ERUDIO student loans help

fermi

http://www.thisismoney.co.uk/money/comment/article-4677320/SALLY-HAMILTON-Student-loans-mis-selling-scandal.html

StopIt

Jonmenzies wrote: »

Hi. Sorry if this is off topic but I want to go back to eduction and get 4 years of loans. I have no intention of paying them back. Would I be right in saying as long as I earn less than £21000 and keep it that way, I will be okay?

Why would you want to permanently limit your income, just to avoid paying back a percentage of your income above that point?


Talking about cutting off your nose to spite your face.


Most people get a degree to maximise, not minimise their earning potential. If you want to earn less than £21k, don't bother getting a degree. No debt, no worries. You'd also avoid the deferment merry go round that ends up with the debts being sold and dealing with these lovely fellows at Erudio.


And no, if you earn less than the deferment threshold you wont have to pay, but frankly, I'd be looking to get a degree and get more money!


Edit: To Fermi, that article was exactly how I expected to read.


Mis-selling = telling students that a 6% loan is cheap, which by historical standards it is! Especially one with deferments. Also taking the definition of mis-selling a little too far in my honest view.

pepperpot22_2

The fact that they have sent so many emails, texts and letters inviting me to use the online portal is enough to raise suspicions! I doubt this has little to do with them wanting to reduce their carbon footprint or make deferment easier for customers...

taraljg

Hello, I'm brand new to this site and not sure how to start a new threat but it relates to Erudio. I have always been able to defer my 1997 student loan as I was under the repayment threshold. 3 years ago i became a single parent, and wouldn't you know it, the tax credits i got which topped up for childcare as I have always worked full time, took me over the limit. Erudio and I agreed I would make a payment of £73 a month (instead of the £150 a month they wanted).
I start a new job in September in a school which will take me under the threshold again. I requested a deferment form via email on 6 June. On 15 June I received this reply
"We can confirm your Student Loan terminated on 14/06/2017 due to the outstanding arrears balance; therefore, your account is no longer eligible for deferment.

We can further advise your full balance is now due in full, however, we can confirm you currently have a payment arrangement in place to repay £73.31 each month. Can you advise if this arrangement is still affordable and if you would like this to remain in place?"

Now what are the chances that my loan ended just a few days before???? Can they do this and what are the ramifications? I replied to the email saying I would not be able to afford £73.31 a month and they have sent me a financial statement form. I had planned to fill it out and offer £20 a month.
Do you think this is the right thing to do? Any advice very gratefully received.

Lungboy

I'm honestly not sure what to advise but I'm sure that one of the other regulars in this thread will be able to help.

Brooker_Dave

taraljg wrote: »

"We can confirm your Student Loan terminated on 14/06/2017 due to the outstanding arrears balance; therefore, your account is no longer eligible for deferment.

We can further advise your full balance is now due in full, however, we can confirm you currently have a payment arrangement in place to repay £73.31 each month. Can you advise if this arrangement is still affordable and if you would like this to remain in place?"

Now what are the chances that my loan ended just a few days before???? Can they do this and what are the ramifications? I replied to the email saying I would not be able to afford £73.31 a month and they have sent me a financial statement form. I had planned to fill it out and offer £20 a month.
Do you think this is the right thing to do? Any advice very gratefully received.

Just go straight to the FOS, they're cheating you out of money and are in breach of the terms you signed up to.

I take it they didn't bother send you a notice of default or any of the other things they are supposed to do by law?

Lungboy

You'll probably need to do an SAR to get all of the paperwork from them relating to your supposed default and take it from there.

dizzybuff

the only thing i can advise on is the child tax credits thing. Unfortunately my tax credits and my maintenance too me over the threshold. so I opted for paying it back as the FOS agreed with them even though this money wasn't mine they classed it as an income.

However i agree they should have sent you a defaut notice.

Lungboy

The FOS are back to saying they can't deal with Erudio. I've requested they look into it as they should be able to.

erudioed

Probably not of much interest but for the record our loan owner Cargill Inc just saw an 85% yearly earnings increase from last year, reaching over $3 billion. Heres the bit on its financial services arm:
Earnings rebounded in Industrial & Financial Services, boosted in both the fourth quarter and full year by increased returns from asset management investments, excellent trading and customer-focused merchandising in North American natural gas and power markets, and solid performance in ocean shipping bolstered by improved market conditions. Full-year results also reflected a reduction in the counterparty risk adjustment made in last year’s fourth quarter.

and heres the link to a summary: https://www.cargill.com/2017/cargill-reports-fiscal-2017-fourth-quarter-and-full-year-results?sf97585321=1

We are so lucky to fall under the protective umbrella of this huge US multinational spreading its genetically modified gunk and food preservative chemicals across the globe, lowering food standards across the world and creating chaos to most localised producers and polluting the environment where ever its tentacles spread to. Now we can celebrate their success together. But no need to pass on your details for circulars and such, they already own our personal info, and if we step (or more than likely are pushed) slightly outside of dubious deferment rules not enforced by anyone of note, i think that means they have first dibs on our bank accounts! A modern day globalisation success story!