ERUDIO student loans help

Mr_McGuffin

From the above FCA response, notice amongst other things, the very recent Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015 (SI 2015/447).

http://www.legislation.gov.uk/uksi/2015/447/made?view=plain

This Treasury statutory instrument came into force on the day Parliament was dissolved. It confirms that the Student Loans Company is an 'exempt person' in respect of 'debt administration... in connection with, or for the purposes of, loans to eligible students.'

Where 'eligible students' means:

'any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998'

http://www.legislation.gov.uk/uksi/1998/2004/article/3/made

That's us.


But the Student Loans Company doesn't own any of these loans anymore, does it? It has sold them all. First in 1998, then 1999, with a final tranche in 2013 to Erudio. That is correct, isn't it?

This statutory instrument means the SLC is exempt from FCA regulation in relation to the activity of 'debt administration' for 'original scheme' / 'mortgage style' loans made under the Education (Student Loans) Act 1990.

But what 'debt administration' does the SLC now do with these loans it no longer owns? What else can that be but the operation of the deferment process for the 1998 and 1999 tranches? The deferment process is the only thing the SLC still handles for these loans. And it is apparently exempt from regulation of this by the FCA.

What about the operation of the deferment process for our loans?

In the 1998 sale agreement the government undertook to ensure that in future sales all debt owners would be bound by largely similar provisions for deferment.

By one means or another, is the deferment process for our loans also exempt from regulation by the FCA?

eroneo

explanatory memorandum

http://hb.betterregulation.com/external/uksiem_20150447_en.pdf

plong979

eroneo wrote: »

Did they actually affect your credit file?

Not checked.

fermi

plong979 wrote: »

I didn't

After telling them I shouldn't be in arrears because I have shown I am under the threshold, they told me that if I had a problem to take it to the FOS. Which I have. Declined the first recommendation from the FOS of signing the DAF and all arrears will be removed (funny Erudio said they could only do 3 months) and sent up to the actual Ombudsman. Received a letter a few weeks ago, saying it could take 6 or months for the Ombuds to decide.

The whole situation stinks, I'm still fuming that we were never given the option of paying off our loans at 5p in the £1 like they were sold for. But then again, we're not part of the old boys club.

Are they sending you the required Notice of sums in arrears and information leaflet every 6 months on that?

plong979

fermi wrote: »

Are they sending you the required Notice of sums in arrears and information leaflet every 6 months on that?

I'll have to double check after work as I know I received something from Erudio after they sent the final decision letter . Can't remember what it was, so will report back when I check.

leigash

fermi wrote: »

Are they sending you the required Notice of sums in arrears and information leaflet every 6 months on that?

My wife hasn't heard anything, no notice of arrears and in exactly the same boat

zombi

For those of us with split loans:

I have had confirmation from SLC thatErudio is notified electronically of the SLC's deferment decision within 24 hours of the decision being made.


To make sure that Erudio couldn't say they hadn't received deferment confirmation from SLC AGAIN this year (so they couldn't steal any MORE money from me), I copied the confirmation letter sent to me from SLC into an email to Erudio and asked for acknowledgement by way of a response.


Erudio responded within a week, stating that my deferment was indeed confirmed.


Cover your backs people! Once bitten........and all that.

fermi

erudioed wrote: »

Just a heads up. Anna's internal review request has again been refused. It concerned info on the deal with Erudio. Although not surprising they upheld their original decision to not release any info, the response should be noted. It basically says (without saying it), that the 2000-2010 loans are going to be put up for sale in the not too distant future. That will of course back what was in the last Osbourne budget, noting that they are preparing the ground for a sale of these loan years. I know our fight is only relevant to us really and people are probably sick and tired of hearing about it, but given that we are kind of plugged into what will be coming for those X million ex-students, maybe we should get on our megaphone a little and tell people what is coming for them. We had no warning, and most of us no advance knowledge, our loans had been sold until we got Erudio's first introductory mail. We have an election coming soon, and there are X million people who need to know about it. How that can be achieved, god knows, but maybe we need to try and shout a little and tell people.
Heres the FOI reply by BIS: https://www.whatdotheyknow.com/request/247696/response/636832/attach/html/3/IR%20RESPONSE%20FOI2015%2000554%20MS%20A%20PATTERSON.PDF.html

And as your referred to in the budget statement.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/416330/47881_Budget_2015_Web_Accessible.pdf

erudioed

Thanks fermi that really does speak a thousand words! Anyone with a twatter account or can do a screen grab, please do retweet or mail it on to journalists, MPs anyone who may loudhaler it. Heres a link to my tweet on it and fermi's:
https://twitter.com/erudioed
https://twitter.com/fermi239

plong979

fermi wrote: »

Are they sending you the required Notice of sums in arrears and information leaflet every 6 months on that?

just checked and yeah i've got a notice letter, dated 14th December. I'm £1056 in arrears, that's about how much they paid for my loans in the first place. Joke.