ERUDIO student loans help

dizzybuff

and another non answer from erudio

[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]After looking through your agreement, the terms relating to the set repayment method are given as part of:[/FONT]

4. Repayments
4.1 You will repay the Loan and interest on the Loan by the repayments and on the dates set out overleaf (which we may vary as there mentioned).
4.2 No sum shall be treated as paid by us unless and until received by us in immediately available funds.
4.3 The repayments shall be paid by direct debit from your Bank or Building Society unless we agree otherwise.
[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif][/FONT]
[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]Due to the method of Mortgage style loan repayments, our systems were not designed to modify the way direct debit payments are received. Please be aware that if you do cancel your standing order that we have no method of setting the payment method for the date that you request and this could cause arrears to accrue on your account.[/FONT]

I apologise that that you are unhappy with this situation and as such, I have raised a formal complaint on your behalf and forwarded your account to our complaints team to investigate. They will acknowledge your complaint within 5 working days and send a final response to you within 8 weeks.

rizla_king

dizzybuff wrote: »

and another non answer from erudio

And quoting terms of the pre 1998 agreements which were replced in law by the http://www.legislation.gov.uk/uksi/1998/211/made regulations. So what they quote is not even the current terms in force.

Morons!

gardenia101

Sarebear78 wrote: »

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.

All in the interpretation, isn't it :rotfl:

dizzybuff wrote: »

and another non answer from erudio

[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]After looking through your agreement, the terms relating to the set repayment method are given as part of:[/FONT]

4. Repayments
4.1 You will repay the Loan and interest on the Loan by the repayments and on the dates set out overleaf (which we may vary as there mentioned).
4.2 No sum shall be treated as paid by us unless and until received by us in immediately available funds.
4.3 The repayments shall be paid by direct debit from your Bank or Building Society unless we agree otherwise.

[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]Due to the method of Mortgage style loan repayments, our systems were not designed to modify the way direct debit payments are received. Please be aware that if you do cancel your standing order that we have no method of setting the payment method for the date that you request and this could cause arrears to accrue on your account.[/FONT]

I apologise that that you are unhappy with this situation and as such, I have raised a formal complaint on your behalf and forwarded your account to our complaints team to investigate. They will acknowledge your complaint within 5 working days and send a final response to you within 8 weeks.

Are there really companies out there that cannot change d/d dates? I suppose if there was one, then it would be Erudio, wouldn't it? I have never come across any company who either refused or said they couldn't change a d/d date to a more convenient day for me. And I was with Scottish Power, once the most complained about company to FOS if memory serves, yet they merrily changed d/d date 3 times.

How are they communicating with you - by letter or email? I ask as they're still consistently not answering any of my emails.

rizla_king wrote: »

And quoting terms of the pre 1998 agreements which were replced in law by the http://www.legislation.gov.uk/uksi/1998/211/made regulations. So what they quote is not even the current terms in force.

Morons!

If they have quoted the wrong regs then that may be worth a complaint to FOS (if you can find the will). One of my many complaints to FOS was that they'd quoted the incorrect regs regarding the threshold amount & repayment info. FOS said that it was a "mistake" by Erudio & deemed me not to have suffered any harm from their "mistake", but this misquoting could cause you harm so FOS may act. My "mistake" was one Erudio made to others in non-standard letters, so you have to wonder how genuine a mistake it was...

mountaintiger

I turned 50 at end of March 2015. I have 2 student loans both taken out prior to 1998 and I've always deferred them. How does the mechanics of the loans no longer needing to be paid actually work? Do I need to contact Eruido and tell them, or are they going to wait till I send in my earnings details for tax year April 4th 2015 to April 4th 2016 where for the most of that year I'm still 50?? Is the loan cancelled at that time once ive proved through the whole of my 50th year, i've been below the threshold?

plong979

mountaintiger wrote: »

I turned 50 at end of March 2015. I have 2 student loans both taken out prior to 1998 and I've always deferred them. How does the mechanics of the loans no longer needing to be paid actually work? Do I need to contact Eruido and tell them, or are they going to wait till I send in my earnings details for tax year April 4th 2015 to April 4th 2016 where for the most of that year I'm still 50?? Is the loan cancelled at that time once ive proved through the whole of my 50th year, i've been below the threshold?

I believe as soon as you hit 50 you no longer have to defer or pay back. Just get in touch and ask for confirmation in writing.

dizzybuff

Email. I'm definatly going to the fos with this once the complaint has been dealt with. I am paying by so. For which I control but there is no legislation behind it. I've even offered to pay that little bit more one month sonic can go out on the 15th. Nope they arnt interested. Glad to know she's quoted something wrong. I also have two replies one station g it can't be done as its connected to my account (This.isn't where I asked for the t and c) and the above reply. This to me proves thwy are not consistent. This complaint is going to be fun.

rizla_king

Doesnt say anywhere in any versions of the T&Cs that cant be changed if the lender agrees. Erudio are just trying to BS.

zombi

Interested to see what happens. I'm not entirely happy with the FOS decision in my case but thought the result was better than nothing.

mountaintiger

mountaintiger wrote: »

I turned 50 at end of March 2015. I have 2 student loans both taken out prior to 1998 and I've always deferred them. How does the mechanics of the loans no longer needing to be paid actually work? Do I need to contact Eruido and tell them, or are they going to wait till I send in my earnings details for tax year April 4th 2015 to April 4th 2016 where for the most of that year I'm still 50?? Is the loan cancelled at that time once ive proved through the whole of my 50th year, i've been below the threshold?

Ok, I feel a bit daft now re the above question, but on reading the Annual Statement of account sent to me from Erudio this time in detail (which had caused me to ask the question in the first place) it states on the first page the following
"For this statement period the opening balance of your account was £4,000.00 and the closing balance as at 31st August is £0.00.

On the second page where there is a table of numbers it states the opening balance/closing balance as above with a line stating my 50th birthday date, the words Cancel - Age Related and a credit which is exactly the same amount £4.000.00 as what is outstanding.

I've not had to contact them

erudioed

For anyone with Twatter, maybe you would like to ask our loan purchaser what it thinks about its purchase of our loans and its outsourcing companies treatment of us:
https://twitter.com/Cargill

After all, they only hear negative publicity, so maybe an offensive on twitter would not be a bad thing.