ERUDIO student loans help

checkonetwo

fermi wrote: »

Not sure about that, but if you are technically in arrears because contractual payments were missed of that length, they would be entitled to call in the loan in full immediately. So in some respects what they are saying is a less harsh alternative.

Thanks Fermi, I've probably stitched myself up by asking Erudio to provide evidence of this gap in deferment in my reply to their email.

However, they did specifically state in that email that my Arrears Balance was £0.00, so if that wasn't the case why haven't they called in the loan before now? Is it a surprise waiting for me when I actually come out of deferment?!

Lungboy

Did you pay anything towards the loans when you weren't in deferment? SLC used to be pretty swift at taking cash once deferment ended if you had a DD set up with them. Erudio have tried to say in the past that as you have fewer months left you have to pay more, but that's not how our loans work, so they might be trying it on with you.

checkonetwo

Lungboy wrote: »

Did you pay anything towards the loans when you weren't in deferment? SLC used to be pretty swift at taking cash once deferment ended if you had a DD set up with them. Erudio have tried to say in the past that as you have fewer months left you have to pay more, but that's not how our loans work, so they might be trying it on with you.

Thanks Lungboy.

I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.

want_to_save

checkonetwo wrote: »

Thanks Lungboy.

I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.

If the DDM has been set up on the account for a long time it could have been 'removed' by your bank as a dormant ddm and that may be why they havent collected or able to collect.

checkonetwo

want_to_save wrote: »

If the DDM has been set up on the account for a long time it could have been 'removed' by your bank as a dormant ddm and that may be why they havent collected or able to collect.

Thanks for the reply. Would that put me in arrears? My Erudio account states that I am not.

I've just received my repayment plan, which provides no information about how they have calculated the repayment amount. So still no confirmation of the evidence behind the reduced term. Have made a SAR.

Ibreakwindinerudiosdirect

checkonetwo wrote: »

Thanks Lungboy.

I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.

You should visit your bank and ask them to confirm who deleted the direct debit.

Long term Erudio watchers will remember that they ballsed things up a few years ago with regard to taking money from people erroneously and simply decided to rectify the situation by deleting direct debits. I can't remember offhand the specific timeframe of this event but I do remember in my case how I received a letter saying I had a DD set up with them a week before finding the DD had been erased. I complained to Erudio who stated that I had deleted the DD, a statement completely refuted by Natwest Bank.

The DD that was deleted was a) set up in the days of the SLC holding my loans and b) was used successfully to take money by Erudio at the very beginning. Indeed, my first contact with Erudio was having them take money from my account after receiving absolutely sweet FA in the form of paperwork from them regarding the sale of my loans, deferment, anything.

It is quite likely that your DD was deleted by Erudio and you should therefore visit your bank and request details of when the DD was deleted. They should be able to give you a printout of this.

If you do that, come back on the thread and let me know what date your DD was deleted and by whom. I'll dig out my Erudio file (which has been rather quiet since the good old days when they started up) and see if my date corresponds with yours.

Obviously if you can prove that it was Erudio themselves who deleted the DD, then it gives you far stronger grounds of complaint.

Ibreakwindinerudiosdirect

Autumnal greetings to those who have followed Erudio for what seems like an eternity...

Since the first year problems, it's been relatively plain sailing with them this year. My loans (97-99) have 10 more years until I reach the half century in age and it is unlikely I shall ever pass the threshold through a mixture of lack of career and predominantly house hunk and IT technician to the brats status. 2028 he I come...

It is with gleeful joy that I received an unexpected letter this morning from Erudio. Loans are 5k. Would I like to pay them off with a one-off amount of just under £3k?

Erm, no.

The letter was dated 21/9/18 and received 24/9/18. Accepting their offer requires communicating with them by Saturday 29th. Five and a bit days notice of this is bizarre.

So why do I get this letter? I've never earned above the threshold. I've paid a few payments here and there but nothing major and 5k is outstanding but not coming to maturity for a decade. Others in this thread seem to have been contacted when close to the end of their loans sentence: I am not in that bracket.

This sentence intrigues me:

"In addition, whilst accepting this offer will close your loan(s) and resolve your liability with them, it may impact upon your ability to get future funding from the Student Loans Company."

I'd like to know a great deal more about this as it sounds absurd at face value.

erudioed

Ibreakwindinerudiosdirect wrote: »

Autumnal greetings to those who have followed Erudio for what seems like an eternity...

Since the first year problems, it's been relatively plain sailing with them this year. My loans (97-99) have 10 more years until I reach the half century in age and it is unlikely I shall ever pass the threshold through a mixture of lack of career and predominantly house hunk and IT technician to the brats status. 2028 he I come...

Nice to hear your update! Heres an early Christmas present because you will reach 25 years first, so they will expire 5 years ahead of time!
I didnt understand from the previous posters (probably missed by myself) there was a very close deadline to the bullsheet offer. Maybe they are tinkering with their offers to see which one gets the most bites, then they will pepper everyone with the one that gets the most settlements.

Ibreakwindinerudiosdirect

Well, five years ahead of time is better than nowt. 2023, here I come...

A followup to my settlement offer:

As written above, the offer to settle for just under £3k on a £5k loan came through on 24th September and required me to contact them by 29th September.

I've just had a text message through from Erudio stating this:

"If you are interested in the settlement offer we made by letter than please call Erudio on xxxxxxxxxx, otherwise there is no need to respond to this message".

They certainly seem keen to settle, don't they?

BaffledByErudio

Nice one Alan Spencer - yep. That's JUST what we Erudio 'customers' want and need. A personal loan to pay back a debt many of us have absolutely no obligation to pay back. Unless this is, however, a ruse by Arrow Global to get us to get into debt to pay them back!