ERUDIO student loans help

Cook1e

Good to hear the feedback from what's happening. Just waiting to see what incompetence (tactical avoidance of deferment) happens this time round.

Jonez

Just had an uneventful conclusion to things with Erudio. Emailed the day after my birthday to ask them to confirm that loans now written off in accordance with rules. Less than 48 hours later, received a reply, confirming that loans had indeed been cancelled and account was now being closed. Just logged into bank to delete Direct Debit, only to find that it had been removed by Erudio themselves.

Will still keep an eye on this forum and would like to thank all those that have provided help, advice and opinions over the past year or so.

Jonez

erudioed wrote: »

Well found baffled! Now the Governments have no brakes (now the Liberal Democretins have left the building) on their loss making sales, one can only guess with trepidation where we will be in 5 years. Some of those quotes by Osbourne are inaccurate. Such as 'returning' Government investments back to the private sector, which suggests thats where the original money came from. My own assumption is that cash came from the tax payer, which means "returns" is double speak for transfer of wealth, the age old war we are all fighting, whether we know it or not!
But credit where its due, they did state they would do it and they are doing. I can only wonder how many of the 4 million with outstanding income contingent loans ended up voting for something that isn't in their interests, let alone the other voters who don't think short term gain is long term profit. In their case, it isn't like mortgage style loans with deferment, most of those are continually paying monthly. But that fee will now be heading the way of sovereign wealth funds and out of the UK...as the loans will be sold for less than face value, the payments will eventually total more than the money the government will get from the loan sale, which in turn will then leave the country. I suggest it will end up being a long term net loss. The big financial vacuum will continue to suck money out from a nation state and deposit it in an untouchable bank somewhere in a tax haven! Just like the plan with Greece and the privatisations...the Germans buy businesses cheap in Greece, sucking up the money out of the host economy and depositing it elsewhere, all to the loss of the host nation in the long term. At least one government in Europe is trying to stop such crazy economics, even if it does mean them being ridiculed by the press throughout Europe. Our lot have willingly chosen this policy, and been voted in again to continue it...
How the next anti-globalisation/1% movement manifests itself will be very interesting.

Am I right in thinking that the £9000 per annum fees being run up by students will also be sold off to the private sector? If so, how is this not a massive mis-selling scandal in the making?

erudioed

If everything continues unabated, their will be no loans to sell. The only logical next step will be for these companies to then actually provide the student loans (like the US system). And we can easily see what a disaster that has been.
I am not sure misselling is the right phrase (but it may be). It isnt like student loan sales have been done on the quiet, they have been cross government policy for over 15 years. It also says in the T&Cs they can be sold on. What i would suggest, and probably the most informative approach, is for future students to be made aware that their loans will eventually end up in the hands of private entities. This, i believe, should be made clear and be a part of all discussions on student loans in the future. By discussing student loans without mentioning this does a great mis-service to all those uninformed kids thinking about going to university and just assuming a government backed student loan is something that wont potentially ruin their futures.

Cook1e

Does your signature have to be in the box provided at the back of the DAF ?. As I crossed out the bits I did not like signed and dated it below the box provided. Got an email regards of progess, apparently the deferment could not be done as there no signature or date Lol. Another hard copy in the post. Here we go again

thin_king

My trust/patients in erudio is wearing even more thin. Today, after calling 4 times regarding an offer I placed to settle at 2/3's a month ago, I finally received a call to say it had been agreed. I then asked for reassurance that it would be taken as full settlement and if my credit record would be marked as such - I was then told that no credit agency would even be notified - directly contradicting the partial flag I was informed about 2 weeks ago! Anyway I asked the settlement to be confirmed in an email which he agreed, so I will at least have something solid as proof. The thing that concerns me the most though is I was then called back 10 mins later by the same chap apologetically asking for information on how I planned to source the money to pay the settlement - is this common practice/any of their business?

erudioed

Its none of their damn business thin king, dont tell them anything you dont want to.
So you offered a settlement at two thirds of the total? U just want to be clear as its the first one i have heard a figure for.
Good to get everything in writing, especially concerning the CRA issue and your account being settled and your info not used for any other purpose etc.

rizla_king

They are just fishing hoping they can screw more out of you. None of their business.

Lungboy

I heard back from Erudio today in regards to my attempt to defer via letter. As expected, they declined because I hadn't signed or dated the form. No mention of the fact I never even sent the form. So what's my next step? Send a letter saying the same as last time but adding a section about court/FOS? Can I complain to the FOS straight away? Anyone else to contact?

rizla_king

FOS wont care or do anything. Only way to force them is court or court threats if the last year and a bit is anything to go by.