ERUDIO student loans help

fermi

Seems the only way you can force the issue is to threaten and use court proceedings to enforce your right to defer under the regulations.

Erudio have dug too deep a hole now of their own making for them to give in in the face of anything else I think? They simply can't afford the loss of face and precedent they would set if they now allowed it without.

Jonez

Reading the material posted here about future sales, I can't see how a major mis-selling scandal isn't brewing? The loans are still being sold on the basis that it's the government that will reclaim the money (via the PAYE scheme, I believe) with no mention of the loan being sold at some time to a dubious DCA type company. Are the government likely to sell-on the tuition fees too - or am I misunderstanding the way in which the later student finance system works?

Splinter678

Having read a little about the problems people are having since Erudio bought these loans (at a discount), I too have had similar problems. No contact from them, I chase them to make payments, no confirmation of payment agreements, confusion between employees meaning more calls for me. Most pertinently an outstanding complaint with SLC was not dealt with, they reimbursed me a substantial amount against the loan in recognition of the "administrative errors" they made, telling me Erudio would take the complaint handling over - this has never happened.
I have again chased Erudio this morning having not received the promised email about a proposed settlement figure I offered, to be told this morning that I must fill in a statement of means form for some reason, no apology for the lack of communication again, but most astoundingly, I offered an amount less than what I owe, but considerably more than what they paid for my loan, to be told that any settlement figure agreed, agreed by both parties, would only ever show as "partially settled" on my credit file, which I am sure is not correct.
Secondly on this note, I have never signed the forms they sent out where I must consent to them sharing my account details with credit reference agencies (due to when the account was opened). Their threats for this and that "I may never get a mortgage" this morning only add to the frustration that I have had in dealing with these people and the SLC, and their not addressing my complaint, which was/is; my whilst the outstanding amounts are correct, they should not be in arrears as I had deferred whilst overseas, following the exact instructions they gave me at that time. They have recognised their advice was erroneous, but neither SLC or Erudio have done anything to address this, or remove my account from any "arrears" list as they said they would.
To note within this, that SLC refused, for two years, to speak to me about this account on my return to the UK as they the address details they had for me were incorrect, including an address that I had never lived at, meaning I failed their "security" checks.

zombi

Quick question, If I was applying for a mortgage would I have to mention the student loans (even though they are in deferment)?

fermi

Depends entirely on the wording of the questions asked in the application, which can vary on what they ask you to declare.

Brooker_Dave

Splinter678 wrote: »

I have again chased Erudio this morning having not received the promised email about a proposed settlement figure I offered, to be told this morning that I must fill in a statement of means form for some reason, no apology for the lack of communication again, but most astoundingly, I offered an amount less than what I owe, but considerably more than what they paid for my loan

So Arrow are up for settlement?

Shame the government did not allow us to do this, as ever some offshore bankers have to have a percentage sponsored by the taxpayer...

Splinter678 wrote: »

to be told that any settlement figure agreed, agreed by both parties, would only ever show as "partially settled" on my credit file, which I am sure is not correct.

Surely it's either settled or not?

calise

Just an update to my situation in case it helps anyone....

I am a stay at home mum that receives child benefit only, no tax credits etc. Filled in form crossing out all the crap on the last page saying I do not agree to changes etc. Enclosed child benefit award letter and a letter from hubby saying support he gives is substantially less than £2,000 a month and we live off his wages and child benefit only. Can't get much clearer than that!

Got a letter saying they can't process my application until they get a copy of my state benefits/tax credits or a copy of bank statement showing payment of benefits into my account.

I went to great lengths last year to get a copy of child benefit award which arrived too late to use (they don't send one out every year) so I had to send them a redacted copy of our joint account.

I am determined this year that they have no rights to see my husbands (our joint account, but essentially his as its his money paid into it!) bank account on a point of principle!

They have suggested I phone them but I've emailed my polite but forthright response, as last year I got a load of lies and drivel from them over the phone.

Will let you know their response when I get it.

erudioed

Just a quick one from me as well on my twitter campaign. Seems most of the Green Party now know about it, as do many Labour Councillors (above those who ignored our previous complaints), a Lord, a Baroness, even Charlotte Church of all people. One Labour councillor mailed Ed Miliband after looking at these very pages, realising something was indeed very wrong with our specific issue, which made her very worried about the next secretive sale. I suggest having look to see who has taken an interest and maybe even following up to them and stating your own experience/issues. This is the time to strike in my opinion to get some coverage. There are many Councillors from the Greens and Labour who have retweeted my tweet or joined by twatter page etc.

Voyager2002

Should she sign the DAF?

My friend has deferred (low income) ever since she graduated about ten years ago. She believes that all her student loans will be written off next year when she reaches the age of 50.

Since the Erudio DAF seems to involve agreeing to substantial but unspecified changes to the conditions of the loan, I advised her to think carefully before doing so and to consider a deferral by letter. Her response was that she signed an Erudio DAF last year, so any possible damage has already been done. So any thoughts on this situation?

fermi

I think if I was her I would sign, as I can't see it worth the hassle and possibly jeopardising the write off, or at least having that legal argument with them that could go on for ages.

Just my take though.

Not that I think people should not fight, but in that case some pragmatism see better to me.