based on word count, as my complaint was quite wordy... who knows with FOS!

So I'll escalate it to the ombudsman, but it really does feel like the biggest waste of time!!

Dan4747

I sent my completed DAF by recorded delivery to Erudio just over a month ago and seeing as I've yet to receive a reply I emailed them today to ask for confirmation of receipt (in retrospect I should have done so a few days after I'd posted it). I still have the R/D receipt in case they try to say it didn't get there, so lets see what happens.