ERUDIO student loans help

fermi

ourdayout wrote: »

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.

8 posts above this one, on this page!

https://forums.moneysavingexpert.com/discussion/comment/68978674#Comment_68978674

Lungboy

As expected, Erudio have not upheld my complaint. I'm not sure what to do now. I was all set to fight them all the way, but life has changed and I'm looking for a mortgage and the extra £170 a month I'm paying to Erudio would really help. Sorely tempted to give in and defer, damn them.

TraceyJ_2

Pluthero wrote: »

Quote their email from last year back to them and send off a complaint to the FOS about their bullying DCA tactics = compensation:)

I had emailed them straight away and they replied the next working day saying that they should not have asked for the additional information and confirming that my deferment had been successful.


I had amended page 6 of my DAF as per anna2007's suggestion in post 4037. Thank you Anna.

Pluthero

TraceyJ wrote: »

I had emailed them straight away and they replied the next working day saying that they should not have asked for the additional information and confirming that my deferment had been successful.


I had amended page 6 of my DAF as per anna2007's suggestion in post 4037. Thank you Anna.

So they accepted that altered DAF then? That's great news. Well played.

Lungboy

With the altered DAFs, did you alter a digital copy or just do it by hand on the paper copy?

anna2007

@ Lungboy, I just scanned page 6 of the DAF Erudio sent me, saved as a jpg and amended it using Paint. There's a copy here:

https://www.dropbox.com/s/ukea1xjpsptuzl2/DAF%20Page%206%20redacted.jpg?dl=0

Lungboy wrote: »

As expected, Erudio have not upheld my complaint. I'm not sure what to do now. I was all set to fight them all the way, but life has changed and I'm looking for a mortgage and the extra £170 a month I'm paying to Erudio would really help. Sorely tempted to give in and defer, damn them.

You could try missing out FOS altogether and send Erudio a Letter Before Action, worth a go? Add the value of any repayments you've made since submitting your DAF, better used towards the deposit on your property than lining Erudio's pockets

anna2007

Pluthero wrote: »

So they accepted that altered DAF then? That's great news. Well played.

It also shows that Erudio refusing some deferment applications due to DAF amendments isn't down to a change in policy, they're simply being inconsistent and hardly "treating [all] customers fairly".

Anyone who has had their deferment refused for amending the DAF should let the FCA know - consumer.queries@fca.org.uk

In fact, anyone having problems with Erudio of any sort should let the FCA know. According to the FCA register, Erudio still has only interim permission, they've not yet been given full authorisation by FCA. If FCA are made aware of the scale of these problems, maybe they'll take note when deciding on Erudio's application.

So, Erudio have interim permission, but happily declare on their website:

Erudio Student Loans Limited is authorised and regulated by the Financial Conduct Authority for accounts formed under the Consumer Credit Act 1974 (as amended). It is registered on the Financial Services Register under registration number 0659653.

Erudio is regulated by the FCA, but they're not authorised until they have full permission. They're also not registered on the Financial Services Register until they have full permission, so they're currently on the Consumer Credit Register, the lowly stopgap register for those with interim permission. And that registration number isn't recognised on either register.

Is that you telling big porkies AGAIN Erudio? Three lies in two sentences is quite impressive, even by Erudio standards. Is it even legal for Erudio to claim to have this status with FCA? It's certainly misleading, if none of it's actually true!

Brooker_Dave

But it seems Erudio can lie and bully as much as they wish, who is actually going to regulate them?

FOS seem uninterested and toothless...

rizla_king

Until someone challenges them in court and doesnt take their hushmoney to cover up the defeat, theyll get away with it.

Chadsman

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

So does the loan become 'outstanding' when the loan is agreed or when the payments first become due but for a successful deferment.