ERUDIO student loans help

Brooker_Dave

"Erudio is a business committed to maintaining the very highest standards of integrity and professionalism. Building strong ties with our customers and treating them fairly is really important to us."

April fools!

Brooker_Dave

Jill18 wrote: »

Also while I'm glad they will be extending the deferment dates, is it really in our best interests to have the maturity date extended or theirs?

Maturity is a term they made up, presumably this is the gradual effort to chip away at the write of at 50 thing.

None of this is a mistake or happened by accident, just like when they stole money from 500 people via direct debits, it's part of their business plan, its how they roll.

FuriousFeline

Deferment Application packs?! Since when is a single letter informing us that we will have to start paying the loan back next month an application pack? Erudio are lying out of their proverbial. A week ago I asked for a DAF to be sent, yet I still haven't received one. Not sending the DAFs out looks like a deliberate tactic of theirs rather than an 'accident.' If it was an 'accident' why have they ignored my request for a second DAF to be sent? Erudio should still be seriously looked into- numerous people had problems with them taking money 2 years ago when the loan book had first been sold to them, and now this! Based on their past record, it seems likely that they will try it on again in future when they think the fuss has died down.

erudioed

I dont quite understand what the maturity date means? Can someone explain it to me please so as to confirm im not going crazy...does it mean extending when the loan expires?

Seems like the threat of the press has forced them to once again revert back to the rules. Lets hope the 56 days are not the date they put on the letter accompanying the DAF, because we have to wait 7-10 days for that to arrive at our houses.
A more sincere apology would have been "OK, hands up, youve rumbled us again, although we managed to evade negative press last year when we tried the same tactic with a different method, but we will try again next year!"

Brooker_Dave

erudioed wrote: »

I dont quite understand what the maturity date means? Can someone explain it to me please so as to confirm im not going crazy...does it mean extending when the loan expires?

It means someone from a tax haven has bought a load of taxpayer funded loans that have a fixed life, for a fraction of their value, and now would like to extend the life of said loans, so they can profiteer.

Sadly our nose in the trough politicians with their offshore accounts and our toothless and corrupt regulators will stand back and do nothing.

fermi

erudioed wrote: »

I dont quite understand what the maturity date means? Can someone explain it to me please so as to confirm im not going crazy...does it mean extending when the loan expires?

'Maturity date' is a moving target based on, when if paying back, you would complete the 60/84 monthly instalments on the loans.

Extending it would be giving you 1 or 2 'free' months where you would neither be expected to make a payment or be deferred, and the missed payments would not accrue arrears or count for any of the 60/84.

e.g say you had paid off a bit and had 40 payments left in theory, not deferring for 2 due to Erudio's mistake, then no arrears or missed payments out of the 40 would count for those 2 months, and after you would still have 40 left.

Does not and cannot extend the eventual age related write off date.

ericctheking

Interesting. There seems to be a problem with the loans!

http://eftertryk.com/2016/03/30/a-story-about-student-loans-1/

erudioed

Thanks fermi!
However, after a little consideration, Erudio is actually apologising for a problem that no one has complained about. Its another gigantic c*ck up that should read excellently in any articles, and emphasise the problems at some level we have been having when dealing with them.
It wasnt that the deferment pack didnt contain a DAF, they didnt get a deferment pack, the problem is that the first letter was one saying you have 5 weeks left to defer before payments fall due, with the DAF nowhere in site. There apology states "we have performed a thorough review of our procedures, identified the issue, concluded that it was an isolated incident and have put additional measures in place to ensure it is not repeated."
Maybe they have, but it doesnt instill any confidence, they have identified a problem no one has reported and not acknowledged the complaint of most of those complaining! What a smile! And everyone will have 8 weeks to defer as they are entitled to, restoring the status quo.
They are now in the position of probably having to admit that they didnt honour their obligations in the sales and purchase agreement, and that they didnt send the deferment packs out as they are contractually obliged to do 8 weeks before. By apologising for sending out the packs minus the DAF covers them from compensation claims i guess, but no ones reported that problem so it is redundant. They didnt send the packs out at all! I guess that will open them up to compensation and embarrassment they have yet to feel! Lets see what happens later today!

fleeps

Hi guys, I need some advice. Apologies for the long post...

In mid 2014 Erudio started to take money from my account. I had deferred a few months earlier but apparently there was some missing info - I only found this out a few months later when I noticed the money going from my account. They just started to take money! At the time I was a full-time student on a PGCE course and not working at all so as I understand it I was eligible for deferral. Anyway, when I spoke to Erudio the chap explained that I don't need to worry, "just send a letter of confirmation of study from your university, a recent p45 and 3 months of bank statements" which I did. At the point it was mid August 2014 and they had been taking money since July - I removed the direct debit from my account.

After a few weeks and more calls (now mid September), they finally processed my application and effectively declined it... Let me explain... I started full-time employment in September and had started to earn over the threshold so had to start paying - which is fine by me. What wasn't fine is that they refused to reimburse the money they had taken in the during the previous months when I was not working, and on top of that said I am in arrears for August. I had a family tragedy around this time and forgot about Erudio but the the other day I received a letter telling me that I am in arrears for August 2014 for a missed payment.

I plan to appeal the arrears (I assume this affects my credit rating?) based on the fact that I was not working and therefore eligible for deferment (plus the fact that I did apply with all the documents they requested).

One important point is that I was receiving a student maintainance loan and bursary during my PGCE training and this obviously showed up in the bank statements that I sent to them. This is the only possible reason I can think of for why they would not defer me.

My main question is can Erudio count my recent student maintaiance loan and bursary as income?

Rosskie

I'm back...

Couple years ago after a fight with the f***ers I got a pittance in compensation considering the time and effort spent and things put right. Last year I deferred by scoring out their terms on the DAF.

This year - no DAF, just a you need to repay soon letter. When online to try and do the DAF, don't remember having to tell them how long I'd lived at my address before... then the final terms at the end.... "agree to allow erudio to contact 3rd parties to confirm my income"?? Was that in the original agreements?

I've put the nightmare behind me but get the feeling its gonna be another struggle...

So, I see there is an admission of no DAFs... so I'll wait for my paper copy + apology.... ha.

Have they been changing terms again???

@bankster - SLC statements (Sept 2013, March 2014) say:
"Settling your credit agreement early"
you can settle this agreement in full at any time by giving us notice and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure. You can also settle this agreement in part at any time by giving notice and paying off some of the amount you owe.

Sept 2012:
Settling your credit agreement early
You can settle this agreement at any time by giving notice in writing and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.

1998 - 2008
I have copies of statements, which have nothing written on the back, however I cant be sure if they are just copies of the front....