ERUDIO student loans help

Lungboy

I left my name, address, employer, gross income and bank account it's paid into. I don't see why they need any of the rest like deductions or tax paid year to date etc.

anna2007

Lungboy wrote: »

I left my name, address, employer, gross income and bank account it's paid into. I don't see why they need any of the rest like deductions or tax paid year to date etc.

Some of the stuff you've redacted might be of interest to Erudio, e.g. if it's an allowance rather than a deduction - don't know how your payslip's set up, but it might not be obvious it's a deduction? And it's not just gross earnings, but gross income that counts, so if you were paid a regular mileage allowance for example, they'd want to see that. The tax info probably helps them confirm there's no second job/extra income.

I'm not sure there's any real benefit in withholding that info, so it may help a future court case if you've shown you're being as upfront as you can be about your earnings? ... although I completely understand why you'd want to limit any information you give these plebs...

Jonez

ymeu wrote: »

Has anyone on here successfully had their loans written off on reaching age 50 and if so, what process did you follow?

Can't find anything on Erudio's FAQs for this and yet by now they must have had at least some of the initial borrowers hit the age limit.

I had mine written off in mid May. The day after my birthday, I sent an email and a copy of same via post asking them to confirm that the loans would be written-off as per the relevant regulations. To be fair to them, they replied very quickly (three days or so) confirming that the loans had been cancelled. They removed the Direct Debit mandate immediately too.

Cook1e

I recieved an email from Erudio to say that I am deferred the responses from the emails were generally quicker. A big improvement from last year.

Bungaroosh

BaffledByErudio wrote: »

Hi, Bungaroosh,
I see you asked this a couple of days ago and nobody has replied.
Thought I'd chip in with the very little I know.

Thank you Baffled, and sorry for my late response -- I've been away! I sent my form in on 2nd June but still have heard nothing back from Erudio. I sent it by recorded post, but having checked on Royal Mail's website, the only thing on Royal Mail's website tracking is "02/06/2015 Accepted at Post Office" -- the post office I sent it from!

I can hardly bear the thought of phoning them but I just want to know whether they've received the form. I don't want to give too much security information (e.g. date of birth) etc. I might have to just give it a try though ...

On a separate issue I need to start the ball rolling about getting the arrears removed. It will have to start initially with a complaint to Erudio, and then on to the FOS if they don't deal with it satisfactorily. There's still a few years until it'll be written off (which partly added to my complacency in not dealing with it when I saw the arrears on the September statement).

I wonder if anyone knows the answer to this:

If you took out your first student loan in or after academic year 2006/07, then it will be cancelled 25 years after you became eligible to repay

I can't find when the "eligible to repay" date starts. If someone graduated in say the summer of a given year, does/did the eligibility to repay start in the following March/April? (I'm just assuming this from the original deferral times back when SLC owned and administered the loans).

Thanks again!

Pluthero

I believe the repayments start as soon as you received your last loan in your final year, ie around october. As soon as you have the loan repayments kick in. This also starts the write off date for the 25 year period.

HTH

Bungaroosh

Thanks Pluthero.

It doesn't quite sound right though that you would be eligible/expected to start making repayments on receipt of the first tranche of the loan around the start of your final year ..?

fermi

Regulations say regarding the 25 years write off that:

"when the last agreement for a student loan has been outstanding for not less than 25 years"

So it's not to do with when repayments are due, but when there is first technically an amount outstanding on your final loan.

Which would be once you have received the 1st payment. It would be outstanding then, even though not due to start repayment until the April following graduation.

Or so BIS have said in writing to anna2007 in this thread somewhere anyway.

They said:

Schedule 2, part 1, paragraph 2 of the Education (Student Loans) Regulations 1998 states that “Interest will be calculated daily on the amount of the loan outstanding.” As mortgage style loans began to accrue interest from the day the first instalment was paid out to the borrower, the loan agreement became outstanding from this date (i.e. once there was a balance to be repaid and interest had begun to be charged). Consequently, our understanding is that the 25 year period began when the first instalment of a borrower’s last mortgage style student loan was paid out.

fermi

All their webpages have been amended with this at the bottom.

Erudio Student Loans Limited is authorised and regulated by the Financial Conduct Authority for accounts formed under the Consumer Credit Act 1974 (as amended). It is registered on the Financial Services Register under registration number 0659653

halfpricedebt

So if my first loan was given in 97 then I'm currently in year 18 of 25. Somebody got something wrong because I was told it would get written off when I'm 52. By these regulations it would actually be when I'm 43.