ERUDIO student loans help

fermi

Having experienced Arrow, I can assure you they are just swapping one lot of incompetent ****wits for a different set of the same.

erudioed

Here is a cached job add for Arrow Global that states it is work for the Erudio portfolio:
http://webcache.googleusercontent.com/search?q=cache:gjIrjxxvm0wJ:www.gaapweb.com/job/3641716/finance-analyst-partner-/+&cd=1&hl=en&ct=clnk&gl=uk

And here is one for Capquest that has necessary skills that are very similar:
http://www.indeed.co.uk/cmp/Capquest-Group-Ltd./jobs/Admin-Officer-ce44cb5ad0c3bdf3?q=capquest

erudioed

A little slip i think in the Arrow Global Erudio migration job application above:

"Initially, the successful candidate in this role will need to support the Financial Controller migrating an existing portfolio (generating £3m a month of collections) from an existing supplier onto the internal Arrow platform."

£3 million a month. Not a bad little earner...

And just to clarify the Capquest link again, taken from the same job application:
"Tasks will include the setup and integration of timesheet reporting across the Arrow and CapQuest estates."


And to further highlight, as fermi suggests, this may not be a good thing overall, here is something new coming to us behind the scenes:
"Role will also include the development of a new MI/Reporting Pack to be presented to the Executive ( together with an external investor) detailing the performance of the migrated portfolio and identify, deliver and track progress against any opportunities/ risks. Over time this role will be about identifying inefficiencies and working with the wider team to address those inefficiencies."

cluelessfish

" Will I notice anything different on my bank statements?

No. Erudio Customer Management Limited will collect your direct debit instead of Erudio Student Loans Limited, however ESL Ltd will continue to appear on your bank statements against any Erudio direct debit collected."

If Erudio customer management are collecting shouldn't they appear on my statements?
If Erudio student loans are not collecting why would they be on my statements?
If Erudio Student loans, the owners of the debt, are not collecting will I be paying off the debt?

erudioed

You mean Erudio Student Loans, that company that has no staff, only an address at a building owned by a company known for setting up shell companies. Its ridiculous, really.

cluelessfish

no the erudio student loans that BIS sold our loans too.

I am confused by the letter. Is it common practice for companies to collect direct debits under a different companies name.

or am i getting confused by the word collect? Should I be thinking about direct debits as instructions to pay. normally
company A tells bank to pay £X to company A
but no reason why cant be
company B tells Bank to pay £X to company A
in both cases company A gets the money so shows on statement?

erudioed

oh, that one.

All such companies have deliberately confusing structures, with entities established for different purposes, whether to make the money trail more confusing, for tax purposes or some other underhand reason. With our loan, its reported that CarVal investors put up the main stake for the deal, with CarVal being the investment arm of multinational Cargill Inc.that invests Cargill's profits/capital in ventures outside its traditional business, that of food 'products' and seed monopoly. CVI GVF (Lux) Master S.a.r.l. based in Luxembourg is also a subsidiary of Cargill, Inc and sponsor of the Erudio deal. Then there are other unnamed companies that are part of the consortium, names which i think may raise an eyebrow if they got revealed. Arrow Global put up some cash, reportedly £10-20 million and they are the team that overseas the operation of the real work of having to deal with us. I think Erudio is where all the money gets dispersed across the globe from, with Erudio continually changing its name, something it did just prior to the purchase of this loan. According to the link i posted yesterday to the share talk site, i think this current change is to get the operation in order and get the same consortium ready for the real cash cow, if it does get put up for sale, that of income contingent loans...guaranteed cash every month from everyone and no deferring to mess around with. I have the feeling they took on our sale to smooth the way for this coming cash cow. As odd as it may seem to us, with fermi knowing the full extent of how terrible Arrow Global itself is, it has the reputation of being a much softer version of other similar companies. I heard the government prefers them because it wants to try and avoid a huge backlash from a more forceful company because student loans need a more delicate touch (excuse the irony according to our own experiences). The whole web is twisted and out of control in my opinion, with the name of the company that collects the DDs being one part of that. A company can have many entities with similar names, all for different purposes. I think, in our case, it is The Wilmington Trust that is in charge of setting up the complicated, confusing structure of Erudio, as they specialise in setting up shell companies.

And if that isnt as clear as mud, according to companies house, and reported by yours truly on september 19th on twatter (albeit a month after the fact), Erudio Customer Management Limited was formerly Arrow Global Egerton Limited, a company that had remained dormant since its incorporation on 16th July 2013, and with 3 directors, 2 of whom are Zach Lewy and Tom Drury. It has one share of £1, registered to Arrow Global (Holdings) Ltd, and will i am sure be increasing in value very soon when £3million starts rolling through the door every month. Theres nothing like advance planning!: https://beta.companieshouse.gov.uk/company/08612113

cluelessfish

yes companies have confusing complicated structures but they all come back to the single company that we, the customer, have a contract with.

Erudio Student Loans own our loans
We have contract with Erudio Student Loans
We owe Erudio Student Loans money.
Direct debit is in place with Erudio Student Loans.

Erudio Customer Managment do not own our loans.
We do not have contract with Erudio Customer Management.
We do not owe Erudio Customer Management any money.

How does a company that we have no contract with or owe any money to collect a direct debit?

Lungboy

Is the new company FCA registered?

anna2007

Thanks for the posts erudioed, something's afoot with these changes. I received the DD letter yesterday, saying it would be transferring to "Erudio Customer Management LTD" (the new company Mr McGuffin spotted on the FCA register a while back). My thoughts when I read the letter is it's related to FCA authorisation - time's running out for full authorisation, FCA can't possibly rubber-stamp Erudio's sh!ite, so create a new squeaky clean company. Maybe FCA rules don't allow this, or someone paid someone else's expensive lunch tab to make it happen, who knows?! Or this:

The new customer service platform has a number of additional features the old platform couldn’t provide and will improve the overall customer experience.

There was a document posted months ago (think it was a sales pitch to the vultures that might want to pick the bones of our loans, or might have been an Arrow Global report of some sort, same thing really), saying a portion of the loans would be transferring to AG this year. They stated their strategy was to convert non-paying accounts into paying accounts, so it's !!!! all to do with "improving the overall customer experience", and all about increasing profit.

Or this:

All this name-changing is just one big tax-dodging scam. Gidiot's going after the Ebay tax-dodgers, so fulfilling the Tory manifesto. He can then stay pals with Arrow Global and their ilk.