ERUDIO student loans help

anna2007

Good find GinOClock, that complaints data is shocking... well done everyone who has taken their complaints on to FOS and helped show Erudio's true colours :T

Here's a link to the FOS data:
http://www.ombudsman-complaints-data.org.uk/

Now how do we go about letting anyone and everyone know what a crap job our Government did in selecting this shower to manage our loans...

fermi

Seen a few copies of annual statements now, and seems on some they are still not charging interest as they have continued to **** up sending the required statutory notices this year as well.

They really are hopeless.

gardenia101

cluelessfish wrote: »

Has anyone received annual statment from erudio yet. I have had two from Honours, second one to correct mistakes in the first, but nothing from erudio.

Nothing here yet either, but I'm not really expecting one this year.

anna2007 wrote: »

Good find GinOClock, that complaints data is shocking... well done everyone who has taken their complaints on to FOS and helped show Erudio's true colours :T

Here's a link to the FOS data:
http://www.ombudsman-complaints-data.org.uk/

Now how do we go about letting anyone and everyone know what a crap job our Government did in selecting this shower to manage our loans...

That is interesting reading - can't see any mention of the other company who also bought some of the loans on the list. I've looked under Honours & Thesis - would they be under any other name (don't know as I don't have any dealings with them)?

Well done to all of us who've complained to FOS, even though it seems to take forever to get anywhere (& its taken me quite a long time to not really get anywhere ). If anyone reading this thread is still in two minds about complaining, please do. Let's see if we can get Erudio to the Xmas No 1 spot :rotfl:

I had a reply from Erudio by email :T Very surprised to hear from them as its the first email I've had in ages. I was asking why they hadn't supplied all the necessary info in large print on last year's statement, & why they hadn't charged interest for several months as I hadn't been in arrears with the SLC so shouldn't have been affected by the CCA rubbish. They said;

[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]"In regards to your query we will contact the Student Loans Company and we will request the information you require. Please allow 7-10 working days in order for us to obtain the information and contact us anytime after that timescale and we should have the answer to your query.

If you have any further questions please contact our Customer Services team on 0333 003 7188 who will be happy to help[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]"
[/FONT]
Why they just can't answer my question when they have received the info from SLC is beyond me - why should I have to contact them again to ask the same question for the 4th time? Excellent customer service :rotfl:
[/FONT]

anna2007

More good news - the sale & purchase agreement finally arrived from BIS earlier this evening! What with the dire complaints data, it's not been a good day for BIS/Erudio

As mentioned by ICO, there's a lot to get through, but there are a few gems so far in there on credit checks/reporting to CRAs, authorising Erudio to adopt different deferment procedures to maximise returns on loans, ability to change procedures and policies/exercise rights differently, etc. Also states that BIS must approve Erudio's DAF in writing, and we must be given the DAF 8 weeks in advance. And that's just for starters.

Part 1
The Sale and Purchase Agreement

Disclosure letter

Shared borrower loan side letter

Master Definitions Schedule

Part 2
Transitional Services Agreement (split into 6 files)
Redactions for parts 1 and 2

erudioed

Its looking very much like Erudio is 'officially' owned by another shell company from Luxembourg called CVI GVF (Lux) Master Sàrl, which seems to work 'officially' as the intermediary between CarVal investors and its daddy company Cargill Inc. I dont think the"Consortium" are actually the owners, i think that means the various companies involved in setting up the whole structure of the deal and making the operation work, from running operations (Arrow Global) to funneling the cash about (maybe Harrogate Holdings LP). For example, JRC Consult Limited is listed as part of the consortium but as you can see from the following link, to say it looks mysterious and slightly dodgy is an understatement if you start clicking the links: http://www.checkcompany.co.uk/company/08454549/JRC-CONSULT-LIMITED

See P.3 of this court case in the US about CVI GVF (Lux) Master Sàrl being a shell company : http://t.co/LcgBr9ef5g
and this one for its relationship with Cargill Inc: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=137477361

Brooker_Dave

anna2007 wrote: »

As mentioned by ICO, there's a lot to get through, but there are a few gems so far in there on credit checks/reporting to CRAs, authorising Erudio to adopt different deferment procedures to maximise returns on loans, ability to change procedures and policies/exercise rights differently, etc.

So have the BIS given Erudio the green light to do all these things?

Surely the BIS has a duty of care towards its former customers??

Pluthero

anna2007 wrote: »

More good news - the sale & purchase agreement finally arrived from BIS earlier this evening! What with the dire complaints data, it's not been a good day for BIS/Erudio

As mentioned by ICO, there's a lot to get through, but there are a few gems so far in there on credit checks/reporting to CRAs, authorising Erudio to adopt different deferment procedures to maximise returns on loans, ability to change procedures and policies/exercise rights differently, etc. Also states that BIS must approve Erudio's DAF in writing, and we must be given the DAF 8 weeks in advance. And that's just for starters.

Part 1
The Sale and Purchase Agreement

Disclosure letter

Shared borrower loan side letter

Master Definitions Schedule

Part 2
Transitional Services Agreement (split into 6 files)
Redactions for parts 1 and 2

AWESOME WORK ANNA!

No way I can read all that but had a quick scan and CLAUSE 10.2.2 is the VERY interesting:

https://www.dropbox.com/s/nplvr6tjoyeoz1q/CLAUSE%2010.2.2.JPG?dl=0

BIS/GOVT have lied about the sell off affecting our terms and conditions. REMEMBER THEY SAID THEY WOULD NOT BE CHANGING! In fact being allowed to change the terms/means of deferment/collection is written into the sell-off conditions and is a KEY factor in the Purchase Price.

ESL are allowed to use 'procedures .....materially different than those of the SLC....'

Any legal minds care to comment on this?

I thought assigned debts cannot have their terms and conditions changed without consent? Or indeed cannot be changed?

Can the FCA get involved in this? Surely it violates some consumer rights?

Thoughts?

ericctheking

It is a real stitch up by BIS. That former minister should be hounded (in a legal way of course)
http://www.davidwilletts.co.uk/

Brooker_Dave

Pluthero wrote: »

Thoughts?

So basically the BIS have lied in their press release regarding the sale, lied to loan holders, and ignored consumer law to allow a company working out of a tax haven to profiteer?

Brooker_Dave

ericctheking wrote: »

It is a real stitch up by BIS. That former minister should be hounded (in a legal way of course)
http://www.davidwilletts.co.uk/

But surely UK consumer law overrides what ever is in the sales contract?