ERUDIO student loans help

halfpricedebt

Honestly, let's start putting a list together for all of those who want to get a group action together. We talk a lot on this forum, we complain a lot, we fight battles we know will rage on forever unless WE do something differently about how we work with Erudio. We're the customer, they are not serving us fairly or under the original T&Cs so let's stop fannying about and start moving things on.

We've been posting on forums for over a year and we're no further forward with anything.

Forever

halfpricedebt wrote: »

Well, I had to phone these scumbags up the other day as another payment was due. I asked what was happening with the settlement and after a lot of prodding they told me it was rejected because the offer was too low!!!

I've yet to get this in writing so this is another element being added to my FOS complaint. 30% is more than enough for a settlement. I asked them what would be enough and the guy on the phone told me "well that might make it easier for you but they aren't going to tell people that". I told him their behaviour was criminal, that they demand we play ball with them but the fair play isn't forthcoming from their side. Makes me so angry that I have to pay them every month at the moment because I want to avoid arrears. I was going to wait until the next deferment comes up but that's just going to mean more hassle about the T&Cs.

Their game is clearly to make things so impossible that you just pay up and I'm honestly on the verge of doing just that to be rid of them but I also morally just don't want to give them a penny more than I have to.

You are right that they do want to encourage you to just pay up the full amount.

Maybe you could try to ask for a non-disclosure settlement, and/or up the amount a little bit?

Whatever you decide to do, good luck!

halfpricedebt

I'm waiting until I get this in writing. In any case it's getting added to the FOS case.

Lisajay27

I've been reading some of these threads as I've had had problems with Erudio Loans and could do with some advice.
I received a letter on 1st June from Erudio Loans saying they would accept my payment of £40 per month - I had previously requested deferment but as I am £4 a month over the threshold they said I had to pay them £115 per month! I explained I couldn't afford this at the moment so they told me to fill in an income & expenditure form and send it back with an offer of what I could afford. I did and I received a letter to say they accepted my payment. I have paid 2 months at £40 and thought at least I'm starting to pay it back slowly.
I received a letter from them on Friday - Notice of Sums in Arrears!!! It states that my account is in 2 months arrears of the remainder monthly fee - so basically the rest of the £115 I can't afford to pay which is £85 is going to be recorded on my credit file as not being paid!! Is this legal??
I phoned them straightaway and ended up having to speak to one of the managers as I was fuming. Not once have I had any correspondence stating that this would happen, and like many other people on here, I thought my student loan wouldn't affect my credit rating, and as I have been able to defer since 1999 I've always put off paying because I knew it wouldn't affect my credit rating. I didn't even know my student loan had been sold to them until I received a letter from Erudio saying they were now the creditors.
When I explained to the manager my circumstances he seemed to want to help and said he would investigate and phone me back Monday evening - am I to believe him? He didn't seem to have a full account of my financial statement which was worrying.
Do you think I need to seek legal advice on this as I can't afford to pay £115 per month and I'm scared it my damage my credit rating for good?
Also who decides what the income threshold is and can I contest this?
Thanks
Lisa

halfpricedebt

Damn. Earlier on in the thread I said that people should not agree to the lower payment as it starts to accrue arrears.

They don't tell you that so they were obligated to make that clear to you before allowing it to go ahead so yes, I would make a complaint and tell them that as they never informed you that arrears would accrue if you paid an agreed amount then those arrears should be wiped.

I complained as I almost signed up for that and after much prodding they told me I would go into arrears with any agreed payment less than the minimum. Following my complaint they paid me £150. There's absolutely no way those arrears should apply if they didn't tell you they would if you agreed an affordable payment. Absolutely criminal.

Basically you have to pay the minimum amount of £115 or you will be charged more and it's incredibly unethical that they've painted you a picture that you can pay them what you can afford and then they've slapped arrears on it.

anna2007

@ Lisajay27 The new deferment threshold for 1 September onwards should be announced in the next week or so (may even be published tomorrow, as it was Monday 11 August last year) and provided the Government doesn't mess with the calculation, will certainly be higher (it's artificially low this year due to income tax changes affecting the average earnings figure).

As you're only £4 over the current threshold, you can reapply for deferment (do it as quickly as possible after the new deferment threshold is published). Then you could pay up the amount Erudio are claiming in arrears. Erudio have said they are going to report our loans (not just those with arrears, but all deferred loans) by the end of the year - they may well be bluffing, but if not, you should try and clear the arrears quickly, to minimise the impact on your credit file, IF the loans are reported.

Edit: According to this MSE article you should apply from 1 September, once the new threshold's in place.

anna2007

I had a go at working out the new deferment threshold, using the calculation from the previous FOI request.

The ONS tables used in the calculation are here:
1 http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-337425 - ASHE 2014 (provisional) table 7

2 http://www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-367096 - table EARN01

I make the new threshold £28,745, up from £26,727. I haven't checked my sums as I need to get to bed!

Edit: the figures I used were:
1) 622.80
2) 622.80 x 52 = 32,385.60
3) Apr 2014 480
Apr 2015 492 Annual change 2.5%
4) Estimate of Apr 2015 = 33,195.24
5) Projected for Jan 2016 = 33,817.65
6) 85% = 28,745

Maybe someone with a fresh pair of eyes in the morning could check if I've picked up the right figures from the tables

Lisajay27

Thanks for your replies on this - at least I have some ammunition to give them when they phone tonight - I'll let you know the outcome!!


Lisa

plong979

Update:

Well it's been over 4 weeks since I got a letter of the FOS telling me they got my acceptance. As a result I have emailed the FOS informing them erudio still haven't been in touch as the FOS wished to be informed if they failed to make contact in 4 weeks.

Just wish I never bothered to defer back in the day so it would be barred now.

Forever

plong979 wrote: »

Update:

Well it's been over 4 weeks since I got a letter of the FOS telling me they got my acceptance. As a result I have emailed the FOS informing them erudio still haven't been in touch as the FOS wished to be informed if they failed to make contact in 4 weeks.

Just wish I never bothered to defer back in the day so it would be barred now.

Me too.

Those of us that played along with the rules have had our fingers burnt here