ERUDIO student loans help

GinOClock

Has anyone checked the replacement annual statements from 2009 that Erudio sent to correct the SLC ones?

The transactions in mine make no sense.

The total credit provided balance in statement is 8000 higher than the opening balance, despite the fact I had made no previous repayments.

I made my one and only single repayment that year, due to deferring late. This caused the loan balance to jump upwards by £11K that month.

It might only affect mine, but perhaps they have a software bug? I would say my loans are unenforceable now.

anna2007

A news update on Erudio's website:

http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbjWMl5j

Finally, Erudio admits that it is Arrow Global... how else can it operate under Arrow Global's full FCA authorisation?

Or maybe Erudio just doesn't understand what the FCA means by 'lapsed' permission!

erudioed

Looks like Arrow have once again reacted but only after monitoring the forums and conducting its own damage limitation exercise. Well done Anna, you've exposed them again before they had the nuts to take the initiative and come clean!

GinOClock

Looks like the bar isn't set very high in terms of the requirements to obtain full FCA authorisation.

A promise to behave scribbled on the back of a fag packet would probably be more rigorous.

Brooker_Dave

Won't they have to inform loan holders in writing of this new company now administering the loans?

erudioed

Well if all was fair in love and war, yes, that is what i would like. i want to know everything about how, what and who has me by the financial noose (i.e. a hand close to my bank account). But i assume the rigged rules of the game are such that as long as the Erudio umbrella is out front, everything behind it can as good as hide in the shadows.

anna2007

Brooker_Dave wrote: »

Won't they have to inform loan holders in writing of this new company now administering the loans?

I suppose they already have, in that news article on the migration of our accounts. They just neglect to mention that 'Erudio Customer Management Limited' is the same thing as Arrow Global/Capquest, and that ECML isn't just 'servicer' for customers' bank accounts, it's 'servicer' for everything else too:

http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWkl1j

If you look under 'Names' on ECML's FCA entry (can't link directly to it, so just search 'Erudio', click on ECML entry, then click 'Names'), they were previously registered as 'Arrow Global Egerton Limited'. And ECML's trading names are listed as 'Arrow, Arrow Global; Erudio':

https://register.fca.org.uk

So ECML piggybacks on Arrow Global's full FCA authorisation while Erudio Student Loans Limited enjoys SPV exemption, as Arrow Global/Capquest/ECML is 'servicer' for our loans.

I wonder if the servicer's appalling FOS complaints record was taken into account by the FCA when granting full permission? Erudio is nothing more than a legal entity that exists on paper only - it's the servicer who's responsible for crap treatment of borrowers, but a piece of paper has taken all the flak since the loans were sold!

erudioed

Nothing much has changed really. We all knew Arrow Global control the loans. Cargill are the majority owners and they allow Arrow Global to run the operation, trust proven by Arrow Global putting some cold hard skin into the purchase.
The initial outsourcing plan to Capita was so disastrous that Arrow decided to buy its own front line service provider (what a term), which may even be due to Arrow Global's own expansion in recent years and cutting costs, or more cynically, so they can control all the disasters and even create their own plans like sending out DAFs late (amongst other things). Its easier to do that inhouse than having to formulate a story with Capita.

Will all the complaints with FOS go down as a mark against Arrow Global, making it impossible to decipher if a complaint is about Erudio or the other accounts Arrow Global has with hundreds of thousands of other 'customers'?

anna2007

Barbara_Edmond wrote: »

This is one site that I read everything that is written. The information so simply explains that a starter like me can understand. Thanks......that was very informative.

BIS/DfE and Arrow Global would surely be miffed at that, considering how much it must have cost them (well, the taxpayer) in professional services - PwC, Barristers, etc - to make the whole thing as complicated and opaque as possible.

The simple truth is, Erudio is a sham, set up to protect the interests of Arrow Global and the Government, at the expense of the taxpayer's and borrowers' interests.

MeggieMoo8

Sorry for hijacking this thread a bit but you all seem to be very clued up on Erudio. Here is what has happened:

I am resident in Spain and have been since I left Uni in 2000. I have always deferred my loan no problem as I don´t earn enough to pay it back. In march 2014 I got a letter saying that my loan had been bought by Erudio and that I would receive in due course my deferment paperwork. October 2014 still no paperwork (I assumed that maybe they were still sorting things out) so I got on to them. They emailed it to me but what I didn´t know was that my loan was due for deferment in May 2014 and when I didn´t do this they have automatically applied arrears (600 pounds) to my account!!!

They are just off the phone to me now threatening me if I do not pay this 600 pounds arrears. They told me they sent me the deferment paperwork April 2014 by second class post. I asked how do I know you did this, why wasn´t it sent by registered post? I told her that the post here in Spain is not as good as post in the UK and things do get lost.

So my question to you is what do I do? Do I pay up? Do I ignore them? Can they do anything to me here in Spain? It was not my fault that I did not receive their deferment paperwork but then again I should have had an idea when my loan was due for deferment. After 15 years though you do forget these things.

Any advice on what to do would be much appreciated as I am at my wtis end here.