ERUDIO student loans help

fermi

a) Agreement from 1998 and 1999 only allow reporting your accounts to the CRAs is you break the agreement.

b) Having a bank account is not compulsory. Just declare you don't have one. They are not allowed to refuse you deferment simply because you don't have a bank account.

c) Think there were some people on the mumsnet discussion that managed it? Erudio are awkward by default. You just have to insist and complain.

wowsers

Thanks Fermi. I feel totally freaked out by this and youve helped me to calm down a bit. Can't help catastrophising when it comes to debt collection agencies. Thanks

fermi

Mumsnet thread is here: http://www.mumsnet.com/Talk/legal_money_matters/2057131-Erudio-Student-Loans-Continued

wowsers

Just emailed them to inform them that my agreement is from 1998 and states that they can't disclose my details unless.... I also offered to supply them wit ha copy of my credit agreement for £1 if they needed it....... just as they do to us
Still not sure how i'm going to prove thqat i don't have any income except payments from my very kind ex-partner while i finish my part time masters....

JeLaw

wowsers wrote: »

Just emailed them to inform them that my agreement is from 1998 and states that they can't disclose my details unless.... I also offered to supply them wit ha copy of my credit agreement for £1 if they needed it....... just as they do to us
Still not sure how i'm going to prove thqat i don't have any income except payments from my very kind ex-partner while i finish my part time masters....

As I understand Erudio can't change the terms and conditions.... You should, I assume, be able to do the same as you would if deferring with SLC. If your only source of income is support from a third party, you need this person (in your case, your ex-partner) to write a letter to Erudio stating that they are supporting you financially. They can state how much they are giving you per month.

I'd ask your ex-partner to write the letter addressed to Erudio - and then give the letter to you so that you can send the letter together with any other paperwork, i.e. covering letter, etc. Easier if everything is kept together.

Btw, regarding them not disclosing your details to any CRA. If I were you I wouldn't rely on email alone. I think - for any correspondence with Erudio, I'd want to cover myself. Send a hard copy by recorded delivery.

JeLaw

ericctheking wrote: »

So this foreign company owned by Americans picks up this juicy piece of debt which is special and can not be written off in bankruptcy. etc!

I just find it hard to accept that the whole thing doesn't constitute unfair terms?

And for those of us with pre-1998 loans now stuck with our info being passed on the CRA just for being in deferral (not default).... Either the loan should be written off in bankruptcy, or borrowers eligible for deferral (under the original terms and conditions) should not be reported to any CRA.

Also, anyone out there with more legal knowledge than me? Is there any case for mis-selling with these student loans? There might have been small print buried somewhere in the agreement allowing for future sales of the loans....But the implicit message was that these loans were different (and safer) than other loans due to being with the government.

Finally, and perhaps I'm just desperately scrambling around now.... but could it possibly be argued that as SLC never reported loans in deferment to any CRA, this has created a precedent - and so Erudio cannot now do this?

erudioed

For anyone interested in knowing something about shell companies and what Erudio is, the following link may be quite interesting.


http://www.globalwitness.org/blog/uk-government-announces-how-it-will-end-anonymous-companies/

I find it rather odd, although not surprising, that even though our Grand Mufti, David Cameron himself, seems rather adverse to shell companies, the direction of both student loan sell offs has been to 3 shell companies, including to Erudio, which one may note was after his call for shell company owners to be revealed so that the public knows who they are dealing with and to limit tax evasion.

On a more simple note, here is the short wikipedia entry on shell companies:
http://en.wikipedia.org/wiki/Shell_companies

Now we should all know for sure what we are dealing with. Arrow Global and the other vulture investors created a shell company called Erudio Student Loans Limited, which is just an empty shell devoid of employees and tasks, via which they subcontracted the deferment process and all work to Capita.

We are only dealing with Capita, which clearly has a rather terribly coordinated system in place with its call center operation and deferment location in different places. Arrow Global have given Capita full control of the process, but to work within certain parameters, and has little influence over operations unless a problem is highlighted, via the media or BIS (who call a few times a day i am told), where they step in and make suggestions to Capita on how it can/should improve its service and to tighten up loopholes. I have this on rather good authority.Thats it.

Rather_Confused

Just got my deferment form today and I'm horrified by the intrusiveness of the questions and the fact that my previously unblemished credit record is going to be downrated. But.... I can't afford not to defer.

My question is about the Direct Debit section on the deferment form. Erudio have already set up a DD which shows on my bank account (I checked this evening - showing ESL and £0.00). I'm fairly certain that if I give them the bank details again, they will set up another DD and I'll get TWO unauthorised DD withdrawals when they fail to get round to processing my deferment on time.

I fired off an email question before reading this and the Mumsnet forums, so I know I won't get a reply from Erudio anytime soon. What is concerning me is that the "helpful booklet" states that if I don't fill in the DD form, they won't process my deferment.

Has anyone else been in this situation? What did you do? I'm thinking of writing "you have already got a DD set up on my account, I don't need to fill this in". Would this do? Or would it just be an excuse for them to refuse to defer....

Rosskie

They have apparently rolled over on the active DD insistance, and its not a requirement anyway. You only have to pay by DD if they insist, and your not eligible for deferment. No mandate need be in place otherwise. P60's aren't needed, and the form doesn't have to be completed in full, although they are still insisting on signatures waving rights I think.

They can't refuse you for a reason that suits them thats outwith the agreement - i..e. DD - it doesnt say you need one to defer. P60 - they only have the right to assess the "revelvant month"'s income. Which is defined in the agreements as "the month before you apply to defer", so why would a p60 be required? If your self employed and earn 100k a year, but take the "relevant month" off work so receive no income, your eligible imo. Although if they ask this hypothetical person about their income for the next three months they'd be scuppered. IF they asked and assuming they went back to work.

All you need to defer is to "show that your gross income for the relevant month is not more than the deferment level".

They will grumble and whine but stick to your guns and although threats might get sent, they know if they try and get a CCJ or put you in default when your eligible to defer that they wont get away with it, provided you dont let them.

I've written a letter for my deferment, I know I'm eligible and if they refuse it they'll have to take me to court. Which they wont, as they know as well as I do that I'm eligible.

Forever

Rather_Confused wrote: »

Just got my deferment form today and I'm horrified by the intrusiveness of the questions and the fact that my previously unblemished credit record is going to be downrated. But.... I can't afford not to defer.

My question is about the Direct Debit section on the deferment form. Erudio have already set up a DD which shows on my bank account (I checked this evening - showing ESL and £0.00). I'm fairly certain that if I give them the bank details again, they will set up another DD and I'll get TWO unauthorised DD withdrawals when they fail to get round to processing my deferment on time.

I fired off an email question before reading this and the Mumsnet forums, so I know I won't get a reply from Erudio anytime soon. What is concerning me is that the "helpful booklet" states that if I don't fill in the DD form, they won't process my deferment.

Has anyone else been in this situation? What did you do? I'm thinking of writing "you have already got a DD set up on my account, I don't need to fill this in". Would this do? Or would it just be an excuse for them to refuse to defer....

I thought the same thing but I filled it all out in the end. With a very heavy heart. I don't want them to start taking money out of my account for any reason.

Their whole tone though is just awful...

I even rang them up to talk about my deferment. This is because I don't have a tax return yet or a P60, so I need to provide them with bank statements and I wanted to be sure they had everything they need to process my application. The women seemed more concerned with verifying my details over the phone such as my mobile number and my email address. To then find out that she couldn't verify what I had originally rang up about! On an 0845 number as well! :mad:

Another person I spoke to implied that I was making my story up to get away with paying them back. I only work part time!

My experience so far is that they are really awful to deal with.