ERUDIO student loans help

anna2007

Has anyone using Noddle to check their credit report had a search done by Callcredit themselves? I checked my latest report last night, and there was a search by Callcredit on 6 July, showing as "administration review". Looking at the other searches on my file, this seems to be done by the lender when I've made a credit application, and from what I've read, it's a 'soft search', so isn't shown to other lenders.

There's a separate tab in Noddle called "your searches", which has an entry for each month when the credit report's updated, so this 'administration review' isn't connected to the monthly updates. It's also the first one they've done, they didn't do a search when I signed up to Noddle in May last year. So why carry out a credit check now, and why would they even need to?

I can't see anything in Noddle's t@c's giving them the right to do a credit search, although it does say:

For us to be able to provide the Noddle services to you we need to obtain your credit report information held in our credit reference database. By applying for the Noddle services you agree that we can use your credit report information in this way.

That's surely not the same thing as a credit search?

anna2007

Another newsflash on Erudio's website - yet more farting about with CCA remediation:

http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWgl4j

No doubt we'll all be affected by CCA remediation by the time Erudio are done!

Edit: The FAQs on CCA remediation have also been updated, and says:

We are also writing to customers who are not (or who have not been) in arrears to confirm when interest will be reactivated on their account.

Why should interest on deferred accounts with no arrears be deactivated !!!!!!?! Is it really beyond them to add a year's worth of interest to an opening balance and get a correct closing balance? :wall:

Mr_McGuffin

The suspension or removal by Erudio of interest for a number of months appears contrary to the terms of the loans and the 1998 regulations:

http://legislation.data.gov.uk/cy/uksi/1998/211/made/data.htm?wrap=true

Schedule 2, Part I

2. Interest will be calculated daily on the amount of the loan outstanding and will be added to the loan monthly and form part of it until the loan is repaid in full. The lender will continue to charge interest on any overdue payments both before and after judgment and during any period when the borrower does not have to make repayments, including any period of deferment.

How and why is it that Erudio can decide to suspend interest charges, and then resume them purely at its own discretion? The reason and purpose of this is totally obscure, the 'CCA remediation' explanations are incomprehensible and it would need a lawyer to understand whether they are completely bogus.

The interruption in interest will make it impossible to know or understand any correct outstanding amounts, now or in the future, including at the point any cancellation is due. Is it not inevitable that there will be one figure resulting from continuously applied interest according to the regulations, and a different figure on statements resulting from the Erudio adjustments, which can be whatever Erudio likes, just as it gives any dates it likes for the issue of the original loans?

The Erudio statements are so completely flawed that they cannot be relied upon for anything. Does that mean we must calculate our own loan and repayment amounts?

Mr_McGuffin

How is it that Erudio can claim FCA authorisation on the Financial Service Register it does not have. How long has that been now? That's all fine with the FCA then?

The window of the transitional interim permission consumer credit register neatly corresponds with the sale of these loans to Erudio.

plong979

anna2007 wrote: »

If your income was over this year's threshold, make sure Erudio don't receive your application before 1 September, as they'll assess it based on the threshold in place on the date of receipt - they've said as much in the latest news article on their website, and MSE said the same in one of their articles. If I remember right, they treated the change in threshold the same way last year, so any applications received by 31 August were assessed against the lower threshold.

Yeah also had to wait because I need to cross out and update the threshold limit on the SLC DAF. Plus I was waiting for my cheque to arrive, which is has now done so. Lovely handwritten on behalf of Arrow Global. Not going to cash it in yet though as I'll be sending off the SLC daf shortly along with my P45 as I have left my job as I'm looking at going away for a while.

Also what's the story with the T&C being on the website and subject to change whenever? I remember reading something about it but can't remember it fully.

Brooker_Dave

Friends of the Government can do whatever they like it seems.

That said Erudio seems to consider sticking to the terms of the loans to be optional (at least in my case) when it does not suit them.

Is there an EU body that overseas the FCA if they turn out to be inept and useless?

gardenia101

anna2007 wrote: »

Has anyone using Noddle to check their credit report had a search done by Callcredit themselves? I checked my latest report last night, and there was a search by Callcredit on 6 July, showing as "administration review". Looking at the other searches on my file, this seems to be done by the lender when I've made a credit application, and from what I've read, it's a 'soft search', so isn't shown to other lenders.

There's a separate tab in Noddle called "your searches", which has an entry for each month when the credit report's updated, so this 'administration review' isn't connected to the monthly updates. It's also the first one they've done, they didn't do a search when I signed up to Noddle in May last year. So why carry out a credit check now, and why would they even need to?

I can't see anything in Noddle's t@c's giving them the right to do a credit search, although it does say:



That's surely not the same thing as a credit search?

Checked my report today, although a new one is due out in about 10 days. Must say I hadn't noticed that "your searches" tab before, but all that shows up on my section is the monthly "Consumer Credit File Request" that Noddle do themselves.

So far nothing has appeared on Noddle that I haven't expected (yet ). Not checked the other CRA's though, but it is on my to do list.

anna2007 wrote: »

Another newsflash on Erudio's website - yet more farting about with CCA remediation:

http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWgl4j

No doubt we'll all be affected by CCA remediation by the time Erudio are done!

Edit: The FAQs on CCA remediation have also been updated, and says:


Why should interest on deferred accounts with no arrears be deactivated !!!!!!?! Is it really beyond them to add a year's worth of interest to an opening balance and get a correct closing balance? :wall:

I can't get my head around this either - I've never been in arrears with the SLC as I was either deferred or making payments. I'm waiting to hear back from FOS as to what they think of my "statement" & what has happened to the missing interest.

Bank accepted the cheque today - let's hope it clears :rotfl:

Mr McGuffin - interesting points, but my brain is too tired to process it all. Will hopefully have a good long think this weekend...

Cornholio_2

Sorry if this is "jumping in" off-topic, I'd like to know if any former students have now turned 50 since Erudio took over, and whether their loans have indeed been written off as was part of the original agreement? Or will they try and change this? I'm 47 and despite a 3% pay rise each Autumn when my last deferment comes through(hopefully) in March 2018 I still won't be earning the new figure of 28,828 even if that doesn't rise, so as long as they don't pull a fast one, 6 months later I turn 50. Also, does anyone know what happens if you have to start paying for a year or two then turn 50 are you still held to pay the 5 yrs or does it stop at 50? If this Tory lot pull a fast one with tax cuts for the uber rich again at the same time of year (5% was reportedly worth £3bn a year!!!) loads of us will get stung again.....Has anyone heard of anyone being offered a fixed and final payment either as they near 50?

gardenia101

Cornholio wrote: »

Sorry if this is "jumping in" off-topic, I'd like to know if any former students have now turned 50 since Erudio took over, and whether their loans have indeed been written off as was part of the original agreement? Or will they try and change this? I'm 47 and despite a 3% pay rise each Autumn when my last deferment comes through(hopefully) in March 2018 I still won't be earning the new figure of 28,828 even if that doesn't rise, so as long as they don't pull a fast one, 6 months later I turn 50. Also, does anyone know what happens if you have to start paying for a year or two then turn 50 are you still held to pay the 5 yrs or does it stop at 50? If this Tory lot pull a fast one with tax cuts for the uber rich again at the same time of year (5% was reportedly worth £3bn a year!!!) loads of us will get stung again.....Has anyone heard of anyone being offered a fixed and final payment either as they near 50?

ISTR at least one poster having their loans written off correctly, but can't remember if there were any others - here's that post (#4213 so from a while ago)

Jonez wrote: »

Just had an uneventful conclusion to things with Erudio. Emailed the day after my birthday to ask them to confirm that loans now written off in accordance with rules. Less than 48 hours later, received a reply, confirming that loans had indeed been cancelled and account was now being closed. Just logged into bank to delete Direct Debit, only to find that it had been removed by Erudio themselves.

I don't know that there has been much consistent success with full & final settlements - but if you are genuinely under the threshold why pay any of it off? That wasn't what we all signed up a lifetime ago & people shouldn't feel pressurised into paying out money that they legally don't have to just because some debt management company are making life difficult when they shouldn't be :mad:

Oh dear, its going to be an Erudio day in my house today, I'm already really annoyed by them & I haven't had breakfast yet

Sounds like your earnings should be kept under the threshold if the annual calculation is done as we expect it to be & the same formula followed; oh, hang on a minute, look at Anna's calculations & posts above & draw your own conclusions as to whether the calculation is the same as its always been :rotfl:

IMHO if Erudio follow the T&Cs & other "rules" that the SLC always followed, then you should be OK, but....

Cornholio_2

Thanks for that reply Gardenia101....looking forward to my 50th lol....!!!