ERUDIO student loans help

eroneo

Brooker_Dave wrote: »

Meanwhile over at Mumsnet:

"Class Action

I was wondering if anyone who has been thinking of paying a lawyer to sue Erudio for breach of contract could contact me please.

I have a mountain of evidence of various breaches of contract

Also some, if not most loans are likely to be null and void under the Consumer Credit Act 1974. I have at least one loan that is definately unenforceable as is, and may need a court to rule on the two others. I am doing this on principle as I am fed up of corruption.

If we can also pool redacted PDF's of successful complaints that generated compensation payments, then all make the complaints again seperately, we can easily generate enough money to pay a lawyer to act on this. I have a lawyer in mind who I think would do it.

This also particularly applies to those who are paying back and not just deferers, as the chances are at least one of your loans is unenforceable.

Please p.m. me via mumsnet. Send me your email address please. We also need a way to pool successful complaints."

?

If 10 or 20 of us put in a few hundred quid we'd have enough for ATE cover. Plus the more claimaints, the bigger the quantum (sum awarded if we win).
There is also this service to pool funds from multiple claimants:
http://www.barcouncil.org.uk/supporting-the-bar/barco/barco-for-clients/

eroneo

Forever wrote: »

I've just picked up my mail, and Erudio have sent me a letter saying they have refused my partial settlement offer.

However, they have said that they will consider an increased offer.

So, they are basically saying no to 30%.

Maybe, I should be cheeky, and offer 31%! :rotfl:

Apparently, there is a hierarchy of those involved in settlement negotiations. The people lower down have less authority to accept low offers but those more senior have more leeway. Also, with negotiating people never accept the first offer. Bear in mind that 20% would have given a healthy profit.

You could try writing back to express your surprise that they did not accept such a generous offer that would double their investment overnight. Explain that your offer should be looked at again by someone more senior so that you know they have really considered it properly.

Make sure they take into account your vow to never earn enough to have to repay a single penny. And that it is your duty morally to make sure they write your debt off entirely when the day comes.

Not only that but you will be vigilant to any infringement of your rights and bring costly complaints against them if they touch your data, etc.

Finally, take them to court over their wrongdoing. Having a stick helps with bargaining.

30% is more than I would have offered. Do not increase it, but that's up to you.

Pluthero

Brooker_Dave wrote: »

"Firstly I can understand that Miss Z didn’t want to allow Erudio to carry out credit checks but Erudio has agreed that she can delete that portion [on the DAF]. They have accepted that this was not part of the terms and conditions of her original loans..."

Surely if one part of the DAF is unfair - contains a section that is not part of the original T&Cs - then the whole document in unusable?

Why should a customer be forced to sign a document that is misleading?

The FOS seem to have a very unusual attitude towards the issue of the DAF.

The FOS is a shower of incompetent people! and that's putting it nicely!

I have never signed an Erudio DAF. I have had Erudio conduct a credit search on my file. I sent a complaint to the FOS over the illegal credit search quoting their own decision that Erudio admit credit searches are outside the original loan agreement! Guess what? FOS can't/won't act. I have escalated this to AN Ombudsman but I doubt they will do sweet fanny adams.:mad:

No wonder Erudio like to tell us to complain to the FOS: they are facking useless:mad::mad::mad: Are they outsourced to Crapita I wonder???

Forever

eroneo wrote: »

Apparently, there is a hierarchy of those involved in settlement negotiations. The people lower down have less authority to accept low offers but those more senior have more leeway. Also, with negotiating people never accept the first offer. Bear in mind that 20% would have given a healthy profit.

You could try writing back to express your surprise that they did not accept such a generous offer that would double their investment overnight. Explain that your offer should be looked at again by someone more senior so that you know they have really considered it properly.

Make sure they take into account your vow to never earn enough to have to repay a single penny. And that it is your duty morally to make sure they write your debt off entirely when the day comes.

Not only that but you will be vigilant to any infringement of your rights and bring costly complaints against them if they touch your data, etc.

Finally, take them to court over their wrongdoing. Having a stick helps with bargaining.

30% is more than I would have offered. Do not increase it, but that's up to you.

I was thinking of just leaving it, as there is no way I am not going to pay more than 30%.

But it might be worth giving it one more go, and ask someone more senior to take a look at it. The worst they can say is 'no' after all.

anna2007

eroneo wrote: »

If 10 or 20 of us put in a few hundred quid we'd have enough for ATE cover. Plus the more claimaints, the bigger the quantum (sum awarded if we win).
There is also this service to pool funds from multiple claimants:
http://www.barcouncil.org.uk/supporting-the-bar/barco/barco-for-clients/

The idea of clubbing together has come up before on the forum - it was definitely less than 10 who agreed then, but the details were all very sketchy as to how it would work in practice, I don't blame people for not committing to it.

I mentioned Indiegogo a while back as a means of raising the funds to take this forward. At the time, I only knew about the site because of a specific fund that was going on in Scotland, to take on a local MP about dodgy shenanigans both before and after he was elected MP in May (the fund reached above its target, and the case is now going ahead with the funds raised). The day after I posted that on MSE, I read about the Greek bailout fund that was set up by someone in England. I contributed, but received a refund when the fund didn't meet its £1.6 billion target (ambitious by any measure, but it did reach almost 2 million euros in a week, which is pretty amazing in itself). My 13 euros contribution didn't make it to Greece, because the overall target was set up as a fixed amount - if the fund didn't reach £1.6 billion, everyone gets a refund. He did start a new campaign with open ended funding, so no target and anything raised goes to Greece, that fund got to about 280,000 euros.

I really think an Indiegogo type funding to sort out Erudio might work (set a realistic goal of a fixed amount, if it's not reached, you get your investment back. You also have to time it/categorise it right (given what happened with the Greece fund). Also, the main perpetrators here are based in America, as are Indiegogo, I'd hope any fund we set up would get a lot of worldwide support, but given what many American students have to endure because of their student loan debt, we might get a big shout of support from that side of the globe too. But before we get ahead of ourselves, speak to the likes of the Bar Council/ any legal people that others reading this thread know and trust, get an opinion from them on the chances of winning and the likely costs involved.

If the commitment in Gideon's March budget to selling on the IC student loans transpires (which it surely will now that they have a majority), it might be better to wait until that happens later this year, it could generate way more support, as the newer graduates wake up to the fact that they will owe private sector debt consortiums and all of their tricks, rather than their "safe" Government-owned loans, for the rest of their working lives.

Our erudioed did an amazing job of getting that message out on Twitter when the March budget was announced, but I'm not sure the true implications resonate yet with many more recent students/graduates out there. Are the student union reps making a fuss yet, isn't that what they're for? It's certainly not making it into MSM - wonder why??

Lungboy

Erudio really don't have a clue. Today I had a letter off them "reminding" me that I'd submitted an incomplete DAF and that they are still waiting for my information. This manages to miss the fact I never submitted a DAF, and that I have a formal complaint about my deferment that reaches the 8 week mark on Tuesday. Utter shambles.

anna2007

Forever wrote: »

I was thinking of just leaving it, as there is no way I am not going to pay more than 30%.

But it might be worth giving it one more go, and ask someone more senior to take a look at it. The worst they can say is 'no' after all.

I think the way these vultures probably work is they figure out exactly a point in time where it's more profitable for them to start negotiating settlement offers, and because many of the loans have years to run yet, it's just too soon for them to do that, as word will get out and lots of people will want partial settlement.

They obviously think the current tactic of wearing people down through their ridiculous DAF, delays, refusals and incompetence will generate more profit in the meantime. I have less months to cancellation than remaining repayments, so you'd think Erudio would jump at the chance to offer a settlement (I've no doubt Erudio have something else planned as far as cancellation goes!), but as their aim is to make money from the overall sale, I'm not sure it matters if individual accounts are due to be written off, or if an individual's willing and able to settle.

They'll reach a point I'm sure where they'll be willing to settle (if thin king managed to get the issues of futher demands/payments being taken, maybe they already have, but I doubt it), but if you want to settle, you have to keep trying, until Erudio reach the point where they're willing. I don't think any of us can say what's a reasonable % though, as it depends on each situation, e.g. if you knew you'd be earning over the threshold soon, or had what feels like a life sentence to run with Erudio.

In the meantime, keep doing things as you did with SLC, give Erudio no more than you gave SLC in the last xx years. Everything else is just Erudio trying it on

erudioed

Yes, it is rather odd. You would have thought these cutthroats would have worked out the percentages on the months left to run/partial settlement end of their acquisition. As much as i despise their kind, the rich and over educated trying to trap the poorest amongst a given population, i do give them credit for intelligence and levels of ingenuity an honest person would consider plain wrong, so it is a curious situation. Maybe something was written into their contract that gives them some kind of guarantee on a return for those of us who make no payments during their tenure. Or some such thing. If not, then i am sure the shareholders at Arrow Global would be quickly voting out the current regime if they knew about such a missed opportunity, including Zach Lewy, for letting such a potential money spinner as trying to settle up early for a reasonable fee never even reach the table!
Im determined not to give these leeches a penny of my cash if i remain under the threshold. In fact, i aim to make a good profit from them in the long run by catching them out and complaining about their own procedural errors, something we all should continue to do as and when we spot something, or suffer some bullsheet at Capita's hands. And lets face it, anyone who calls them and is just slightly clued up about a given detail will be told some slight untruth, something perfect for a complaint and compensation.

Lungboy

8 weeks and no response to my complaint. A phone call to the FOS tomorrow methinks.

halfpricedebt

I think the talk of group action is one seriously worth pursuing. This has all gone on long enough and we really should do something more than complaining to FOS and the like.

It's high time we cranked it up a notch. I think we should partner up with the mumsnet person mentioned earlier in the thread. Everyone who is having to deal with Erudio should see this as an opportunity. We're not powerless - they just hope we feel that way which so far is working.

If enough of us take them on we can change the future for a load of graduates.