ERUDIO student loans help

datlex

Ed-1 wrote: »

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.

But the loans are pre 1998. Hence this is additional to our original agreement.

fermi

datlex wrote: »

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

Pre-1998 ones had a clause such as:

datlex

There was nothing on the website about when the loans expired so I emailed them. This was the response I got:
"Thank you for your email.

We can confirm your account will be eligible for write off 25 years from the date your last loan was taken out, provided your account is fully up to date with no arrears. As your last loan was taken out on 01/11/1994, your account will be reviewed on 01/11/2019.

We can confirm your account is currently in deferment beyond your review date, therefore, you are no longer required to do anything further and your account will be closed on 01/11/2019.

We can also advise that information relating to our cancellation policies are stated on each of your original loan agreements.

If you require anything further, please do not hesitate to contact us."

erudioed

The Erudio settlement issue was covered on BBC's Moneybox the other day. Martin Lewis and Paul Lewis both get stuck in. They even get Erudio to comment and are told 1600 people have settled through this. Taking past figures as an example, that means about 160 or less, using my untrusting guesstimate. But, some people will actually be better off settling now if they think they will be above the payment threshold for the first time, and for the following 31+ months approx. Other than that, it looks like not many people have taken them up on their bullsheet offer
Anyway, it starts at 7 mins: https://www.bbc.co.uk/programmes/m00023zv

Black_Eyeliner

Erudio have written to me to say that as my loans have ‘matured’, I must pay them off in full immediately. The letter also states that the loans will no longer be written off at age 50, which I don’t understand given that was the original agreement with the SLC.

Does anyone have any knowledge on this?

Lungboy

It sounds like you're in arrears as that's what they have said in the past to people that have fallen behind with payments, a side-effect of which is losing the ability to have them written off at 50 or after 25 years.

Black_Eyeliner

Thanks Lungboy. Yes I am in arrears, which is why they won’t let me defer either. Don’t know how I’ll ever get this sorted. Feels like I’m just waiting on them taking me to court.

Lungboy

I've just had a weird text from Erudio, asking me to click a mailvu.co.uk link or to ring a number and quote a long reference code. Has anyone else had this? It looks exactly like a Phishing attempt. I'm not due my deferment paperwork for a while i think so I'm not expecting anything from them.

e: checked my paperwork and the ref code is my account number. Also, the phone number they say to ring is the same as the one in the "pay off you loans now for 30% off offer" letter from last year, so it's legit. It's bloody weird though.

erudioed

Just had a tweet that has more info...they are back to getting us to accept T&Cs again to enter its portal. Heres the tweet i received "Got a text saying Erudio had a letter for me and to click on the link to see it, link was to customer portal and it asks you to accept terms and conditions before allowing access so didn't bother"


Had another tweet just now: "I received a password protected PDF from them"
Im trying to find out what.

Lungboy

Erudio replied and confirmed it is a legit text from them, and it's to announce the availability of online deferment for me.