ERUDIO student loans help

randomfandom

From the FAQs page of their portal:

What has changed since Erudio Student Loans took over my loan?

'The terms and conditions have not changed and the legal requirements to successfully apply for deferment remain the same as in previous years.'

Presumably, if the portal T&Cs did prove to be different to the original loan agreements, this would give anyone legitimate grounds for redress.

Lungboy

They keep saying that because they believe the original terms give them the power to change things. Nobody has challenged it in court yet.

sultanabran

I'm currently repaying my student loan (old pre 2000 loan) after being contacted a couple of years ago by Shoosmiths (on behalf of Erudio). I'm nearing completion of this.

Today, I checked my Clearscore report (Equifax) and noticed a search on there on the 21st March from Erudio Customer Management Ltd for an "Unknown search type".

Is this a pre-cursor to something?

bigsur7

Hello, I've just joined your site having checked my latest Clearscore report and seen an "Unknown Search" from Erudio. Never heard of them. Googled them. Felt a tingle of panic down me spine!

I've been deferring my old mortgage style Student Loans since I lost my main job in 2006, since then the jobs I've been having haven't put me over the repayment threshold.

I tried to defer in May 2013 but was told by SLC the debt had been sold to a DCA and to wait to hear from them. I still haven't nearly 4 years later, but I've technically been in default since SLC refused to accept my deferral.

Obviously I'm not going to put a stick down the badger's hole and rile up Erudio, but I guess this search of theirs is a pre-cursor to contact.

Any advice on how to proceed when they do? Do they / Have they ever "done" court?

If I just send them a completed deferment form from SLC, then ignore all future correspondence will it eventually culminate in a naasty-!!! visit from Bob the Bailiff?

Thanks for any insight.

BSur.

randomfandom

bigsur7 wrote: »

Hello, I've just joined your site having checked my latest Clearscore report and seen an "Unknown Search" from Erudio. Never heard of them. Googled them. Felt a tingle of panic down me spine!

I've been deferring my old mortgage style Student Loans since I lost my main job in 2006, since then the jobs I've been having haven't put me over the repayment threshold.

I tried to defer in May 2013 but was told by SLC the debt had been sold to a DCA and to wait to hear from them. I still haven't nearly 4 years later, but I've technically been in default since SLC refused to accept my deferral.

Obviously I'm not going to put a stick down the badger's hole and rile up Erudio, but I guess this search of theirs is a pre-cursor to contact.

Any advice on how to proceed when they do? Do they / Have they ever "done" court?

If I just send them a completed deferment form from SLC, then ignore all future correspondence will it eventually culminate in a naasty-!!! visit from Bob the Bailiff?

Thanks for any insight.

BSur.

If this were me, I wouldn't be too concerned and would just wait to hear from Erudio. If they've never had any contact with you, I don't see how they have any grounds to treat you punitively.

bigsur7

Thanks for the response. I agree. It's just seeing their "search" on my credit file spooked me. I've been reading some terrible things about E-rude-io online. I recently added myself to the Voters Roll in a bid to raise my credit score, so wonder what else will come up from the sewers now.

I'm sure I'm not alone in it bugging the hell outta me that I signed a contract with SLC over 20 years ago in good faith with a certain set of T&C's and now arbitrarily a third party can change them as they see fit. (Legal, probably ; Morally fair? probably not!)

sourcrates

This is what happens when you allow a debt collection company (Erudio are a part of Arrow Global) to take over the running of, what are essentially, mainstream credit facilities.

Every year graduates with older-style student loans can defer making repayments if they earn less than £28,828, but Erudio Student Loans failed to send annual deferral forms to thousands of graduates, and then sent letters saying payments would start within weeks.

The administrative chaos has left graduates fuming. This thread on moneysavingexpert.com runs to 302 pages of complaints from angry young people told they must pay even though their earnings are not at the repayment level.

Erudio bought a book of old-style student loans previously administered by the Student Loans Company from the government in 2013. Since then, however, it has been dogged by complaints, not just about difficulties deferring loans but also how it shares customer data. It has stated that it may share loan information with credit reference agencies, despite students originally being sold the loans on the understanding the debt would not appear on credit records.

All in all it has been a complete and utter administrative nightmare, its the company that is at fault, not the students.

bigsur7

100%. Thank you for the back story.
Any advice on what we should do now, moving forward?
Is it safe to ignore letters from this powerless DCA. Are Arrows arrows blunt? Are Erudio just shouty rudeboys?
Do they ever follow through with their threats of court or adding markers to credit files, or are they just pishing in the wind?
I realise they bought our loans for pennies in the pound, and if I was stupid enough to sign their new fangled deferment form I might've inadvertently agreed to be bound by their new unfair T&C's.
But I didn't and I won't.
The terms of my original contract with SLC in 92 stated that if I hadn't earned over XX then in 25 years it would be cancelled. For me that's pretty much 2 years time!
(Whether I'm happy my life has turned out this way or not is a fair debate, but probably one for another type of forum )
I don't understand how SLC can sell my debt on to scum debt collectors and change the rules and potentially start harassing me.
But, legally they probably can, so I'm not going to be all "whah whah snowflake" about it, I just want someone to tell me what my next move should be when these scumbags contact me....

Anyone?

(Text removed by MSE Forum Team)

randomfandom

When is the loan cancellation date calculated from? Is it from the year you took out your first loan or the year of graduation? Or some other time?

Lungboy

randomfandom wrote: »

When is the loan cancellation date calculated from? Is it from the year you took out your first loan or the year of graduation? Or some other time?

There's an FOS decision that clarifies it. I think they decided that it's the date from which your loans became due for repayment, so the date on which you received your final payment from the SLC.