ERUDIO student loans help

Tommygunn

So, I continue to have email argy-bargy with Erudio concerning some an arrears they claim I owe them from last year.
If any of you would be so kind as to look at my reply before I post it to check my date calculations and rationale, it would be much appreciated.

First, an extract from a letter from the 20th June, 2014.



Secondly, there latest reply to me:

[FONT="]Dear Mr *******
[/FONT]

[FONT="]Customer Account Number:[/FONT][FONT="]********[/FONT]
[FONT="]Account Balance: £*******[/FONT]
[FONT="]Account Arrears: £82.92[/FONT]

[FONT="]Thank you for your email.[/FONT]

[FONT="]We can confirm we received your completed Deferment Application Form on 19/10/2015. [/FONT]

[FONT="]When your deferment was accepted it was rolled back 3 months to commence 15/08/2015, which also resulted in the arrears that accrued during that 3 month period being removed. This left a one month gap in your deferment history, therefore the arrears of £82.92 from July 2015 are correct and outstanding.[/FONT]

[FONT="]In order to set up an arrangement to address the arrears please complete the attached I&E form and return this to us with your monthly repayment offer.[/FONT]

[FONT="]Once we have received this we will be back in contact with you.[/FONT]

[FONT="]Should you require any further information please do not hesitate to contact us.[/FONT]

[FONT="]Kind regards.[/FONT]

[FONT=&quot]

[/FONT][FONT=&quot]I do not really understand what this roll back business is and quite frankly it sounds like some sort of get out of dodge scam which has nothing to do with reality.

Anyway, please look at my reply below and see how it stacks up. Most importantly are the date timings i.e. at what point does a deadline run out, when does a new month start and when is the very final moment to get documents submitted.
[/FONT]

Dear Sir/Madam,
You state that you received my completed forms on the 19/10/2015. However, my email records show, that you were sent the documents prior to that date, the actual dates being the 1st October at 12.10pm (UK time) and repeated on the 14th October at 12.49pm (UK time). I sent you no further documents after this last date so to have deferred me, which you did, you must have acted on, at the very least, those sent on the 14th October.

That being the case, and if we take 8:00pm as the end of your office hours, as stated on your website for these days, then I submitted my completed documents to you within the three month deadline.

I elaborate below:
14/715 = original deferment deadline
15/7/15 to 14/8/15 = 1st month
15/8/15 to 14/9/15 = 2nd month
15/9/15 to 14/10/15 = 3rd month

This then begs the question of why your chasing me for the amount of £82.92 when I have not skipped on any month and, therefore, everything should be annulled.

I would very much like to hear what you have to say about my interpretation of the situation.

Your sincerely,

Mr *******.

So that's where I am, getting into the nitty gritty. Anyone care to comment on these technicalities?

Thanks,
Tom.

Brooker_Dave

Tommygunn wrote: »

So that's where I am, getting into the nitty gritty. Anyone care to comment on these technicalities?

They're just trying to cheat you out of money, that's what they seem to do for a living, see thieves.

Official complaint and then to the toothless FOS?

Brooker_Dave

Meanwhile on FB:

"your student loan cannot be sold twice. They will keep trying to harrass people into paying something... With mine they started off demanding over £9k I sent the 3 letters - they said it's passed to a DCA (based in the same building and in fact owned by Erudio) - more begging letters followed from the DCA - then Erudio started begging again - then out the blue they offered me 30% off to settle - I carried ignoring them - then they sent more default notice's - then said we want £9k - Ignored - then they said they will refer it to the credit reference agencies (they can't do that either). So the letters have stopped again and no doubt they will leave it a few months then start letters again. Again ignore them"

"Capquest is owned by Arrow Global who own Erudio.... don't speak to them or even acknowlege their letters. I so want them to take me court for non payment... they won't because:- 1) they have no legal relationship with me (all sides in a contract have to consent when the contact is agreed - I never) 2) they are not "fit and proper" to enter a contract with - none of their letters are signed by a person and their address is a PO Box hardly a basis of trust 3) they bought my loan for about £450 and are demanding over £9k any judge would except this as extorsion."

"Here is something I learnt from my dealings... I researched the contract found a copy of my contract signed with the SLC back in 1995 (it's a standard one so yours will be the same). One clause in the contract states that "the SLC can pass on their rights and duties under the agreement to a third party without your consent". It also states you cannot do the same for obvious reasons.... but what it doesn't say is that you MUST accept that third party.... you don't especially if you have doubts about the company and its legal right to contract with you... Also another cluase in the contract states "that ONLY the SLC can administer this contract nobody else.... In effect stating that they "Erudio" have to prove themselves to you. As I said before a contract cannot be sold twice.... as soon as Erudio bought our loans at a knock down price, they accepted all the risk of non-payment (hence the very low price). Game set and match"

Lunacy or reality?

erudioed

Theres an interesting documentary just come out called Strawman which claims some of those things in relation loans/debts. In fact, someone points out rather correctly, that a loan purchaser has actually settled the loanee's account with the lender. In our case, Erudio has actually paid off our loans to SLC, albeit at a lower price (and one we should have been offered first). The notion that the loan purchaser owns the loan now is another issue. In Strawman, which is strongly recommend as it has a very unique take on many legal/lawful issues, it has left me pondering certain questions concerning whether Erudio really does actually own our loans, despite it being a legal sale. The legal sale doesnt mean it was lawful, according to Strawman, as common law (lawful) supercedes legal law. It was such a new concept to me i am still trying to mull it over. No one can go to jail for not paying a loan back.So the worst that could happen is being blacklisted by CRAs, and is that really a disaster for most. True, it might mean having to mess about with debt collectors, but the law is also on our side there...if we know the law relating to debt collectors and are prepared to get involved with such scum.
I guess the easiest way is to keep deferring as we have that option, despite the above mentioned tactics by Tommygun that Arrow Global keeps willing to scrape the bottom of the barrel for to try and defraud us.

anna2007

@ Tommygunn I'm not up to speed on the thread, so apologise if this is repeating what's already been said, but it's regulation 10 of the Student Loan Regs that apply to your situation:

"Each deferment period will last for 12 months beginning on a date the lender tells the borrower. This date will be not more than three months before or two months after the date the lender accepts the borrower’s deferment application".

Arrow Global/Erudio are playing it, to scrape a little bit of money from you, because they're scum and like to scrape a little bit of income here and there if they can.

If Arrow Global choose to act like !!!!!s and apply no discretion whatsoever to someone who clearly earns below the threshold, then the latest date for them to accept your DAF was 14/10/15. You say application sent 1 October, they say 19 October. You have proof it was sent 1 October. I have proof it takes them a few days to process a DAF (I can send you proof, PM if you want a copy), so any arrears caused by delays in "accepting" is their fault, not yours.

I'm sure I gave you advice on a previous deferment way back and it didn't go well, so take all of the above with a big pinch of salt. It's clear they don't treat all borrowers equally, they don't give a crap about me due to low income, low value loans that should be written off soon, annoyance factor, etc. The best thing you can do for now is stick like glue to the original t&c's, uphold your end of the agreement (basically a declaration of your choosing and proof of income each year, in good time) while Arrow Global/Erudio flouts it. Keep a written record of all contact - that way they're flogging a dead horse and praying it'll win.

Autumn statement tomorrow - let's hope none of the new crew are daft enough to attempt a sell off of the ICR loans...

anna2007

plong979 wrote: »

Erudio said they passed on my "debt" in June/July and it's taken till November for them to get in touch. Definitely needing sorting out that day then. They must have needed some cash for the xmas office party or something.

Arrow Global are good at what they do, hit people just before Christmas. I was furious last year, they announced their daft remediation letters days before Xmas - obvious attempt to scare people - Scrooge personified!!

I don't know, but seems like no-one has actually gained in all of this - a big fail on all sides - borrowers now deal with loan sharks, the loan sharks can't collect and the Government look incompetent. Way to go!!

Ed-1

anna2007 wrote: »

Autumn statement tomorrow - let's hope none of the new crew are daft enough to attempt a sell off of the ICR loans...

"1.65 The government is continuing to pursue the sale of the pre-2012 income contingent repayment student loan book, and subject to market conditions intends to launch the first sale in early 2017."

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/571559/autumn_statement_2016_web.pdf

Brooker_Dave

Step forward Arrow to get a load more victims on the books

Ed-1

Brooker_Dave wrote: »

Step forward Arrow to get a load more victims on the books

Thankfully borrowers will have no direct contact with the debt owner and all contact will continue to be with HMRC and SLC for ICR loans.

erudioed

And its also giving away guaranteed future government income. Its nothing like our sale which was scandalous in itself for a number of reasons, this potential future loan sale is scandalous to the power of ten. If only the tax payer had it explained what this sale would actually be doing cashwise, it would be enough to stop the sale on the spot.
Whoever purchases the loans will just have to sit back and watch the cash role in. Its the equivalent of me paying 10% to open the door, then just watch 100% role in to my bank account over the coming years, and then periodically send it out of the country to the other investors. How the maths add up is beyond me, well, to benefit the taxpayer that is. It is an 'investors' wet dream of wet dreams!