ERUDIO student loans help

Rosskie

Ah - Nice Rizla, I'd concluded that they could hold up the process and collect some cash in the meantime, it did stink a little!

rizla_king

There is also what the legislation says, but it doesn't say any more than the terms of the loan agreements do. There is no need for any more.

TazFrank1

So, I had confirmation of deferral yesterday.
I made phone call to erudio on 9th April, where the advisor told me that none of my student loans would be registered with CRAs as that would be against the terms and conditions of my loan. I asked for written confirmation of this and today I have received this letter from erudio'

'When anyone takes out any kind of loan or credit agreement this is logged with a credit reference agency. This is in order to ensure that potential lenders have access to all the relevant information. It is not logged as a default or in a negative way. Simply to help lenders understand how much credit a potential borrower already has'.

So, not the confirmation I asked for, infact the exact opposite.

I also wrote to erudio on 28th March asking for copies of my terms and conditions, which they are supposed to supply within 12 working days.....still waiting!!!!!

rizla_king

They are debt collectors. They lie. That is the way they do business. No one should be surprised at that!

erudioed

@tazfrank1
I was waiting for the same letter i was promised but when i called to ask where the letter was, i found out my file was marked "ignore the above, sent to complaints dept" directly below the part stating they would send a letter confirming my info wouldnt be passed on.

As Erudio havent actually given us any money and SLC didnt register it for 15 or more years, what gives Erudio the right to do that?

Are you going to take the T&Cs complaint to the next level above Erudio? Is there a process listed for that, or can you go straight to the ombudsman/relevant authority before complaining to Erudio first? We have to get this stuff outside somehow or nothing will force them to consider how they are operating.

rizla_king

Nothing gives them the right for loans taken out 98 onwards. They are lying if they say they can.

Before 98 they can rely on the original terms and conditions that allow sharing if they 'judge appropriate'. SLC didn't but that was their choice, not a commitment.

duggan1

I was planning to hold out for the 25 years (am a few pounds under the threshold!) but reading all this I think I'll just pay it off when it comes to deferment time.

erudioed

just a thought, does a big company with many names and new loan info actually get paid by Credit Reference Agencies for handing over 150,000 new pieces of information on 50,000 odd people.
I know Arrow Global signed that deal with Experian, anyone reading have any idea about the kind of details such a deal entails, other than the general gumpf stated in the press release announcing the deal info that doesnt really have any details.

Sarebear78

rizla_king wrote: »

No, because if you should be deferred you should be deferred. Erudios failure to defer a valid application due to their own incompetence or obstinacy, would be a breach of the loan terms and conditions on their part, so they would not then be able to insist on enforcing a consequential term that only came into play because of their failure to perform their duties under the agreement.

I love this quote. Hoping I won't need to use it though.

Have sent one deferment request in by letter - which wasn't accepted (as not on deferment form and they 'needed' my joint bank account as proof of income?). Still waiting for confirmation of the second correspondence (the form with crossing out of the last part saying 'I give no consent to a change in the original t&c.........').

slam3000

Sarebear78 wrote: »

Have sent one deferment request in by letter - which wasn't accepted (as not on deferment form and they 'needed' my joint bank account as proof of income?). Still waiting for confirmation of the second correspondence (the form with crossing out of the last part saying 'I give no consent to a change in the original t&c.........').

Did they decline this deferment request in writing? If so, how long from when you sent the letter before you got written confirmation that they'd declined it?