ERUDIO student loans help

gardenia101

fermi wrote: »

Makes sense to me that SLC would retain original paperwork to safeguard it, and I suspect that was in the terms of the sale agreement.

So if they did keep the original paperwork should I not have got copies when I did a SAR with the SLC?

anna2007

fermi wrote: »

Makes sense to me that SLC would retain original paperwork to safeguard it, and I suspect that was in the terms of the sale agreement.

Maybe if the Government had used due diligence and selected a company that was fit for purpose/competent/trustworthy, there would be no need for SLC to safeguard the original agreements!

@ gardenia I can't see how a FOS complaint can prevent future court action, when FOS refuse to consider any legal aspect of a complaint? Glad to have it in writing from FOS though.

fermi

anna2007 wrote: »

Maybe if the Government had used due diligence and selected a company that was fit for purpose/competent/trustworthy, there would be no need for SLC to safeguard the original agreements!

I agree completely, although I think I would want them safeguarded all the same.

anna2007

erudioed wrote: »

One area also up for some debate about CRA reporting is that on the back of Erudio's first lot of gumpf about CRA reporting, its says others in your household may also be affected, such is the nature of CRAs. I remember being refused a loan once because my mum missed a payment to Kay's catalogue by 2 days (i found out after much work). However, i was told by BIS, that a student loan cannot affect another individual as it is unique to the loanee. I reversed my original idea that they wouldnt report our loans and thats its just a threat, but now i lean more towards them doing it, otherwise why would they now be giving these loose dates out. Hopefully not, but i hope they are 100% sure they know all the legalities of their actions because if not, they will have a few hundred thousand people sniffing a pay out, as well as those connected to those people who may end up getting some influence on their credit file because of it. I for one will be broadcasting it far and wide if they were sueable/in breach of some regulation in the eyes of regulators, as would i am sure some journalists who would also like to broadcast the continuance of their earlier stories on reporting to CRAs.
If i didnt think it would harm people, i would encourage them to do it to see what happens. I would be licking my lips and waiting. However, if there is just a small chance it may affect someone, and it is clear no one is 100% sure (from the Ombudsman to CRAs), in ways that have far reaching, life changing ways (being refused a mortgage, bank account etc), they should refrain from taking the action.

Another complication with the credit reporting is loan write off. For example, the maximum number of repayments I can now make if I don't renew my deferment in June next year is 20 - that's less than half of the total loan value. If I defer next year, then by the end of that deferment period, the maximum number of repayments will be 8. If Erudio report the total loan value to CRA's, isn't that inaccurate, as I can't possibly pay the full amount before loan cancellation? To be an accurate record, Erudio would have to reduce the loan balance each month, which I doubt they'd do.

Edit: I guess that until we reach the 25 year/age trigger for cancellation, the full amount is outstanding, but it's a bit of a grey area that will hopefully give Erudio a few headaches if they do go ahead and report the loans.

gardenia101

anna2007 wrote: »

Maybe if the Government had used due diligence and selected a company that was fit for purpose/competent/trustworthy, there would be no need for SLC to safeguard the original agreements!

@ gardenia I can't see how a FOS complaint can prevent future court action, when FOS refuse to consider any legal aspect of a complaint? Glad to have it in writing from FOS though.

Well no, nor can I, really, here in the real world. But.....

Hoping for some clarification in writing too from my ombudsman eventually.

I wonder how many poor former students have fallen for Erudio's BS & are paying up when perhaps they shouldn't be.

Brooker_Dave

anna2007 wrote: »

On the credit agreements, Erudio say they can't provide clearer copies because the original agreements are with the previous owners and it only has the scanned copies on its system. Thought it was a bit strange that SLC (or BIS) would keep the original agreements, when they no longer own the loans.

What happens if a lender cannot supply a copy of the original agreements?

Brooker_Dave

halfpricedebt wrote: »

Tempting to drop an email to Mignon. Ridiculous name.

She may not have time to look at youe email given the number of directorships she appears to hold:

http://www.endole.co.uk/profile/641125/mignon-clarke

Including the lovely Titlos PLC

"London Firm Was Created to Route Cash

By Carrick Mollenkamp Updated Feb. 25, 2010 11:57 a.m. ET
Greece's fiscal woes, the exposure of the European financial system to them and the role played by Wall Street in hiding the problems all converge in a fifth-floor office near London's Liverpool Street station where a company called Titlos PLC was created in early 2009.
Just 22 days after Titlos was born, the National Bank of Greece SA and Goldman Sachs Group Inc. arranged for the company to sell €5.1 billion, or about $6.96 billion, in notes, according to U.K. and U.S. documents." (http://www.wsj.com/articles/SB10001424052748703791504575079903903971986)


and:


"TITLOS PLC (SPV) may be to Greece what ‘RAPTOR’ was to Enron. TITLOS PLC (SPV) may be the real smoking gun in the Greek crisis and unfolding Euro Crisis.
Tyler Durden and Marla Singer at Zero Hedge have done a masterful job of investigation and outlining the murky relationship between the rating agencies and the rating of the underwritten swap agreement securitization SPV called Titlos PLC. All brought to you by Goldman Sachs."

http://www.marketoracle.co.uk/Article17332.html

Good to know that our loans are in such good hands and that the BIS looked carefully into the background of the SPV charitable trust that owns them...

fermi

anna2007 wrote: »

On the credit agreements, Erudio say they can't provide clearer copies because the original agreements are with the previous owners and it only has the scanned copies on its system. Thought it was a bit strange that SLC (or BIS) would keep the original agreements, when they no longer own the loans.

Under a CCA request the Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983 require that

(1) The lettering in every notice in a Form prescribed by these Regulations and in every copy of an executed
agreement, security instrument or other document referred to in the Act and delivered or sent to a debtor,
hirer or surety under any provision of the Act shall, apart from any signature, be easily legible and of a colour
which is readily distinguishable from the [background medium upon which the information is displayed].

Brooker_Dave

"The Financial Conduct Authority (FCA) will only license applicants if they are a 'fit person' to be licensed. As well as your own activities, those of your employees, agents or associates - past and present - are considered. Factors taken into account to establish fitness include:

• your competence to engage in the relevant activities
• any offence or conviction connected to the business or anyone involved in running the business
• any evidence of discrimination on grounds of sex, colour or race
• failure to comply with the Consumer Credit Act 2006 or other consumer protection laws
• any consumer complaints about the business
• business practices that are unfair or improper, or could otherwise damage the interests of consumers
• evidence of irresponsible lending
• insolvency, bankruptcy or disqualification as a director
• adverse information from other regulators, professional bodies, trade bodies, consumer organisations or other traders
• unauthorised use of the FCA name or logo (on letterheads or websites) to suggest that the business is 'approved' by the FCA
• failure to comply with general or specific guidance on fitness to hold a consumer credit licence

The FCA can revoke a licence after it has been issued if it receives evidence that calls into question the fitness of a licensee. It can also impose requirements on licensed businesses if it is dissatisfied with any aspect of the licensed activities."


"In short, Goldman converted ten billion dollars of Greek debt that had been purchased with U.S. dollars and Japanese yen into debt that could be repaid in Euros. However, in creating this “currency swap”, they used a fictitious value for the Euros which lowered the reported amount of Greek debt by billions.
The structure enabled Greece to owe billions to Goldman in a currency deal without having to report it to the European Union as a loan, which is clearly what it was. Turns out using the Alice in Wonderland value for the Euro wasn’t illegal, just deceptive as hell.

Having cut the deal, Goldman’s covert loan needed to be paid. Greed never sleeps. And since the faux currency swap was not officially a loan, Goldman had to have some way to get repaid other than “loan payments”. To wit, the pirates of pinstripe go on a Hellenic treasure hunt and wind up commandeering the rights to a few of the country’s income-producing crown jewels — airport fees, the national lottery and toll road income."


"Shortly after setting up the interest rate swap between the government and the bank, Goldman sets up an entity in London called Titlos, PLC. The name isn’t important, but what they do is. Titlos is what is called a “Special Purpose Vehicle (SPV).” That means it is a legal entity that was set up for the sole purpose of conducting a financial transaction.
Titlos issues $6.96 billion worth of notes on which interest is payable.
Titlos then trades the notes to the National Bank of Greece in exchange for their rights to the Hellenic Swap. It so happens that the notes issued by Titlos are the same amount as the balance of the loan that Greece owed the bank ($6.96 billion)."


"Greece now owes Titlos the $6.96 billion and is paying the Goldman created shell the 7.4% interest while receiving a fixed rate of 4.5%.
Titlos receives money, takes an administrative fee and the 4.5% that it must pay Greece, and pays the balance to the National Bank of Greece which services the interest due on the notes."


http://johntrumanwolfe.com/2011/04/a-greek-tragedy-goldman-sachs-and-the-european-financial-crisis/

fermi

Brooker_Dave wrote: »

What happens if a lender cannot supply a copy of the original agreements?

On a CCA request they could reconstitute one if needed. There were only 2 types and they are public, so could easily be done with enough info to legally comply.

Under a SAR they would just have to supply what they have.