ERUDIO student loans help

halfpricedebt

It's also just occurred to me that I never gave consent for any of my information to be given to the CRAs. When the loans were sold one of the first things Erudio sent out was a form saying that I should sign and agree that they can talk to CRAs about my loans. I didn't sign and haven't signed anything like that when it came to deferment last year.

So, In essence I don't see how they can accept a settlement and then tell the CRAs that it's partially settled. They were never given permission to contact CRAs about my loans anyway so that would surely be incorrect to do so. Also, if only defaulters on student loans are reported to CRAs then, surely, again, that would be incorrect to report someone for settling.

Forever

halfpricedebt wrote: »

It's also just occurred to me that I never gave consent for any of my information to be given to the CRAs. When the loans were sold one of the first things Erudio sent out was a form saying that I should sign and agree that they can talk to CRAs about my loans. I didn't sign and haven't signed anything like that when it came to deferment last year.

So, In essence I don't see how they can accept a settlement and then tell the CRAs that it's partially settled. They were never given permission to contact CRAs about my loans anyway so that would surely be incorrect to do so. Also, if only defaulters on student loans are reported to CRAs then, surely, again, that would be incorrect to report someone for settling.

I'm glad I'm fighting this point with someone else, even if our circumstances are slightly different.

I think I am right in saying that you are now paying your loan back, and haven't signed anything?

Whereas my circumstances are that I am eligible to defer, but I have signed their forms (but stating I don't accept any changes to original T&Cs).

I hope you get all their incorrect actions sorted. At least we seem to get compensated when they regularly mess-up. I've now got a total of 300 pounds from them! I don't really know how they can be making much money if they keep messing up, and then compensating people.

halfpricedebt

Forever wrote: »

I'm glad I'm fighting this point with someone else, even if our circumstances are slightly different.

I think I am right in saying that you are now paying your loan back, and haven't signed anything?

Whereas my circumstances are that I am eligible to defer, but I have signed their forms (but stating I don't accept any changes to original T&Cs).

I hope you get all their incorrect actions sorted. At least we seem to get compensated when they regularly mess-up. I've now got a total of 300 pounds from them! I don't really know how they can be making much money if they keep messing up, and then compensating people.

I've only had £100 so far and their latest complaint letter still hasn't clarified why arrears were applied so it's a case of "sorry" and that's it.

The latest deferment threshold pushed me into payments but the payments being made are from a third party as I cannot afford them. This is why I'm pushing them for a settlement figure because that is why the third party gave me money to pay them. I've offered them 30% of the outstanding total which is still more than they deserve in my opinion.

They are still claiming they don't report settlement info to CRAs and that the partial flag shouldn't effect your credit rating. My argument is, if they aren't legally allowed to report these loans to a CRA, then they can't suddenly do so if they accept a settlement figure. My loans don't show on my credit file at all and I doubt they ever will.

Forever

halfpricedebt wrote: »

I've only had £100 so far and their latest complaint letter still hasn't clarified why arrears were applied so it's a case of "sorry" and that's it.

The latest deferment threshold pushed me into payments but the payments being made are from a third party as I cannot afford them. This is why I'm pushing them for a settlement figure because that is why the third party gave me money to pay them. I've offered them 30% of the outstanding total which is still more than they deserve in my opinion.

They are still claiming they don't report settlement info to CRAs and that the partial flag shouldn't effect your credit rating. My argument is, if they aren't legally allowed to report these loans to a CRA, then they can't suddenly do so if they accept a settlement figure. My loans don't show on my credit file at all and I doubt they ever will.

I think you've made a good argument there.

Sadly, I suspect they will want to report partial settlements as they want to encourage us to pay the full amount rather than partially settling. But then another part of me wonders if they are bluffing about reporting partial settlements. It is really hard to say.

We'll just have to try and fight our corner as best we can I guess

Edit: I've just sent them another email stating that I want to go ahead with my partial settlement request, but that I don't accept any changes to the original T&Cs. Therefore, it should be legally difficult to report this partial settlement.

Fingers crossed!

Forever

I've just heard back from Erudio, and they have rejected a partial settlement anyway.

They have said that they will only accept a full settlement.

So that's the end of that.

Oh well, looks like 5 years of Erudio grief until my loan gets wiped then.

BorderReiver14

It may be five years of grief but just think how nice it will be to have that extra £700 in your pocket. Should buy you a nice glass of something when you wave goodbye to these F^&*ERs

Forever

BorderReiver14 wrote: »

It may be five years of grief but just think how nice it will be to have that extra £700 in your pocket. Should buy you a nice glass of something when you wave goodbye to these F^&*ERs

Very true. Actually, I can think of many other things I can put that money towards such as holiday, braces for teeth, invest in S&S etc.

Considering how little they paid for my loan anyway, it really is their loss.

halfpricedebt

Did you offer them 30% of the total amount or did you just offer them a lump sum you could afford?

Forever

halfpricedebt wrote: »

Did you offer them 30% of the total amount or did you just offer them a lump sum you could afford?

I offered them 30% of the total outstanding as one lump sum.

Have you heard anything from them yet?

halfpricedebt

They keep telling me a letter will be sent out. The 30% offer I made them is nearly £3k so perhaps they didn't think £700 was worth settling for?

I've been hearing all sorts of things about DCAs and the standard practice is to not engage with them at all. Not that I'm advocating people shouldn't pay or respond to them but I often wonder what would happen if we did. From what I hear, DCAs can't do anything about it if you cease all contact. But don't quote me on that. Not sure it's something I want to try to be honest.