ERUDIO student loans help

MitchellGant

Hi, I too am being chased by Erudio after not hearing from SLC since May 2013. I have 3 mortgage-style loans outstanding from 93-96, I had been paying them off until redundancy in 2006, and since then I've been under the threshold, and always deferred until May 2013, when SLC said the loans had been sold to Erudio and to wait to hear from them.
Well, I heard nothing until last month. They have emailed me saying I still owe £3,500 due to interest and arrears!!! (That's more than the original damn loan amount, despite having paid ££££ off over the years).
I've replied to them that I do not acknowledge the debt and if they want any further response from me they must send me the original CCA's.
I'm always unlucky though, so I think in time they probably WILL send me the original signed CCA's.
Can anyone advise what my next steps should be please?
I am still entitled to defer due to low income, but the account is in arrears and I'm not in a position (or inclination) to pay for this scum DCA's holiday fund.
Their last email said that 'the loans have now matured' (whatever the hell that means) 'Deferment is no longer possible'.
Do Erudio 'do' CCJ's?
Can I ride it out until the debt is statute barred next year? The first loan is already 25 years old if that makes a difference.
Any help appreciated, as it's taken me a decade to finally be debt free and I'd hate to see my credit file trashed by these a***hats who bought the debt for pennies in the pound.
Thanks.

fermi

MitchellGant wrote: »

always deferred until May 2013, when SLC said the loans had been sold to Erudio and to wait to hear from them.
Well, I heard nothing until last month.

The onus is on you to defer, so legally you should have chased them up.

You did not defer, so the loan accumulates arrears, and while arrears exist you have no right to defer. When arrears mount up to all the due monthly payments under a non-defered agreement, the whole loan is due and nothing can be deferred any more.

MitchellGant

Thanks for reply.
So, as I have no spare money to pay loan/ arrears due to low income, what do you suggest my next move should be. Do I have any best options, or do I simply ignore due to no other choice?
Thanks...

checkonetwo

Having read a lot of this thread, I though I would post my question here in search of some answers.

For the first time in my student loan history I am going to be above the deferment threshold and unable to defer so, to prepare for this, I emailed Erudio to ask them how they have calculated my contractual repayment amount (shown in the portal).

Although they are due to review this payment in September, they have said that it is based on the outstanding balance and the remainder of my loan term, which ends in March 2022, so roughly 41 months after I come out of deferment. The contractual amount does work out at a little more than the amount outstanding divided by 41.

However, to the best of my knowledge and no evidence to the contrary, I've successfully deferred every year since graduation. Are Erudio allowed to do this or are they going against the original SLC agreement of 60 repayments?

"The number of monthly repayments will be 60, or 84 if the borrower has 5 or more student loans when his first repayment is due. The lender will tell the borrower the date in each month on which repayments are due."

I have 3 student loans, with an "original loan date" (according to the portal) of Dec 96, Oct 97 and Oct 98, so I am not sure how they have determined the end of my loan term. Any ideas?

Thanks in advance.

BaffledByErudio

Could be trying it on. Those of us on this forum have heard of them doing it before. The amount of monthly payments when you come out of deferment has to be the original amount agreed (likely 60 in your case) so if you were to go back into deferment after say 10 payments, it would be 50 when you come back out, averaged out accordingly. If you're heading towards a write-off deadline, as long as you never deviated from the original loan terms, the payments would stop at your write-off point. They can't cram higher payments into fewer instalments in a bid to get you to pay off the full amount before your write-off date. I'd check with them this isn't what they are doing.

checkonetwo

Thank you for the reply!

Re: End date, the way I see it is that I have 3 loans with first payments of Sep 96, Oct 97 and Oct 98. So I should be expecting my end date to be Oct 23, 25 years after the first payment of my last loan agreement.

I come out of deferment in Oct this year and have, by original agreement, 60 monthly repayments in which to repay the debt. Which is pretty much the same amount of time between coming out of deferment and the end date (Oct 18 to Oct 23).

So it looks like Erudio will get their money assuming I remain in my current employment, which is fine, but I just wanted to make sure that the way I see it is correct (or at least more accurate than Erudio currently see it). Would you agree?

want_to_save

Captspaulding wrote: »

I just received a strange letter from them. My 25 year sentence is up in Oct 2020. They wrote to me saying that on this date they would write off the remaining money that I would have owed. From now to this date I would make 2500 in payments but if I pay the loan off now I can do so for 2400. I'm not sure why they would do this as saving 100 pounds isn't that big of a deal so not sure of their incentive. Also they claim that if I take them up on their offer it may prevent me getting any student loans in the future. By that I take it they will report to credit rating agencies as debt not fully paid. Again I suspect they will do that in 2020 even though the terms of the loan have never been breached. Has anyone received a similar offer and has any insight as to their motivation?

i had one of these letters, i researched and saw that its paid as a partial payment althought they say its finalised however they can (and probably will) put a red flag on your credit file i chose to give them money every month lol

erudioed

Nothing 'lol' about that to my eyes if you are paying want_to_save. Its crazy to pay up for that reason! In fact, it sounds like yet another con to me.


They should have offered a 25% settlement as soon as they got their grubby fingers on it 5 years ago and made a good quick hefty profit. I may even have considered paying back then. But when 100% is dangling in front of them, they wanted it all, and then some. Now, if its true and they are offering this deal, it seems they still want 100% of it. I just wonder how much Arrow Global have made so far from all their devious tactics and lies. Its a shame anyone would feel the need to pay them when they dont have to and can defer legally.

Dayzydook

Hello there,

My partner has two student loans with Erudio. Back in March he received a phone call from them saying that his loan had matured and they wanted payment. We asked them to send this in writing and never heard anything,they hadn’t sent any reminders regarding deferment. he continued with his deferment for his two thesis loans and received confirmation from SLC that deferment had been accepted for both Erudio and Thesis. However we received a letter last week from Erudio demanding payment of the loan. I called them on partners behalf, he has anxiety and cannot deal with phone calls like this. Asked them why he had to pay if the slc had agreed deferment. They said that there had been a delay in deferment and as a result the loan is now post maturity. They said that they will be requesting proof of deferment history from the student loans company?? (Why do they need this?)

This morning we received two letters from Erudio, 1 saying that deferment has been rejected, and that they have requested proof of deferment history from SLC and that they have included a copy of the terms and conditions. However these have not been signed and they are just a blank printed copy of the terms and conditions. Nowhere on the letter does it say what we need to do next.

The second letter asks us to complete a I&e form within 30 days so that they can agree a repayment plan. However, this all seems fishy to me. In the terms and conditions it says that they will write to confirm deferment threasholds each year and send a pack, but they didn’t ever send anything. They also didn’t send a breakdown of the loans as I requested. They also want me to pay for a copy of the original signed loan agreement...

Please can any of you offer any advice on how to proceed?? Thesis are happy with the deferment of the loans so why are Erudio being so difficult?

Thanks so much in advance!

Lungboy

If he has split loans with both Thesis and Erudio, then deferment should be handled through SLC, and Erudio should have nothing to do with it. I'd be getting on to the SLC to find out what's going on.