ERUDIO student loans help

fermi

http://www.legislation.gov.uk/uksi/1998/211/made

12. The lender will cancel the borrower’s liability to repay the loan if the borrower—

(a) dies,

(b) is not behind on any repayments under any agreement for a student loan and—

(i) was under the age of 40 when his last agreement for a student loan was made and he reaches the age of 50 or when the last agreement for a student loan has been outstanding for not less than 25 years, whichever is the sooner, or

(ii) was aged 40 or older when his last agreement for a student loan was made and he reaches the age of 60, or

(c) if the borrower can show the lender that he gets a disability related benefit and because of his disability is permanently unfit for work.

gardenia101

anna2007 wrote: »

All lenders are required by law (CCA 2006?) to provide an annual statement to the borrower, I'd have thought the deferment process, whether it's one year or three years, is a separate legal issue and wouldn't mean Erudio's exempt from their obligations under the CCA?

You should receive an annual statement at the same time as every other borrower - around September each year, covering the previous year to 31 August. Just don't expect the annual statement (if you ever get one!) to be accurate - they will understate the interest due, combine all of your loans into one, get the interest rate/monthly repayment amount/date of the agreement wrong... it's almost like they're trying to create a completely new agreement (maybe that's the plan, if they have no power to change things under the original t&c's).

The fact that neither Erudio nor FOS are capable of providing the large print that you need is beyond belief - they clearly don't live in the real world! I hope you destroy them on that one Gardenia, you have every right to.

My second FOS complaint, on all of the above errors in the annual statement, was escalated by the adjudicator to the ombudsman last week, because Erudio didn't bother their @rse to reply to my conditional acceptance (that I'm ok with Erudio not providing an accurate statement, if they confirm in writing that the agreements are unenforceable and that no interest can be applied to my loans until I get a correct statement). They were never going to agree to that, but why leave it 6+ weeks to not reply (with the adjudicator supposedly chasing for a response)? The fact Erudio's willing to show such complete contempt for the FOS process suggests to me they already know what the outcome will be. Either that, or it really is a case of one Erudio monkey sees, other Erudio monkey doesn't do (anything). I give up on trying to figure out what they're playing at, but think it's probably a misplaced sense of entitlement (motivated by profit), disguised as incompetence. Will be interesting to see if the ombudsman even comments on Erudio ignoring them.

@ plong979 I got a cheque from Arrow Global (Erudio only exists on paper so might be difficult to physically sign a cheque) to pay the compensation for my first FOS complaint, it arrived the day before FOS's time limit. But the FOS decision also said they should give me true copies of the loan agreements, they still haven't complied with that part two months later (or 15 months since I first asked for the agreements). Erudio included a letter with the cheque, saying (again) they were waiting for SLC to give them proper copies - again. I've already had 3 sets of copies, months ago, that don't match with the originals. It seems Erudio either can't (completely illegible copies/can't be entrusted with/aren't entitled to the originals) or won't (just because they're nasty, or there's some legal advantage/prohibition... possibly a mix) give out true copies. Why are they so reluctant to answer what should be a pretty basic request?

Thanks Anna - that what I also think about statements during deferment, just couldn't find anything written down anywhere. SLC used to send statements each September during yearly deferment, so I'd expect Erudio to send them....

Also not sure how long I'll give Erudio to not send me a statement next September before I complain to FOS again.

I've asked for a cheque for my compensation so I was going to give them 4 weeks to get it to me before I start chasing that up - there wasn't anything in the final email from FOS to say how long it should take to receive the cheque, so does anyone know? Didn't fancy giving Erudio my bank details

As for the lack of large print from FOS; sadly I'm not really surprised. Quite a few companies I've dealt with in the past think that its acceptable for large print documents to take an extra month to produce (really handy for bank statements :mad:) & some can take an extra 8 - 12 weeks to produce large print (HMRC - take a bow :T). The most common scenario though is that companies say they'll send large print, then don't bother, then act surprised when you call them on it

Of course the large print paperwork from FOS may be on its way after having taken longer to produce - but that only works if I get it before the deadline to accept/decline their decision, which I didn't.... Sigh. My adjudicator apologised over the phone for the lack of large print, but I don't know if I can face complaining about it. But if I don't complain, then things don't get better, do they?

Thanks for the new threshold information - I'm soooo below the threshold that I shouldn't be giving those idiots a penny, ever, & I'd still be well below it even if child maintenance went into my current account.

datlex

fermi wrote: »

http://www.legislation.gov.uk/uksi/1998/211/made

Do you happen to know what the legislation is for the pre 1998 loans. This link refers to legislation in 1998 which is after the mortgage style loans.

fermi

datlex wrote: »

Do you happen to know what the legislation is for the pre 1998 loans. This link refers to legislation in 1998 which is after the mortgage style loans.

That is for the pre-1998 mortgage style loans.

It was that last set of regulations issued that covered them, so is what the law currently says to do with cancellation of them.

BorderReiver14

Have just spent the last hour reading through all of those FOS decisions. What a load of $&($£... Some people have been treated really badly but it is showing a pattern now. They clearly have no power with the DAF issue and will not budge an inch on the pre98 loan clause 16 CRA reporting. While it may cost Erudio each time the FOS have to deal with them, it has to be peanuts compared to what they must be raking in from those poor souls that have caved in to their DCA tactics.

Who holds the FOS to account?

dizzybuff

Okay so erudio have supplied me with my original terms and conditions looking at them well is kinda like one of those if you can read this things on Facebook. It's illegible. I can just making out. I don't know why it's been printed off as a digital copy would have been better. It answers my question though. There is no term or condition on the signed copy that states I can not move my dd date. It states that they can move it. But nothing to say I can not. So I am off to the fo with this again. Complaint as such. The copy sent is almost illegible and erudio stating I can not change my dd date as it's linked to my loan- nothing in the terms and conditions. I'm !!!!ed off with this company. Erudio have also not answered my question or why I couldn't move the dd date. The previous answer was given by a snotty nosed minion on the phone. I wanted it in writing.

@ garcinia, my ex won't pay into the kids accounts. I could set an account up in their name and have it paid into that and then transfer it over as needed I suppose.

He doesn't care. I've told him, I've also asked for half uniform costs which he has ignored. In used to it now. I'll just send the kids to school in flipflop.

Brooker_Dave

FOS in the news:

"
But, in an interesting twist, Telegraph Money can reveal that when the complaint was previously assessed by the Financial Ombudsman Service (FOS), the bank was found at fault. The Ombudsman ordered Barclays to pay "a fair and reasonable settlement".

Unusually, Barclays decided to ignore the Financial Ombudsman's recommendation"


http://www.telegraph.co.uk/finance/personalfinance/11678261/How-a-90-will-by-Barclays-lost-half-my-house.html


Shows quite how toothless the FOS really are.

erudioed

Heres more of the same. Erudio's updated its website with the first bit of news for 2 months about the change in deferment level. This change has led them to add this news item, one which they cant even be bothered to spell check. Not bad for an XXX million pound company but more evidence of just all round crapness. Their maths may make a twisted kind of sense to them after running the numbers, but anything involving words lets them down again. Something they should be chaged (a clue) with by the FOS, considering everything should be written in plain English, not written using words that dont exist and probably with a little red squiggle under flagging it as an obvious typo...
http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWgl3j

I chage them with shoddiness yet again!

ourdayout

Hello,

I wonder if someone on here can answer this query, there seems to be a lot of knowledgeable folk here. On another part of this website Martin Lewis posted the following, sorry if it doesni format properly:

When are outstanding loans wiped?
HIGHER EDUCATION START DATE AGE AT WHICH LOAN IS WIPED DEATH UNFITNESS TO WORK
1990 - 1997
(If aged under 40) (1 Earlier of 25 years after repayments were due to start, or when you reach age 50
1990 - 1997
(If aged 40+) (1) When you reach age 60
1998 - 2005 When you reach age 65
2006 - 2011 25 years from the first April of graduation (when you were first due to repay)
2006 - 2011
(Scottish residents) 35 years from the first April of graduation (when you were first due to repay)
2012+
England & Wales: 30 years from the first April after graduation (when you were first due to repay)

Scotland: 35 years from the first April of graduation (when you were first due to repay)

NI: 25 years from the first April of graduation (when you were first due to repay)

(1) This is the age that you were when your last agreement for a loan was made - usually your last year of study.

Is that first one right, about 25 years or when you turn 50? I can't corroborate then anywhere else and I have scoured the net.

Can anyone shed any light on this one please?

Many thanks in advance,

Gregor01

If you breach the agreement the whole loan is payable immediate and they can take you to court for it.
If you in breach of the agreement then the age write off no longer apply either.