ERUDIO student loans help

fermi

GinOClock wrote: »

Actually, you can refine the sort further to just include complaints for banking and credit. By this metric, Erudio has the 5th highest proportion of FOS complaints found in favour of the consumer (74%). The average for all businesses, in terms of the proportion of complaints found in favour of the consumer for credit and banking, is 29%.

Being in the top 5 of the FOS list of shame - not very good for Erudio!

Yes, covering the six months from 01 Jan to 30 Jun 2015






Pus 144 new cases in that period which I think you mentioned a page back.

BorderReiver14

Do the FCA look at such evidence Fermi? Is this something that would (I know it should) be looked at as evidence ESL should not have full authorisation?

My dealings with the FCA so far have been less fruitful shall we say than others I have contacted in my complaints against Erudio. They seem oblivious about contradicting themselves and keen to fudge any meaningful comments that may help our cause.

fermi

The automatically get the complaints data. Whether they do anything with it or even care is your guess as much as mine.

evilsheep

I'm one of those stubborn b**gers who refuse to complete Erudio's DAF. Having heard nothing from them since the beginning of this year, nor any response to the last email I sent in April, I received my annual statement a few days ago saying I was several hundred pounds in arrears.

Is this a new game they're playing? Are they deliberately not sending any emails/letters so that they can say I'm defaulting? As the new threshold has now been announced, I was going to send them another letter in support of my deferment, with another 3 months of statements, and point out that they now have 6 months of my payslips from the last year which should be ample proof that I'm below threshold. I was then going to send them a copy of my payslip every month, just to make a point. Why not?

How much would a solicitor cost me to take them to court over this? Worth threatening them with this?

Brooker_Dave

I'm being ignored by Erudio too I can't see the benefit for them in doing this as surely it makes their position if it went to court impossible?

I make a point of diligently replying to the various statements and send letters to remind them that they've ignored my letters but nothing.

I was hoping that in the eyes of the court I would be seen as acting in a responsible manner and their wall of silence is not responsible or reasonable given I have provided what I need under the agreement.

evilsheep

Is there any point in a few of us getting together and getting legal advice as a group? I woke up in the middle of the night in mild panic about this Erudio business, so it's subconsciously affecting me, which isn't on. I refuse to be bullied by them - I've sent them more than enough information to defer my payments, and now they're ignoring me? It must be another tactic ...

Brooker_Dave

Perhaps us difficult ones will be sold to arrow?

They have set up a new Erudio Ltd co after all.

Mr_McGuffin

The FCA were asked this question:

Can you please confirm whether or not, as a matter of fact, it is true and correct for Erudio Student Loans Limited to state that it is 'registered on the Financial Services Register under registration number 0659653' ?

The website of Erudio Student Loans makes this statement:

'Erudio Student Loans Limited is authorised and regulated by the Financial Conduct Authority for accounts formed under the Consumer Credit Act 1974 (as amended). It is registered on the Financial Services Register under registration number 0659653.'

http://www.erudiostudentloans.co.uk

This statement does not appear to correspond with the situation you describe, where Erudio Student Loans Limited has Interim Permission on the Consumer Credit Register, but does not yet appear on the Financial Services Register, if indeed it ever will.

There appears to be a discrepancy between the self-declared status of what is, as you confirm, a regulated business, and its status according to the FCA in its two related and synchronised registers. This situation has continued for some months now.

Also, can you confirm that the information you give concerning the manner in which 'Exempt Professionals' appear on the Financial Services Register also applies to businesses that benefit from a 'Special Purpose Vehicle Exemption', which as I understand it is defined in the Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014?

Mr_McGuffin

This was the FCA reply:

I wouldn't be able to comment on Erudio Student Loans Limited statement of authorisation. However our rules around statements about authorisation and regulation by the appropriate regulator can be found in our handbook under general provisions (GEN 4.5).

In answer to your second question in relation to exempt professionals, businesses that benefit from a 'Special Purpose Vehicle Exemption', will not appear on the register as the business is undertaken by the authorised firm which has permission to act as a lender.

The relevant provisions can be found here [http://www.legislation.gov.uk/uksi/2014/506/pdfs/uksiem_20140506_en.pdf]

Mr_McGuffin

So who is the FOS answerable to?

'We answer to a board of non-executive, public interest directors. They are appointed by the Financial Conduct Authority (FCA) under theFinancial Services and Markets Act 2000. The chairman of the board is appointed by the FCA with the approval of HM Treasury.'

http://www.financial-ombudsman.org.uk/faq/answers/research_a2.html


Oh, the FCA then. So who is the FCA governed by?

'The FCA is governed by a Board with members comprising: a Chair and a Chief Executive appointed by HM Treasury (Treasury); the Bank of England Deputy Governor for prudential regulation; two non-executive members who are appointed jointly by the Secretary of State for Business, Innovation and Skills and the Treasury, and at least one other member appointed by the Treasury. The majority of the Board members are Non-Executive Directors.'

https://www.fca.org.uk/static/documents/fca-corporate-governance.pdf


By a board appointed by HM Treasury, with a little help from BIS.

So who wanted to sell these loans to Erudio? Who wants to sell all the later loans? The Chancellor of the Exchequer and HM Treasury, with a little help from BIS.