ERUDIO student loans help

dizzybuff

You could also tell him about maintenance being included as an income. I'm so !!!!ed off with erudio. I've just received my original terms and conditions. It's a bloody good job I have good eye site. They are such a crap copy. It could have been scanned and pdf to me. Anyhow. No where on the terms and conditions dies it state that you can not change the dd date or there are no terms relating to the fo date. So back to erudio I go requesting a dd date change. I very reluctantly set a so up. My benefits have now gone down so we will see if I can defer. I actually cry every day I know the so is going out.

gardenia101

anna2007 wrote: »

...Maybe Jeremy's appointment today will help shake things up as far as dodgy Guernsey-related tax arrangements go?

Jeremy emailed me earlier to ask what questions I'd like to be put to Dave - there are more than a few, but I'd really like to know how their government justifies subjecting so many graduates (many more to follow I'm sure with the future sales) to Erudio's misery, to supposedly pay down a debt that has risen more in 5 years of Osborne than it did in the previous 13 years of Labour. The proceeds from our sale were a fart in the wind, didn't make the slightest dent in reducing public debt, but came with a huge, disproportionate affect on ordinary people's lives. That tells you something about Tory ideology.

Edit: Jez is all for scrapping student loans and bringing back the grant - we should all bombard him with our Erudio experiences and give a link to this thread.

I'll certainly write to him with my thoughts about Erudio

anna2007 wrote: »

That CAG case is awful Any new Mum would do the same - if anything Erudio-related had landed at the same time as my kids being born, it would have been quickly filed away in the who gives a crap drawer. And the truth is, many of the loans bought by Arrow Global/Carval will be owned by women in exactly her situation.

Gardenia there are signs of some kind of (pond)life at Erudio, I received copies of my original loan agreements in post today - it's only taken about 14 months and a FOS complaint to get there! I haven't had a chance to check back to the previous copies, but the number of clauses at least seems right, so they may finally be true copies of the originals. It's maybe cost Erudio over £800 in FOS fees, compensation and admin to get to this point, so not all bad

Also heard from the adjudicator for my other complaint on the annual statement - Erudio have agreed to waive all interest for last year and give a new statement, also £200 compensation... sounds good, but my gripe is about the waiving of interest (among other things). All I asked for was an accurate statement and the waived interest really isn't a benefit if the loans are likely to be cancelled. It means yet more fannying about, but I think it should still go to the ombudsman, as it needs his/her stamp of approval via a decision before it's legally binding on Erudio. The simple truth is I don't trust Erudio to not rear their Medusa-like-head again years down the line and claim I owe them over the interest waived in error.

I'm sure most reading this thread has been at the receiving end of Erudio's tactics - what if every one of us made a complaint to FOS, costing Erudio £700+ each time? Arrow Global/Carval ARE Erudio, they surely won't like their profit being reduced, or the negative publicity of published FOS decisions.


Arrow Global/Carval = Erudio = A Hellish Student Loans Consortium

Did you get an answer as to why your interest was affected, even though you hadn't been in arrears with the SLC so shouldn't have been affected by the CCA remediation nonsense? (If memory serves I think we're both in that position). What reason could they have for not being able to add interest correctly (apart from incompetence)?

I agree the waiving of interest is of no consequence to you if the loan is to be written off anyway - if I get that far with my interest/statement complaint I'll be making that point.

I have no experience of producing financial information/statements so I'm sure there are lots of things to consider, but is it really that difficult to produce an accurate statement for these types of loans? :huh:

dizzybuff wrote: »

You could also tell him about maintenance being included as an income. I'm so !!!!ed off with erudio. I've just received my original terms and conditions. It's a bloody good job I have good eye site. They are such a crap copy. It could have been scanned and pdf to me. Anyhow. No where on the terms and conditions dies it state that you can not change the dd date or there are no terms relating to the fo date. So back to erudio I go requesting a dd date change. I very reluctantly set a so up. My benefits have now gone down so we will see if I can defer. I actually cry every day I know the so is going out.

I'm surprised they ran with that particular error for so long - can't change d/d date my ****.

I will mention the unfairness of including child maintenance & the childcare element of WTC as income in my letter to Mr. Corbyn. It will make me feel a bit better if nothing else.

Hope you manage to get correctly deferred.

dizzybuff

Nope I'm still not deferred and have been paying the equivalent of two weeks good money every month. I've emailed erudio again regarding the dd date. Also requested a deferral form. The fo are useless. My childcare has now gone down by half. But it still means the childcare element takes me over the threshold. I'll flag it with my Mp again I hate having to tell this company my financial details yearly. Irony of it being my ex does not earn enough to pay them. He is self employed so it makes it easier for him to jeep below the threshold. They also take his maintainance into account. I will fight them to the hilt.

Tommygunn

Taking into account my circumstances could someone just clarify where I stand with Erudio?
My deferment ran out on the 14th July and I submitted a modified T&C, as given to me by Anna, hers being accepted. Mine, however, was refused.
I submitted a complaint which was registered on the 29th July giving me an eight week time frame.

So far I have not heard back from them and now, that I am approaching the seventh week, I am going to see if the FOS will take on my complaint before the time is up.

However, what is going on with the loan? If Erudio come back to me and say they do not uphold the complaint will I have to pay the two or three months of loan repayments from the 14th July or will the repayment schedule begin from their refusal?

Presumably, if worst comes to worst, I can just submit their original T&C document and I will be deferred and any outstanding payments from this period will be annulled, correct?

Once the FOS get involved how does that shake up the current proceedure?

If you have any other pertinant info, then I'm all ears.

Thanks,
Tom.

Lungboy

I'm in pretty much the same situation. From their weaselly emails, it seems that if you send a new DAF they will treat it as a new application, meaning they get to keep any payments they have already taken. Nice little scam, on top of the rest.

Lungboy

I sent this message to Jeremy Corbyn, who is doing an "ask me a question and I'll ask it to David Cameron" thing:

Why did the BIS sell off £890m of student loans to a shell company (Erudio) owned by a debt collecting agency (Arrow) owned by a private equity firm (CarVal) for the equivalent of 5p in the pound rather than let the students buy them out themselves at 6p or 10p in the pound, thus raising more money for the government and not inflicting a debt collecting agency on hundreds of thousands of people that can ill afford it?

Sarebear78

Got my annual statement today - interested to see that they still have the lie about the DD being required, even if you are in deferment, in their FAQ.
'You should maintain a valid direct debit with Erudio Student Loan even if your loan is currently in deferment.' Although 'should' is not necessary the same as 'must', I guess.

erudioed

That is a mighty fine question lungboy. It raises something i was watching yesterday actually (and i am not aiming to answer your question because i would also like to hear just how it sounds off the lips of a politician). It was an Andrew Mcgettigan little talk on youtube:
https://www.youtube.com/watch?v=oOBp9QYECbA

Although i need to watch it a few more times to get my head around it better, he is suggesting the government arent treating the sale of student loans as an ideological policy, its being treated as an accountancy problem. They want to shift where the figure for student loans appears on the balance sheet. Again, i dont understand the ins and outs as it is all newish accountancy language, but Mcgettigan is suggesting that where both the sale and where this figure appears after the sale actually loses money because the money that is paid for the loans actually reduces a specific debt figure in the books, and as such, is not money the government has to hand to spend. He says student loans are seen as an asset because they have a revenue stream in the future attached to them, so not classified as debt in the classic sense. BIS controls the ins and the outs of student loans but it is the Treasury that makes the decision about selling the loans as it falls under its sphere (as it is classed as an asset). He is still trying to get to the heart of it, but does seem to be suggesting that the way the Treasury is moving this number around is based on flawed accountancy thinking and is in fact loss making. He is trying to get/work out the figures now to move things forward. I hope i am not doing him an injustice by saying this or paraphrasing him wrongly. Anna explains it a bit better from what i recall, but it is very important to answer the frustrating questions about being sold down the river.

However, if it was an ideological issue, then the question that frustrates most of us would need an answer. But, unfortunately, The Treasury sees it as little more than an accountancy issue, moving one figure to somewhere deemed more advantageous in the short term. This unfortunately then means we are the fall guys, as will be most recent, current and future students. I think that is a gross mistake personally for things that are fundamental to what i deem a civilised society (free education or as close to damn it) to be placed below an accountancy issue. The whole issue is frustrating.
On the plus side, Corbyn is meeting with Yannis Varoufakis recently, so if he has any sense he will ask Varoukais to help assemble a crack pot team of economists to manipulate the economy in our favour. This would allow him/The Labour Party to present a real new vision for the UK, and even to the wider world. This is how Varoufakis created the new plan for Greece, a plan that was treated with disdain by the Eurogroup (the EU finance ministers, led by conservative Wolgang Schauble, the only FM who has been in the Eurogroup since its inception) and which the Eurogroup didnt even read when dictating what Greece should do. Then he was criticised for ridiculous things and forced to be ejected from the process rather disgustingly in my opinion. This document can be found here:
http://yanisvaroufakis.eu/2015/08/20/the-greek-plan-for-growth-recovery-two-documents-the-ministry-of-finance-tabled-in-may-and-june-2015/
They make very interesting reading, including making Greece a new hub for (renewable) energy in the world and setting up low cost/high yield research institutes and such things. can any one remember hearing any of that when the so called Greek Crisis was reaching its peak this summer...well, no, because the Greeks werent allowed to table it for real consideration.
However, i am not aware of such an instance where so many of the worlds leading Nobel winning economists and forward thinkers has tried to help a country by designing a national plan for the future. Usually its more traditional conservative economists and business folk involved in such plans, but these days for small plans, such as student loans sales and the like, not a new national plan. I keep my fingers crossed Corbyn will be of this ilk, seeking a new way to manipulate the economy to the benefit of all...after all, that is what most of the current capitalist countries do anyway but for the benefit of the elites as we all know, with a few crumbs thrown out for ordinary folks to stop them from rioting every day.
Still there is hope and a bright future, these ideas and new paths forwards will find a way, lets just hope its before the next world war, the path the current policies are taking us on.

VonPaz

I too have received my annual statement from Erudio and in their FAQ's supplied alongside, this caught my eye:

Can I defer paying my loan?
You can apply to defer repaying your loan unless we have notified you that your loan is repayable in full or the term of your loan has expired. (my italics).
What does this mean?

erudioed

Well, your terms and the term of your loan will have expired after 25 years, so you wouldnt need to defer. But it sounds like the usual 2 potential meanings to me, the kind Erudio are famous for. More passive aggressive bullying lingo...