ERUDIO student loans help

Brooker_Dave

Arrow are a DCA working out of a tax haven, they'll tell you anything to get money out of you.

halfpricedebt

So can they really do what they are threatening? What's my course of action?

Brooker_Dave

Are you over the threshold?

halfpricedebt

Yes but I can't afford the repayments as they stand which is why they suggested the income/expenditure form. They said they could do it over the phone to stop me going into arrears but keep telling me the system "crashes". So they want to do it by post which means I will go into arrears despite telling me they could put the account on hold until they get the info they need. I'm willing to pay what I can afford but they are making it impossible to do it without my account going into arrears or making the £158 payment.

Brooker_Dave

If you're over the threshold, then you need to pay, if you end up in arrears that gives them an excuse to not cancel the loans when they are supposed to.

halfpricedebt

I know I need to pay. I'm not trying to avoid paying. I'm trying to do what they suggested to make an affordable payment. They are making it impossible to do this without putting my account in arrears. They offered to do it over the phone but each time they claim the system isn't working which only leaves one option. So in my mind they are not treating me fairly.

Brooker_Dave

They're a DCA, this is what the do, they're exploiting the situation to their advantage, but if you're over the threshold I can't see what else you can do other than pay up?

halfpricedebt

You're missing the point. I can pay through the income/expenditure form that they offer to make an adjusted payment. They won't give me this without putting my account in arrears.

Lungboy

I've not heard of Erudio offering adjusted payments based on a form, with the mortgage style loans you have to pay a fixed percentage of your original amount + interest.

halfpricedebt

Well, this might be a bit of shrewd business by the Erudio [STRIKE]cartel[/STRIKE] sorry, I mean legitimate loan lender.

I've now had to go to great lengths to borrow the full amount from a good samaritan to make a full and final settlement. Even if they adjusted my payments I would still be in arrears so I had to either partially settle and risk my credit rating on the off-chance they reported the partial settlement, or make monthly payments that were going to make finances very tight without needing to get a new job with a bigger salary. Somebody has agreed to help and I will now make affordable payments to them instead of to this ridiculous company.

So, they only paid a fraction of the total amount of the loan book for my loans and are going to make 100% profit. That's good business :T