ERUDIO student loans help

anna2007

The RPI rate which will apply to our loans from September was published by the ONS today and is at 0.9%.

That's down a fair bit from the current rate of 2.5%, so a little bit of good news for us, and less money for Erudio to get their grubby mitts on

fermi

anna2007 wrote: »

I raised this with ICO already, who said:


Not that I believe them, especially when the old email address I gave Erudio last year gets bombarded with spam (a couple even referred to student loan debt), which originates from Boston, where Wilmington Trust happen to have an office!

I guess the problem is proving it - one way might be to set up a new email address and only give it to Erudio - whether that would be enough, I don't know.

Given their poor admin so far, I would not be surprised.

Intentional, or just in error by just letting any db get into the wrong hands or wrong department.

GirlGeek

Turns out there is a god (small gods)!! I called SLC to check if my split loans have been deferred, and they have!! They will inform Thesis and Erudio and I don't need to do anything. It would have been nice if they'd left me know. He pre-emptied any questions by saying I had to call either of the other two if I wanted any more info. I told him I loved him and left it at that!

Now to see if Erudio get the message from SLC and don't try and steal any more money off me repayments (not due) start tomorrow. I fail to see why Thesis can manage to do things correctly and the other idiots can't....:rotfl:

cluelessfish

GirlGeek wrote: »

Turns out there is a god (small gods)!! I called SLC to check if my split loans have been deferred, and they have!! They will inform Thesis and Erudio and I don't need to do anything. It would have been nice if they'd left me know.He pre-emptied any questions by saying I had to call either of the other two if I wanted any more info. I told him I loved him and left it at that!

Now to see if Erudio get the message from SLC and don't try and steal any more money off me repayments (not due) start tomorrow. I fail to see why Thesis can manage to do things correctly and the other idiots can't....:rotfl:

thats the respnsonse I got, my deferment date has passed without erudio taking money.

But why should we have to call anyone else, slc sent out daf which is returned to slc who then process and grant deferment and post confirmation. They have done this for many years now , even last year during the transfer to erudio. But now they seem unable to post confirmation letters?

GirlGeek

I was quite looking forward to being able to have another moan at Erudio, I s'pose I can do without the hassle though tbh!

We shouldn't have to be calling anyone they should be contacting us, as they always used to. Anyone would think it was deliberate for some strange reason.

Mr_McGuffin

Looks like it's goodbye Helen Ashton:

http://www.cityam.com/213663/asos-hires-capquest-boss-helen-ashton-new-chief-financial-officer

http://www.lse.co.uk/AllNews.asp?code=p2t94cqh&headline=ASOS_Appoints_Helen_Ashton_As_CFO_Nick_Beighton_To_Be_COO

BaffledByErudio

Mr_McGuffin wrote: »

Looks like it's goodbye Helen Ashton:

http://www.cityam.com/213663/asos-hires-capquest-boss-helen-ashton-new-chief-financial-officer

http://www.lse.co.uk/AllNews.asp?code=p2t94cqh&headline=ASOS_Appoints_Helen_Ashton_As_CFO_Nick_Beighton_To_Be_COO

I wouldn't read a great deal into that. Company CEOs/bigwigs shift places all the time. It's the same where I work and I'm at the head office of a large UK company (pity I'm still under the deferment wage threshold!)

But it's nice to think that dear old Helen, after an esteemed career at Lloyd's bank, took one sniff of the bullsh1t on the shoes of the Erudio cowboys and jumped on the first horse out of town!
With an established financial career on your CV, you'd be wise to steer clear of our chums at 1 Kings Arms Yard, London, blotting your copy book!

Mr_McGuffin

BorderReiver14 wrote: »

If the legislation only mentioned SLC then surely that does not mean ESL are exempt from FCA regulations? It stinks to high heaven without a doubt but as I understand it, SLC are not a private firm like ESL... a shell company using DCA specialists to do the dirty work for their investors. My reading of your post is that the FCA are being elusive partly because they have not been asked yet by ESL to consider an extension to their interim listing.

Sure, but I think what the FCA say is worth reading carefully.

This again on 'SPV Exemption':

http://www.cadwalader.com/resources/clients-friends-memos/finally-certainty-about-licensing-spvs-under-the-fca-consumer-credit-regime

This describes Exemption as conditional on the SPV entering into an arrangement with a servicer authorised to conduct specific regulated consumer credit activities.

The first Erudio Annual Report stated that Capita Customer Management Limited was appointed to act as the Primary Servicer of the Loan Portfolio with Arrow Global overseeing Capita 'with respect to those loans in arrears.'

As far as I can see the report doesn't say Arrow oversee Capita for the 'loans for which repayments have been deferred' also mentioned in the report. Does someone else oversee loans in deferment? Or is Capita handling deferment alone, with nobody else 'overseeing' it?

If the operation of the deferment process is 'debt administration' then the SLC is now an 'exempt person' for the purposes of FCA regulation. I might be missing something, but is there any other 'debt administration' function the SLC now performs in relation to the original student loans it no longer owns?

For those loans owned by Honours and Thesis, then if the owners of the loans are not 'exempt persons' the SLC now is, and it operates deferment. The government is in the position of providing a deferment service exempt from regulation to the private owners of the loans. It will also pay these businesses annual subsidies until 2028. For the split loans Erudio apparently accepts the anomaly of the operation of the deferment process for the loans it owns by a third party following a rather different process, and one apparently exempt from FCA regulation.

On a slightly different point, can it be chance only that the sale to Erudio, which could have been made at any time, coincided with the shift from the OFT to the FCA and the transitional period of 'interim permissions'?

Mr_McGuffin

fermi wrote: »

Erudio have no exemption from consumer credit regulation

Yes, Erudio has current 'interim permission', but by its own description is only a 'conduit' serviced by Capita, its authorised Primary Servicer. I'm not saying that Erudio does have any exemption, and specifically the SPV Exemption the FCA were asked about. But Erudio is a 'Special Purpose Vehicle', so if and when it applies for full authorisation why would it not be able to receive the benefit of 'SPV Exemption', if it meets the requirements for it? It seems these principally relate to the sort of servicing arrangement apparently in place with Capita.

fermi

gardenia101 wrote: »

My specialist advisor has got back to me - not changed her opinion at all so I'm probably going to have to settle for some compensation.

I can understand some of why she can't do anything about the appalling way Erudio treat us - she can't say how our info may be recorded by CRAs & therefore can't force Erudio to do anything in particular. So we have to wait until things have been recorded & then try & sort out any potential problems that may arise from unfair reporting...

She doesn't think that Erudio quoting the 97 regs has made a difference to my own deferment, & therefore can't comment. I guess she could be correct in my case, but it still feels like Erudio can just do what the eff they like, when they want & us customers just have to put up with it.

She requested that Erudio send both of us a large print statement on 12/3 - no sign of it here a month later, but that seems to be OK in her eyes since she can't force them to send me anything by a certain date. Only a little frustrating.

I want to keep my complaint open until they send me a large print statement & confirm when my loans will be written off - hoping FOS will go for this.

Good to hear that some of you haven't had the same shocking treatment with this years deferment processes as last year. Looks like they have improved some things for the better.

Those both seem like reasonable requests and complaints to hold open, even short of any legal requirement, which I'm sure they have.