ERUDIO student loans help

erudioed

I cant remember exactly where it was, but the last thing i read coming from the floating Erudio information hotline was enough to convince me they are definitely planning to report our loans with CRAs later in the year.
However, after recently finding something more substantial out about how the next sale of Income Contingent Loans would work, i think that it will be the student loan payday bonanza. The skeptical side of me suggests that this improvement in the processing by Capita (or maybe Capquest now), may have something to do with making themselves the number one candidate to land some of those. From what i understand, although all the T&Cs can and will be fixed prior to the sale due to that being part of the original loan agreement, the money will continue to be taken via HMRC. As such, all the winning company will have to do is sit back and rake in the guaranteed cash. As they wont need such an operation as a deferment process, they will pay a low fee i assume and just wait for the cash to arrive at Guernsey HQ. This being the case, reporting our loans to CRAs and the potential for widespread publicity, hopefully this time helped by the awareness of many more potential MPs and smaller journalists that are aware of this whole issue of student loans sales, word about such an act would lead to much more publicity and movements behind the scenes, and consternation towards the Arrow Global and shell company camps.

plong979

yeah your both right, i was just spitting my dummy out ha

i'm just very bored by the whole thing.

i'll get my letter and payslips sent off, signed for, tomorrow.

BaffledByErudio

While the possession of a student loan and the amount I owe hasn't been added to my credit file, there are definitely Erudio's fingerprints all over it. Whether I check with Equifax, Experian or Noddle, they all show several credit searches by Erudio.
So they certainly enjoy their freedom to access our files, which they have acquired through the buyout.
Always baffled me that one. Why the flip did they ever need to do a credit search (as a lender) when the government lent me the cash almost 20 years ago! Test my credit worthiness for credit that was already given many years ago, by the people they bought my debt from! It's nonsense!
It smacks of nothing more than a 'look, we can affect your credit report' attitude, which, essentially can be construed as nothing other than a threat. A threat which shouldn't exist for customers who are sticking to the rules, are not in arrears and took out the loans in good faith from our government, with positive advice from both our schools and universities.
Yet if you lost contact with SLC, didn't communicate for six years or more, and your debt's statute barred, you're home and dry with no mention of it on your credit record!
Do everything with honesty, integrity and legally, and you're shafted!

Lungboy

With my payslips, should I send them as-is, or black out things like my NI number, total tax paid this year etc?

BaffledByErudio

I'd probably leave the total tax paid. They don't really need your NI number. They've got mine though, as I was daft enough to give them it on last year's DAF when they asked for it!

plong979

Lungboy wrote: »

With my payslips, should I send them as-is, or black out things like my NI number, total tax paid this year etc?

I just blanked out my NI number and tax district and reference. Left the tax code visible.

Basically just shows them how much I get paid a month, and that's all they need.

anna2007

BaffledByErudio wrote: »

Why the flip did they ever need to do a credit search (as a lender) when the government lent me the cash almost 20 years ago! Test my credit worthiness for credit that was already given many years ago, by the people they bought my debt from! It's nonsense!

It's obvious Erudio want to class our deferment applications as "credit applications" to legitimise their sniffing around our credit files without our consent.

Erudio claim they need to search our credit files to verify income, when I queried the fact that income's not shown on the credit record, Experian told me:

ESL will have access to one of Experian?s income verification services. The service uses information which doesn't appear on your credit report. It looks at any salary details you've given on previous applications for credit. The service doesn't look to confirm your exact salary, because it is only based on information which you've given on credit applications. As mentioned in my previous e-mail, companies don't need consent to process data about you as long as they have a legitimate reason. If you have concerns about their reasons for processing the information you might want to contact the ICO about this.

If Erudio are using an "income verification service", there's no need to access our credit files.

Also, the last credit card I applied for, I put our household income, which some companies allow you to do. So the income according to Experian's records will be completely different to my actual income declared to Erudio. So Erudio's "legitimate reason" for accessing my file achieves absolutely nothing.

cluelessfish

anna2007 wrote: »

If Erudio are using an "income verification service", there's no need to access our credit files.

Would that be to check someone's income or adding info from DAF?

erudioed

I would guess it is to collect as much information as possible, given their authority of taking on all SLC titles and authorities, now deemed the actual lender by some miracle, to have as larger file on us all as is humanly possible. Given the Experian Collections Bureau that Arrow controls and runs, i suspect many people around the country would be shocked to know what information about us they have at the click of a button. And i would guess, its all to catch us out if we give some false information or something else related to bring down the full weight of their powers...or as they call, to verify the information we give is correct and make decisions for us.

Jonez

Well, they posted my DAF exactly 8 weeks before current deferment expires, so, in all fairness, nothing to complain about there. However, in the interim is the small matter of my birthday, upon which date my loans are to be cancelled. Don't suppose Capita are actually geared up to spot things like that.......