ERUDIO student loans help

Lungboy

You won't be able to take out a new loan agreement with Erudio as they don't lend money, they are a debt collecting agency. Also, I think that once a debt has been registered as in default, as you say yours was by the SLC, then it can't be reregistered as in default by Erudio. I'm not sure about the maturing bit, hopefully someone else can comment on it, but it doesn't sound right to me, unless they are recalling the full balance due to you being defaulted, which I think they can do.

fermi

Maturing would refer to the fact that by not deferring, and so missing monthly payments that should have been made if not deferred, those missed payments will have reached 60 months worth.

i.e. as the loans are supposed to be paid over 60 monthly payments, whenever in time they might occur, and you have missed 60 (5 years worth in total), then all the loan has now become due as arrears and there is nothing that is not arrears that could be deferred, even if Erudio wanted to.

As you are aware, being in arrears at 50 and now means they won't be written off due to that.

Legally that is OK, and the only real recourse you have is to argue that you should have been deferred and you were refused when you should not have been, and take that to an ombudsman/court.

If you have really let 5+ years worth of arrears build up without deferring or challenging sufficiently any refusal, I must admit that I doubt the outcome of any complaint would go significantly your way.

OhDear

Thanks fermi.

It was problems both with original SLC - no notice of default, followed by refusal by Erudio to show that I did owe them money. When they phoned originally I did not know who Erudio were and was not going to 'confirm' security details to them (as I didn't know them from Adam).

So should I take action with SLC as the originators of the problem, or take action with ESL. And where do I start?

The problem with this thread is that there is too much info to actually get through and find these specific answers.

Tia

Lungboy

Give the FOS a ring and ask who you need to complain to, they should be able to tell you.

rogue999

Hi - posted this on the student advice page but not had a reply yet - can anyone here help please?

---

Hello, hope someone can give me a bit of advice. I have a pre '98 student loan and as I've worked part time since having my children I've deferred my payments for the past few years. At the moment I've been offered full time hours for 9 months to cover a colleagues long term sick leave. This will put me *just* over the limit for deferment when the current period runs out in the summer - but 2-3 months later I'll be back down to part time pay again.

Can you only defer annually? Or can I let them know as soon as my wage drops and start a deferment period from then.

Thanks, just would like to know in advance so I can save extra from the full time hours to cover the rest of the year if need be.
Edited to say my loan is administered by Erudio - don't know if that makes a difference!

kremlin

Hi, I need to see the fair processing statement and declaration at the end of the DAF urgently. I cannot find it anywhere online other than modified ones. Has anyone scanned it? Thanks

BorderReiver14

The latest DAF refers you to Erudio website for full details of their terms and conditions in applying for a deferment. Perversely, they also add several notes saying that they do not accept any responsibilty for errors or omissions for content and that they may change it any time.... Imagine sticking that on your next deferment application!

Pluthero

kremlin wrote: »

Hi, I need to see the fair processing statement and declaration at the end of the DAF urgently. I cannot find it anywhere online other than modified ones. Has anyone scanned it? Thanks

As border retriever has said, the 2nd DAF requires you to sign up to T&Cs on erudios website! Under contract law this could hardly be classed as 'a permanent and enduring medium' especially as erudio claim no liability for omissions AND any future changes.

So would you sign and open ended financial agreement such as this? And would a judge rule you had to in order to receive your rightful deferment? NOPE

I think your solicitor would advise rightly against it and could also successfully claim unfair contract terms are being imposed under section 140 of the CCA.

The second DAF is actually worse than the first in this regard.

dadsgoneshopping

I have a theoretical question about Erudio. In the bumf that they send, they say that they will check Credit Reference Agencies etc for information. Can they find out about your working status? Would they know that I will start work/ have started work by the time deferrment date arrives if I neglected to mention it?

Brooker_Dave

Erudio are a DCA working out of a series of tax havens, they were gifted out loans by some traitors, and make all sorts of threats so that you pay up even if you have no need to.

No matter what they tell you, you just need to provide a reasonably accurate estimate of your earnings for the 3 months, unless you've signed away your rights I don't see how they can use CRAs?