ERUDIO student loans help

Forever

I am now deferred, but I raised a complaint this year due to being messed about initially.

I have just received a telephone call from Erudio, and they have said they are going to give me compensation.

Mind you, last year when they said they would give me compensation I never received anything until months later when the FOS were involved.

Forever

halfpricedebt wrote: »

Cheers fermi. You've been a big help. I've made them the payment that was due and will now look to get a prospective full and final offer letter to them. If they won't settle without the partial settlement flag then I'll pay them off and owe my generous family member for the next few years.

Not applicable.

halfpricedebt

Well the full amount is going to be put in a savings account until I hear back from them. If they say no or that they will accept a partial so that CRAs will be notified, then I'm not keen on that idea.

Basically, they got a good deal and it's only right that a good deal is passed on to the customer in my eyes. In light of who's been elected today I think I'm dreaming that we'll ever achieve a fair society so I may well be hoping for something that will never happen.

halfpricedebt

We can all have our loans reported to CRAs. The difference is the Student Loans Company chose not to. It remains to be seen whether Erudio will. So far mine haven't appeared on my credit file and I did all sorts like not having a direct debit set up. I cancelled it last year when I heard they were helping themselves.

Ironically when I phoned up to make a payment yesterday the girl on the phone turned out to be a student. I asked her if she knew she was working for the devil and that her loans will also be sold off to a DCA. She was very apologetic and said she understood where I was coming from. How desperate must a student be to work for a company like Erudio?!

halfpricedebt

[FONT=&quot]Ok, so here is my draft F&F letter. Feedback appreciated.
[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]I write with reference to the money which you are claiming on the above account.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I can confirm that I am unable to pay the money which I owe in full. The current repayment rate is unaffordable on my salary which is just over the current deferment threshold. I do not have disposable income and repayments at £XXX a month for five years would be incredibly difficult to sustain without it having a significant impact on my other financial obligations. As you have stated that an income/expenditure form and agreed affordable payment would leave my account in arrears, I am unable to find an affordable way to pay you without creating further debt on the account.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]However, due to an offer by a third party, I can raise 30% of the outstanding amount of £XXXX which would be a total of £XXXX and I want to offer this as an ex-gratia payment in full and final settlement of the account. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]This offer is made on the clear understanding that, if accepted:[/FONT]
· [FONT=&quot]Neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.[/FONT]
· [FONT=&quot]You make an entry on my Credit Reference Agency files relating to the above account as having been paid and the account closed.[/FONT]
· [FONT=&quot]The account will be marked as settled/satisfied without a partial flag.[/FONT]
· [FONT=&quot]The balance will be marked as zero showing that nothing is left to be paid.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Payment can be made within a day of receiving your written agreement of this offer by bank transfer.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I look forward to hearing from you.[/FONT]
[FONT=&quot]Yours faithfully[/FONT]

The_Junior1

New to all this so looking advice!
Fall into the category of earning over the threshold but unable to give amount requested to pay of debt. I called Erudio and completed the icome/expenditure form by phone and arranged agreed payment amount. On agreeing this I have received a letter stating the following;

please be aware that whilst your offer to make reduced payments has been accepted arrears will continue to accrue on my account and whilst in arrears your account will not be eligible for age related calculation. If your arrangement is maintained your account will be registered with an arrangement flag at the CRA BUT WILL NOT BE ACCEPTABLE FOR DEFAULT. "
I thought the old T&Cs came with the loan these being if you reached certain age or 25 years the debt is wiped clean!

Can someone in plain laymans tell me what exactly this means? I am considering getting a loan somewhere else just to get rid, so not sure what's my best option?!

halfpricedebt

Damn. I would have told you not to do the income/expenditure form. They weren't being up front about it when I asked about it. It was only after a lot of shouting at the guy on the phone that he mentioned arrears. Basically it means they are going to charge you a higher rate of interest.

fermi

Loan cancellation due to age can only happen if you are not in arrears. That is what the law and T&Cs say. So if you are close get any arrears paid off.

Brooker_Dave

It's crucial to Arrow that these loans don't get wiped out when people hit 50 as the original agreement prescribed, solution for them is to put people in arrears.

See unfair relationship

halfpricedebt

I've had a phone call this morning from Erudio asking me about my complaint on the phone to them the other day. It's abundandtly clear they record absolutely everything on a call.

Poor bloke wished he hadn't phoned me as I made it pretty clear what I was unhappy with with regard to their practices and lack of information over things like arrears following income/expenditure agreements, credit files etc. Apparently they are reviewing their practices. I'll believe that when I see a standard deferment form based on the SLC's forms.