ERUDIO student loans help

fermi

New added to Erduio's FAQ today.

Will my deferment application impact on how you report to credit reference agencies on a monthly basis?
Separately to your deferment application, and in line with the terms and conditions of your original loan agreement(s), we will report your current outstanding balance and how up to date you are with repayments to credit reference agencies (CRAs) on a monthly basis in the following circumstances:

• For loan agreements signed before or during 1997, we have permission to report details of the loan to CRAs every month, including if you are in deferment.
• For loan agreements signed during 1998 and onwards we may pass details of your loan(s) to credit reference agencies where (i) your account is in or has been in arrears or (ii) your account is in default or (iii) you have agreed that we may do this.

If your application for deferment is successful and your account(s) meets one or more of the conditions for reporting to the CRAs stated above, your account will be listed at the CRAs as a payment holiday.

If your account does not meet any of the conditions stated above, it will not be listed at the CRAs.

The signing and submission of your Deferment Application Form to Erudio Student Loans does not change the terms and conditions of your loan agreement in any way in relation to reporting to the CRAs.

And this altered.

erudioed

So they have again changed the WILL report pre-98 loans stance by adding that element of threat/ambiguity that Erudio/Arrow Global excel at, but with an additional note: "we have permission to report details of the loan to CRAs every month". Every month? So, every month, we will have an updated entry 'IF' they decide to do it.
This really is truly ridiculous.

fermi

Monthly updating and status codes is normal.

erudioed

Thanks again fermi. I didnt know that. I foolishly just assumed it would be one entry with the current status, with the next tampering being when the status changed at some point in the future. So its a once a month tampering...

Brooker_Dave

More ammunition for the misselling argument?

Brooker_Dave

So we have the right to defer our loan.

In which case no payments are due.

If no payments are due, there's no need for a payment holiday.

If they report us as taking a payment holiday they have at least slandered us, or as it's published on an industry blacklist libelled us?

erudioed

I wonder if Arrow Global's Experian Collections Bureau (ECB) works like a network within a network (a CRA), and is only for the eyes of those companies who pay to join. It looks like it to me. It would account for why some of things Arrow Gloabl says they will do, like reporting as a Payment Holiday, doesnt show on Experian's site, or why Experian suggest Student Loans are excluded from credit files. Just throwing it out there, but could Arrow Global be actually replying on this CRA reporting about how our loan info will be presented/interpreted on its private ECB, and not the Experian regular service. I guess i am suggesting that Arrow is basically using Experian as its own internal Credit referencing service, with our X00,000 pieces of loan info used to bulk up the service Arrow Global is offering to other similar companies and therefore using this loan reporting (our information) for financial gain. Anyone have any thoughts?
http://www.arrowglobal.net/lib/docs/133657-experian-and-arrow-faqs.pdf

and here is some info on Experian's site in which entrants seemed to be referred to as 'debtors':
http://www.experian.co.uk/consumer-information/experian-collections-bureau.html

zombi

Brooker_Dave wrote: »

So we have the right to defer our loan.

In which case no payments are due.

If no payments are due, there's no need for a payment holiday.

If they report us as taking a payment holiday they have at least slandered us, or as it's published on an industry blacklist libelled us?

I wonder if, when I do apply for my mortgage, the lender can give a reason for declining it if/when they do so. If it becomes evident that they have declined due to the student loan in 'payment holiday' (which will no doubt be showing on my credit score by then), or due to the false arrears Erudio have created, will I have grounds for taking them to court?


Will I be able to afford to take them to court? (I have no idea how much cost these things involve) as it's obvious I don't earn much as I'm constantly in deferment!

Brooker_Dave

The thing that needs clarification is the 97/98 thing

I keep reading that the 98 rules override the 97 ones, so how can the treat 97 borrowers in a different manner to 98 and onwards people?

Brooker_Dave

"Debt purchaser Arrow Global has posted a pre-tax profit rise of 15 per cent to £24m for the full year 2014."

"The results also demonstrate the evolution of its data driven model. The number of records in its proprietary collections bureau, built with Experian, has increased to 18.3 million."

http://www.credittoday.co.uk/article/17658/online-news/arrow-globals-pre-tax-profit-hits-24m

So all the needless information they ask for on their 20 odd page form is to add us to the 18.3 million people on their black list?