ERUDIO student loans help

Tommygunn

I knew I had it somewhere! Here's an email that confirms Erudio's bullshot and proves that they had received my completed documents prior to, as they say, the 19th October.

Thank you for your recent email.

I have passed your supporting documents to our deferment team to be processed. Once the deferment team have processed your information they will contact you in writing to let you know the outcome of your application.

Please be aware that email is not a secure method of communication and should not be used to return documentation on future applications.

I received this email on the 15th October at 1:21pm, just over 24hours after I sent my last and final email.

F them,
Tom.

Brooker_Dave

Erudio always lie, it's what they do to try to cheat money out of people.

anna2007

Tommygunn wrote: »

I knew I had it somewhere! Here's an email that confirms Erudio's bullshot and proves that they had received my completed documents prior to, as they say, the 19th October.

I received this email on the 15th October at 1:21pm, just over 24hours after I sent my last and final email.

F them,
Tom.

If your deferment was up in July, your application/email exchanges should be May/June/July time, not pushing it to beyond the 3 month extension into October (you also have to account for the 28 days they're allowed to process/accept the deferment application).

This is why it's so important that Arrow Global send the DAFs out in good time (should be at least 8 weeks prior to your deferment end)and why we need to get the applications back to them quickly. If you don't, they'll obviously take advantage of the terms and claim any money due.

BorderReiver14

Anyone else have this on their deferment confirmation letters?

"Please be aware that Erudio Student Loans reserves the right to request further information and/or verify the information in support of your application for deferment"

As we have already established, they certainly have the right to ask for more information (if reasonable) but we have every right to refuse (e.g - contact with an employer). The last part... verify information is still very much up for debate. If we have not given them such right, why are they still writing such crap?

badmemory

Could it be that their paperwork is just getting ready for the next batch of victims over whom they will have that right?

Tommygunn

Anna2007,

If your deferment was up in July, your application/email exchanges should be May/June/July........

That was the case and would have been the ideal solution except that I got into the usual tangle about the extent to which I should fill out their forms and so it went the full stretch.

Tom.

Mr_McGuffin

Re: Honours plc & 'CCA Remediation'

The assessment by Moody's ratings agency on 7 November of Honours plc Series 2 loan notes, prompted by the increasing cost of 'non-compliance with applicable consumer credit regulation':

https://www.moodys.com/research/Moodys-downgrades-UK-student-loan-ABS-deal-Honours-PLC-Series--PR_357575

Estimated costs have risen from £10.9m to £34m.

Also interesting is this, from Fitch ratings in September:

https://www.fitchratings.com/site/pr/1012184

This describes a large increase (fivefold in value over one year) in loans 'deferred with arrears', and thus not eligible for the cancellation indemnity, where the govt pays out to the loan note holders the full amount of deferred loans still outstanding after 25 years.

Brooker_Dave

Mr_McGuffin wrote: »

This describes a large increase (fivefold in value over one year) in loans 'deferred with arrears', and thus not eligible for the cancellation indemnity, where the govt pays out to the loan note holders the full amount of deferred loans still outstanding after 25 years.

So when they bought the loans at a fraction of their actual value, the government underwrote the value of all the ones that will time expire?

So Arrow Guernsey and Carval Delaware took no risk at all?

erudioed

Brooker_Dave wrote: »

So when they bought the loans at a fraction of their actual value, the government underwrote the value of all the ones that will time expire?

So Arrow Guernsey and Carval Delaware took no risk at all?

The way i understand it, and i am happy to be set straight, that was the terms for the loan sale before ours. Remarkably it hasnt been picked up with outrage by the press when it was first revealed a while back when the agreement was released. I think there are some posts about it on this thread a year or so ago.
Concerning the terms of our loan deal, that is what i am hoping to be revealed when some of those redacted parts are reinstated at some point in the sales and purchase agreement that Anna got released.
Maybe i have forgotten some things or got it twisted over time, but that is the way it all sits in my head right now.
The way i see it, Arrow not wanting to settle all accounts at a percentage, even when the loans term have almost expired, suggest to me that some other agreement must have been made. One thing Arrow is, despite being prime scumbags, is knowing how to make cash in this vulture industry. That they are happy to just let the loans expire, after employing all the black arts of their industry at their legal disposal during their 'ownership', says to me something is extremely wrong with the deal that was made that needs to be explained, especially to us because without our loans, without us, there wouldnt have been a deal to make. I think we deserve to know the deal that was made behind our backs!

Mr_McGuffin

Brooker_Dave wrote: »

So when they bought the loans at a fraction of their actual value, the government underwrote the value of all the ones that will time expire?

So Arrow Guernsey and Carval Delaware took no risk at all?

No, my post was about the 'Honours' loans, which are the tranche of 'original scheme' loans sold by the Blair government in 1999. A tranche of loans was sold in 1998 under near identical terms, which included the 'cancellation indemnity', where the govt pays out to the loan owner the full amount of any loans outstanding and in deferment, without arrears, after 25 years.

The recent notices from Moody's and Fitch I posted relate to the securitised 'Honours plc Series 2' loan notes. As the Honours loans are the same type of student loans as those sold to Erudio they are apparently affected by the same, or similar, 'issues' relating to 'non-compliance' with 'consumer credit legislation' and attempts to 'remediate' the loans.

The loans sold to Erudio were, apparently, an outright sale with no cancellation indemnity.