ERUDIO student loans help

Voyager2002

Rumple wrote: »

Hi everyone,

First time poster here and just joined after reading many of the comments - though haven't had the time to go through all 180 pages yet!). Would love some advice on the following:

SNIP

Thank you all for the wonderful advice and sharing your stories of dealing with these vultures!

I think you will have to trawl through the posts on this thread to get useful answers to your questions...

One particularly valuable post: someone has a partner who is a lawyer, and she provided a legal letter stating, in terms of the law, why they could not require things like a direct debit and the information requested on their DAF in order for him to defer the loan. The text of the letter is given in full, as is the result: they backed down and agreed to deferral.

ericctheking

Jonez wrote: »

One thing I've never understood, is how taking money from accounts where they have no right to do so, lying to people in an attempt to obtain payments (e.g. - your loans must be paid off by the time you reach 50) and the like do not constitute attempted or actual fraud - i.e. a criminal act? Has anyone ever looked into this?

Have you been living under a rock?
Big organisations, banks and businesses can lie, cheat, fake people's signatures on documents, alter terms and conditions, make "mistakes" where they take peoples money yet it doesn't matter because they are wealth creators!

Now if a little person makes an honest mistake in filling in a document it is called fraud and the full force of the law should come down on them like a ton of bricks!

anna2007

Erudio's new FAQ

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

Do we know if Erudio are going to report loans that are in repayment? I don't remember seeing it anywhere, but if they don't report loans in repayment (showing payments as up-to-date), doesn't this ruin their justification for CRA reporting (responsible lending), and prove that Erudio are trying to coerce people into repaying rather than deferring, by saying they'll do bad things to our credit files if we successfully defer??

Jonez

Voyager2002 wrote: »

I think you will have to trawl through the posts on this thread to get useful answers to your questions...

One particularly valuable post: someone has a partner who is a lawyer, and she provided a legal letter stating, in terms of the law, why they could not require things like a direct debit and the information requested on their DAF in order for him to defer the loan. The text of the letter is given in full, as is the result: they backed down and agreed to deferral.

Post 902, page 46.

anna2007

erudioed wrote: »

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?

A SAR to both Arrow Global and Experian should answer whether they are holding our info on a separate database? Costs £10 per SAR.

I came across a news article the other day from August 2012, which says:

"The three agencies also keep information on around 250,000 student loans issued before 1998. Although they cannot include this debt in your credit score, lenders will still be able to see them.
And from the end of this year, Experian will also start holding data on people who are renting".

What 250,000 pre-98 loans are they referring to here? Not my deferred ones anyway, as if a lender can see them then so should I, at least that's how it's supposed to work. Can't just be defaulted loans, as post-98 loans issued after 1998 would be reported too.

It's possible the article's just badly worded, or factually inaccurate, but made me wonder if this was the Government gearing up for the sale, and our student loan details have already been passed to the CRAs, but haven't gone on our credit files (yet)? Maybe to avoid any legal ramifications if a third party debt purchaser reports the loans, when the loans were never reported by the original creditor, our Government?

Rambling now, but just looked dodgy to me.

http://www.thisismoney.co.uk/money/cardsloans/article-2185099/Applicants-pay-price-complaints-credit-reference-agencies-soar.html#ixzz3U4RpX6Jt

Pluthero

Originally Posted by Voyager2002
I think you will have to trawl through the posts on this thread to get useful answers to your questions...

One particularly valuable post: someone has a partner who is a lawyer, and she provided a legal letter stating, in terms of the law, why they could not require things like a direct debit and the information requested on their DAF in order for him to defer the loan. The text of the letter is given in full, as is the result: they backed down and agreed to deferral.

Jonez wrote: »

Post 902, page 46.

Top tip, you can navigate straight to that page by hitting the little blue arrow beside the page number 181 and typing in the page you need:)

Jonez

ericctheking wrote: »

Have you been living under a rock?
Big organisations, banks and businesses can lie, cheat, fake people's signatures on documents, alter terms and conditions, make "mistakes" where they take peoples money yet it doesn't matter because they are wealth creators!

Now if a little person makes an honest mistake in filling in a document it is called fraud and the full force of the law should come down on them like a ton of bricks!

I haven't been living under a rock and I don't need your sarcasm - OK??
I was simply raising a point.

erudioed

anna2007 wrote: »

What 250,000 pre-98 loans are they referring to here?

Could that be those sold to Thesis and Honours Student Loans?
I have been wondering if those loans ('owned' by those 2 shell companies) in deferment have been reported to CRAs. I assume SLC might control whether that happens to them and if they are reported because they are responsible for the deferment process. I dont know though...

fermi

anna2007 wrote: »

It's possible the article's just badly worded, or factually inaccurate,

It's BOTH.

ericctheking

Jonez wrote: »

I haven't been living under a rock and I don't need your sarcasm - OK??
I was simply raising a point.

Wasn't having a go, in total agreement with you.
Sorry if you read it the wrong way. Sarcasm is hard to pull off in writing! I apologise.