ERUDIO student loans help

Forever

halfpricedebt wrote: »

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.

I wouldn't say it was fair and reasonable if they allow you to pay off 30%, but not if I offer 30% - plus saying I have to pay off in full.

As for not having contact with them at all, I wouldn't risk it. And, **I think** they can keep the debt open for as long as they like if you do this, rather than it being written off when you reach 50, or when your 25 years are up (depending on which is sooner)?

halfpricedebt

Forever wrote: »

I wouldn't say it was fair and reasonable if they allow you to pay off 30%, but not if I offer 30% - plus saying I have to pay off in full.

As for not having contact with them at all, I wouldn't risk it. And, **I think** they can keep the debt open for as long as they like if you do this, rather than it being written off when you reach 50, or when your 25 years are up (depending on which is sooner)?

Maybe not but if you've got 5 years before it gets written off when your full amount is around £2300 then they may well be thinking they can hang on to get the full amount. Mine is around £9000 so they would probably be weighing up the likelihood of getting the full amount in the next five years. Knowing how they operate, they want to get the most they can out of all of us so maybe in your case the full amount is what they would expect. They've quoted me the full amount as a settlement on the phone before but I'm waiting to get something in writing. They may say no as well of course, but I would imagine anyone they turn down is because they think they can get more by not settling.

Someone on here has already achieved a settlement so they do agree to them. I think they will treat each case differently - despite their claims of treating everyone the same. I think it really boils down to the amount of money each customer owes. They probably do all kinds of assessments to work out who they can get the best return from. I know from speaking to them last year that my account is logged at low risk purely because I've always kept my details up to date, so in terms of money and amounts owed, I imagine they have a similar scale to grade who is worth settling with and who is worth keeping paying. I could be wrong of course but when you hear of others who have reached a settlement, you have to wonder how they conclude these things.

Forever

halfpricedebt wrote: »

Maybe not but if you've got 5 years before it gets written off when your full amount is around £2300 then they may well be thinking they can hang on to get the full amount. Mine is around £9000 so they would probably be weighing up the likelihood of getting the full amount in the next five years. Knowing how they operate, they want to get the most they can out of all of us so maybe in your case the full amount is what they would expect. They've quoted me the full amount as a settlement on the phone before but I'm waiting to get something in writing. They may say no as well of course, but I would imagine anyone they turn down is because they think they can get more by not settling.

Someone on here has already achieved a settlement so they do agree to them. I think they will treat each case differently - despite their claims of treating everyone the same. I think it really boils down to the amount of money each customer owes. They probably do all kinds of assessments to work out who they can get the best return from. I know from speaking to them last year that my account is logged at low risk purely because I've always kept my details up to date, so in terms of money and amounts owed, I imagine they have a similar scale to grade who is worth settling with and who is worth keeping paying. I could be wrong of course but when you hear of others who have reached a settlement, you have to wonder how they conclude these things.

Thanks very much as your response caused me to ring Erudio direct to find out what their criteria is for accepting partial settlements.

The lady I spoke to over the phone advised that they are looking into recording our loans to CRAs at some point in the future. If we do a partial settlement, as our loans will be recorded anyway, it will reflect that we did a partial settlement.

She has now passed my details on to be re-assessed. So it's nothing to do with what is owed (my total loan is now just over 3,000 GBP, so I need to pay back approx 1,000 at 30%. However, as I have been compensated by Erudio for 300, it drops the amount I need to stump up as approx 700 pounds, which I think makes it worth considering for my personal circumstances).

So, if I get any further updates, I'll let you know

halfpricedebt

Glad it was useful. They say all sorts and I've been told over the phone they have no intention of contacting CRAs whereas others are being told they do intend to.

The partial marker is troubling because they say they don't inform the CRAs about that but a) what would be the point of a partial flag? And b) if they don't report the loans to CRAs because it's against our original agreements then how could they do so if they agree to settle?

When I've confronted them on that last point they claim that they don't talk to CRAs. My loans currently don't show on my credit file, so if they suddenly did I would want it in writing why they did report them.

They also claim a partial flag doesn't damage your credit score but the jury is out on whether that's accurate.

You need them to put something in writing, which is what I'm fighting them for.

BaffledByErudio

I haven't looked at this forum for a while (it just depresses me).
But I'm surprised nobody has commented on the recent budget and the smoke and mirrors around student finance. (apologies if I've missed a comment).
When I studied (95-98-ish) I received a meagre student grant. Maybe £200 a semester. Can't be sure. Can't remember. I know it was down to parental income and I only scraped a bit of cash. And it was a BIT. I bloody needed the £5k I (now realise) stupidly borrowed and I also had a part time job!
By the time my younger sister (who has the income contingent loan) got to uni, that BIT of cash wasn't available. She didn't pay tuition fees, but she didn't get a grant.
Now obviously, I've been out of the loop regarding UK student finance for some years. I hadn't realised the 'student grant' system even still existed [for underpriveleged students]. I heavily doubt many other people did. Which is probably why George Osborne managed to stealthily abolish any remnance of it in this week's budget.
I'd kind of accept that. And I'd kind of accept his proposals for different loan repayment thresholds for students, if it wasn't for the fact that we Erudeans now realise that a loan agreement signed when you're pretty much a child, resurface like a giant violent poo from your toilet 20 years later.
If I hadn't been convinced enough that George Osborne had screwed over students and potential students, I found myself watching the Channel 4, somewhat left wing comedy show 'The Last Leg', only to hear the show's presenters almost praise Osborne's stance on student loans [albeit in a joke].
Presenter, Adam Hills quipped that the new student loans system means you only pay it back when you earn over X amount of cash. So if you never earn that level, you never pay it back. Then seemed to agree, cringing that he'd agreed with George Osborne.
To rapturous audience laughter.
But we KNOW this isn't the case.
Student loans will spiral into stupidity. Student Debts (as have ours) will be sold to supposedly legit shell companies like Erudio [backed by debt recovery firms], funelling cash into the Channel Islands. And if we aren't paying them back (even though our contracts say we don't yet have to), they'll turn on the thumbscrews and make our lives difficult!

anna2007

I am so angry right now at MSE for sending my last post into oblivion, because it took too long to write. You seriously have to sort that crap out, some of us take a bit longer to say what we're trying to say. I'll try in a nutshell then, but a bit more incoherently...

Thanks to the people who are trying for a settlement (Forever, halfpricedebt and others), you are helping every person who checks in on this thread. Surprised at Forever's outcome, only because loan value is relatively low.

Just an idea, but there probably aren't that many trying for settlement, that might leave those people open to being identified and weaken their bargaining position, so don't give too much info away... yes, I'm a wee bit paranoid

On another note (and really just a !!!!ed off rant on my part), Tories are the curse on this country for doing what they've just done to the working poor. It makes me ashamed to be part of this "one nation". Not completely unrelated to our situation - more student loan sales/sell off every asset in sight...they've also scrapped student maintenance grants for the worst off families. Blue collar conservatism... aye, right.

I'm 100% sure my other post that disappeared into the MSE twiglet zone was way more purposeful...

anna2007

BaffledByErudio wrote: »

Student loans will spiral into stupidity

Amen... is too short a post apparently, so I'll say it again... Amen!

halfpricedebt

Maybe someone should direct the Last Leg presenter to this thread.

erudioed

Its obvious its moving towards the US model of student loans, as is most areas of business/trade. How can any country offer anything for free when it allows tax free earnings for the majority of its work force. No one likes tax, but if the system was run appropriately, we would all be able to work, pay taxes and still have some cash left offer for luxuries. And on top of that, have free education, health care, toll free roads, good transport infrastructure, good postal service, advanced energy sector etc etc. If everything is privatised, like student loans are being step by step, there will be no need for the nation state anymore, just a bunch of power hungry cretins shaping our country in their own image...corruption, power and more money, all at the expense of the trash at the bottom of the pile (of which i am proud to announce that i am one) who they know dislike them and their ways.

Princess_Jane

BorderReiver14 wrote: »

@princessjane

See page 45 #891 TommyGunn post for deferment with letter from partner.
It can be done but can also be a bit of a lottery depending on what info you supply on the DAF and which T&C you cross out\accept.
Best of luck.

Thanks. Posting letters off when I'm back in the country next week and will report back.