ERUDIO student loans help

Brooker_Dave

"light touch" regulation in action.

We have to pretend that the financial sector is regulated, but in reality it's not and they can do what they please (no surprise when they give nice jobs to former politicians), the only thing that works is court action.

thin_king

Hi All,


Well its that time of year and I am yet to receive a DAF so seems that Erudio are being their usual efficient selves!


Anyway my query is that with my earnings alone I am under the threshold, but I'm not sure I am if I include saving and investments as I have no clue what interest they make on an annual basis plus this surely fluctuates quite a lot?I swear that SLC never asked for this information and only asked for actual earnings…anyone shed any light on the absolute requirement of this information?

Also If it comes to it that I do have to pay would they accept a lump sum and then a reduced monthly payment or is it all or monthly? Any help would be greatly appreciated.

fermi

The SLC forms did ask for those, yes.



The loan regulation define income as "income from all sources", so yes, you do have to declare those.

thin_king

Thanks for the image - these are new investments due to inheritance - looks like I'm scuppered then and will have to make payments. Any idea on the lump sum payment option?

erudioed

thin_king wrote: »

Thanks for the image - these are new investments due to inheritance - looks like I'm scuppered then and will have to make payments. Any idea on the lump sum payment option?

Yep, pay it all at once. They havent offered to settle accounts for a percentage of their face value. They want all or nothing. Seems like a terrible business decision to me but who knows what they have up their sleeve apart from gross incompetence and greed.

Brooker_Dave

thin_king wrote: »

Thanks for the image - these are new investments due to inheritance - looks like I'm scuppered then and will have to make payments. Any idea on the lump sum payment option?

But only the earnings from investments count towards income surely?

gardenia101

thin_king wrote: »

Thanks for the image - these are new investments due to inheritance - looks like I'm scuppered then and will have to make payments. Any idea on the lump sum payment option?

When I queried an inheritance I received many years ago with the SLC they said I didn't have to count the actual inheritance itself, since I'd received that money during a month that wasn't the "relevant" month or in the 3 months after that relevant month. What I did have to include was the interest I earned on that inheritance for the relevant month, & confirm that I wouldn't expect to receive more interest in the following 3 months that I'd received in the relevant month.

I was lucky with the timing of my inheritance (since I had no control over when it would be put into my bank account) & that the SLC applied the regs correctly, which Erudio are choosing not to do.

Sadly I don't have any of that in writing from SLC, just my own notes from a 'phone call (that didn't give further info following my SLC SAR).

It makes no difference to me (on a financial level I mean) if Erudio want to use either the annual interest I receive or correctly apply the regs & use the relevant + 3 following months rule as I'm well under the threshold whichever way they look at it.

It was easier for me to prove that my interest income is under the threshold if I use the annual method, as then I could send my self assessment as well as redacted savings statements = less for Erudio to argue with. I'm p'd off that Erudio feel they have the right to ask/demand such levels of proof - something else that has fallen on deaf ears from FOS

If forcing Erudio to apply the regs correctly would make the difference between successful deferment or not, I'd be wondering if it would be worthwhile thinking about court...

What do others think?

gardenia101

Brooker_Dave wrote: »

But only the earnings from investments count towards income surely?

Sadly I think not - Erudio would say it counts as "other income" & my chat with SLC would confirm so. It all depends on the timing of the receipt (IMHO). See my above post.

I don't agree with their rules - HMRC don't count inheritances as income (double taxation).

ETA - ISTR someone (Anna?) posting a link to the SLC handbook/manual for processing deferments. I can't find that post, but maybe it will ring a bell with someone & you can check how SLC dealt with inheritances. Of course, Erudio will want to count it, regardless....

Brooker_Dave

gardenia101 wrote: »

Sadly I think not - Erudio would say it counts as "other income" & my chat with SLC would confirm so. It all depends on the timing of the receipt (IMHO). See my above post.

I don't agree with their rules - HMRC don't count inheritances as income (double taxation).

Seems like a stretch.

But would it also not depend on which month the money landed?

fermi

Made no reference either way.