ERUDIO student loans help

want_to_save

want_to_save wrote: »

Hi guys,


have mortgage style student loan and currently paying as salary above the level however i am increasing my salary sacrifice in Dec and that would bring notional salary below the limit.



Erudio state that they use contracted gross pay not notional gross pay (even though if i were to go for a mortgage mortgage company use notional)


anyone had any success with salary sacrifice and erudio. Not sure where to go?

Has anyone any experience of this?

dizzybuff

Yes. Im a single mum a d salary sacrifice my childcare. My wages is below the max wage anyway. But thwy add benefits and maintainance onto it. So therefore either way Im over the limit. 78 quid a month is a lot to me nd they don't give a toss.

Lungboy

want_to_save wrote: »

Has anyone any experience of this?

Sadly they are correct, it's calculated on true gross salary so sacrificing won't be taken into account, otherwise anyone over the threshold would just sacrifice back under it via pension payments.

Tammy76

A couple of years ago, I missed the deadline for sending my deferment forms back to erudio, and subsequently they passed my debt on to capquest. I had to complete all sorts of forms regarding my income and expenditure and then they set up a £30 per month repayment. I was told that I HAD to proceed with repayments as it had got to this stage. Stupidly I went along with it as I was scared about getting bad credit ratings etc. Now, after reading some of the posts, I am wondering whether I can stop paying. I am still well under the threshold, and under the terms of my original loan I am pretty sure I don't need to be repaying it. All feedback welcome!

want_to_save

rubbish. Thank you for taking the time to answer my question

cant wait till its finally repaid hate giving these people any money!!!!

Lungboy

Tammy76 wrote: »

A couple of years ago, I missed the deadline for sending my deferment forms back to erudio, and subsequently they passed my debt on to capquest. I had to complete all sorts of forms regarding my income and expenditure and then they set up a £30 per month repayment. I was told that I HAD to proceed with repayments as it had got to this stage. Stupidly I went along with it as I was scared about getting bad credit ratings etc. Now, after reading some of the posts, I am wondering whether I can stop paying. I am still well under the threshold, and under the terms of my original loan I am pretty sure I don't need to be repaying it. All feedback welcome!

Even though you are under the threshold, if you're in arrears then you can't defer.

fermi

Lungboy wrote: »

Even though you are under the threshold, if you're in arrears then you can't defer.

Agreed, sadly.

Plus if they terminate or have terminated the agreement due to arrears, you then you your right to defer permanently and all sums are due immediately.

datlex

fermi wrote: »

Agreed, sadly.

Plus if they terminate or have terminated the agreement due to arrears, you then you your right to defer permanently and all sums are due immediately.

Where on earth does it say in our original agreement they can do this?


On separate note I noticed there is nothing on their website regarding when loans expire. Eg. ones prior to 1998 expire after 25years or age 50.

Lungboy

datlex wrote: »

Where on earth does it say in our original agreement they can do this?

I'd have to dig out my paperwork but it's in there somewhere, if you are in arrears then they can demand full payment. This was unlikely to be acted upon when the SLC owned our loans, but now Erudio have them it's a very different picture.

Ed-1

datlex wrote: »

Where on earth does it say in our original agreement they can do this?


On separate note I noticed there is nothing on their website regarding when loans expire. Eg. ones prior to 1998 expire after 25years or age 50.

http://www.legislation.gov.uk/uksi/1998/211/schedule/2/made

15. If the borrower does not make a repayment under the agreement when it is due, the lender may ask him to repay the loan in full immediately. The lender may do this even if the borrower’s obligation to make other repayments is currently deferred.