ERUDIO student loans help

Lungboy

Another Erudio thread could use some help: https://forums.moneysavingexpert.com/discussion/comment/70571695#Comment_70571695

Banksters

Fermi and Anna2007

I sent a question to Parliament and was refered to a document about the Sale of Student Loans. Fermi's position is correct. That states that only ICR loans are affected by the Sale of Student Loans Act 2008.

There must be something to do with the Teaching and Higher Education Act, relative to the MS loans sold to Erudio then. Otherwise, that act would not be quoted in the Purchase Agreement. I need to look back throught that act above, and the Education Student Loans Act 1990 and 1998. It may be to do with some Teachers loans, that were in the bundle sold to Erudio. Otherwise, why would they mention it? There must be something.

Cheers

GinOClock

There is an interesting FOS decision published recently. Mrs P didn't receive here DAF as her address was not updated correctly (accepted not to be her fault). There is a line in the Ombudsman's decision that is quite concerning:

"...It[Erudio] also added that it was her responsibility to defer the loan, and it isn’t obliged to send all of its customers deferral forms."

The Ombudsman reiterates later:

"I’m aware that Erudio has said it’s Mrs P’s responsibility to complete a deferral form, and that it isn’t obliged to send one without it being requested"

This is regarding a customer who has deferred every year for the past 20 years, not one in repayment who has had a fall in income. Therefore one should have been sent as a requirement. FOS are seemly unaware of this requirement to send a DAF as much as Erudio.

http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=111248

plong979

FOS finally got back and no surprise they dismissed my compliant. Ignoring the fact that I filed in the DAF but signed the SLC DAF. I'm done with this now.

I am refusing to accept their decision and will just get my loans SB. Cannot be bothered with this anymore. What is the process for that by the way? Just ignore all contact?

Sarebear78

@plong979 Not sure what others think but if you leave it and don't defer then Screwdio will be able to take you to court. Surely if you defer every year (even with SLC DAF) then you can say that you did everything you were meant to according to the agreement if they ever decided to take you to court. Even if Erudio refuse to accept it you have 'shown' them your income is below threshold.

It'll take you 6 years (might be 5 in Scotland) to get it SB and I can't imagine Erudio waiting around to act on your non-payment/non-deferral.

Best of luck

plong979

They can take me to court I just won't turn up and get it SB after 6 years. End of drama. Shame I didn't do this when I left uni but then again I didn't think I'd get sold out like this.

fermi

If it goes to court and you don't respond they would get a default judgment against you, which they could then try to enforce via:-

- county court bailiffs
- charging order
- attachment of earnings order and production of a statement of means
- order to attend court to obtain information

Failure to comply with the latter two is technically contempt of court and can in theory be imprisonable offences.

Not that I imagine it would ever come to that, but ignoring the court paperwork or not attending if required is not a good plan.

If they obtained a CCJ against you, by definition it could not ever be statute barred.

plong979

So how can I get it SB then? I am serious. I just want this thing to f*** off.

fermi

Statute barred would be if there was a 6 year period where you neither made a payment or acknowledged the debt in writing, and they did not did not submit a CCJ claim to the court before that 6 years expired.

Applying or requesting deferment counts as acknowledgement and would reset the 6 years back to the beginning again, as would a payment.

So you would be basically be gambling on you ignoring Erudio or 6 odd years, and hoping the don't start legal action against you before the end of that 6 years.

Erudio/Arrow et al haven't taken anyone to court themselves for these yet as far as I know, but it could only be a matter of time.

I know for a fact that Arrow launch court action on other debts that have a much less solid legal/CCA foundation than the student loans, so I would not be surprised if they don't try some at least, even if that may be a few years down the line yet.

You might have good grounds to defend and win any court action they might try, but that is another natter. Ignoring it if they should go legal would not be a good plan no matter what.

plong979

Well I should be moving by the end of this year so I can simply not update my address.