ERUDIO student loans help

erudioed

I am assuming they corrected their error Lungboy?

Chipshopgirl

Hi

I have tried searching this forum for a problem similar to mine but I can't find a definitive answer.

I've been deferring my student loans for many years with no problems - even with erudio.

However I'm currently on extended leave from work and have no real income apart from some money that was gifted to me, a little bit of savings, money from my partner and child benefit.

When applying to defer I included the payments from my partner and child benefit. I didn't mention the savings and gift as I receive no real tax benefits- maybe a few pence per year.

Now erudio want me to send my bank statements- which I have done twice with all the information blanked out except for the payments from child benefit and my partner.

But now they want the statement with the full income column visible on each page. My problem is this makes it look like I am earning over the threshold - which I am not. For example, I've paid small sums of my own savings over from another account or my partner has transferred some money over to me for me to pay for something or to someone. Even things like refunds or family members paying me back for something I've bought them etc.

Anyone got any advice on what to do? If I don't display the income column they will refuse my deferment and if I do it gives a false picture. I don't think an accompanying letter will cut it. Even my most recent statement for May will as I received the gift (some inheritance of 10k) then.

I feel like I almost have no choice but to start making repayments even though this will cause me hardship and I don't meet the threshold. Should I mention the savings/gift now? (I just worry I don't have proof of income from savings which will give them another reason to refuse my application).

I'm really confused and stressed. Please can someone help?

Missrcj

Hello

Over the years I have got myself in various pickles with debts and not taking control of my finances. I also had the mortgage styles student loans (didn’t know this until Erudio told me) but I just thought they would take money out of my account when I earned a certain pay threshold. Being irresponsible I never looked into this further. However, I got caught when I went back to university in my 30s as I was told I could take out another loan. Student loans company said they’d been trying to contact me about a previous loan and instead of being able to take out a new loan I got told I had to pay the old loans back as they were now in arrears. I was worried they would send bailiffs around and I lived with a friend so didn’t want that to happen and for them to try and take her stuff. I have been paying Erudio back with a minumum amount ever since. Since finishing uni I got into further debt - took out a loan to buy a car, car kept breaking down, took out credit cards to pay for car repairs, car was declared unfit for purpose and I lost over 1k etc etc . I have been trying to pay my debts back and am using step change but with my Erudio debt it is going to take me until 2035 I will be nearly 60!, I still don’t earn 25 k and started paying this back when I was actually earning 10k whilst in university. I offered them a minimum payment today (which was very low but I am poor ) , I have repaid 10% of the overall debt already; however, they have refused it. They say they will hold the account for me but I don’t know what this means. Can I keep them holding the account until these debts get wiped as I have been reading or have I ruined that now by starting to make repayments? Any help is greatly received. I just want to be able to move on, clear my smaller debts and actually start saving at the grand old age of 40. Am I going to have this Erudio debt hanging over me until I’m 60??
Thank you in advance for any advice

erudioed

Just a quick heads up. They are getting desperate now to get some money. They are sending out new settlement letters that seem to be about 20% of the loan and accrued interest. This is the offer they should have made when they first contacted us, instead of putting us through all its lawyer backed tricks and lies. The letter also has about a week deadline to force us to take up the offer quickly. Hopefully no one will pay them a penny, unless they think they will not be able to defer for the next few years, in which case it could be a good deal. One thing for sure, Erudio dont deserve a penny from any of us, considering how they invaded our lives and then used the tried and tested trickery of a debt collector to try and then even deceive the wider world by lying to journalists and the like about what they were actually doing to us, such as not sending out DAFs and saying they hadnt received our DAFs. I am sure they are selling access to our data on its pay to look debtors database (which I suspect they are still doing, especially those who have enrolled with their portal due to the sheer volume of data a company can collect when we visit a site these days, and not to mention their cookie which will be sat on our computers).

Anyway, not long until the loans get wiped now...

Lungboy

erudioed wrote: »

Just a quick heads up. They are getting desperate now to get some money. They are sending out new settlement letters that seem to be about 20% of the loan and accrued interest. This is the offer they should have made when they first contacted us, instead of putting us through all its lawyer backed tricks and lies. The letter also has about a week deadline to force us to take up the offer quickly. Hopefully no one will pay them a penny, unless they think they will not be able to defer for the next few years, in which case it could be a good deal. One thing for sure, Erudio dont deserve a penny from any of us, considering how they invaded our lives and then used the tried and tested trickery of a debt collector to try and then even deceive the wider world by lying to journalists and the like about what they were actually doing to us, such as not sending out DAFs and saying they hadnt received our DAFs. I am sure they are selling access to our data on its pay to look debtors database (which I suspect they are still doing, especially those who have enrolled with their portal due to the sheer volume of data a company can collect when we visit a site these days, and not to mention their cookie which will be sat on our computers).

Anyway, not long until the loans get wiped now...

Thanks for the update. Sadly I still have 9 years until mine are wiped.

Lungboy

Missrcj wrote: »

Hello

Over the years I have got myself in various pickles with debts and not taking control of my finances. I also had the mortgage styles student loans (didn’t know this until Erudio told me) but I just thought they would take money out of my account when I earned a certain pay threshold. Being irresponsible I never looked into this further. However, I got caught when I went back to university in my 30s as I was told I could take out another loan. Student loans company said they’d been trying to contact me about a previous loan and instead of being able to take out a new loan I got told I had to pay the old loans back as they were now in arrears. I was worried they would send bailiffs around and I lived with a friend so didn’t want that to happen and for them to try and take her stuff. I have been paying Erudio back with a minumum amount ever since. Since finishing uni I got into further debt - took out a loan to buy a car, car kept breaking down, took out credit cards to pay for car repairs, car was declared unfit for purpose and I lost over 1k etc etc . I have been trying to pay my debts back and am using step change but with my Erudio debt it is going to take me until 2035 I will be nearly 60!, I still don’t earn 25 k and started paying this back when I was actually earning 10k whilst in university. I offered them a minimum payment today (which was very low but I am poor ) , I have repaid 10% of the overall debt already; however, they have refused it. They say they will hold the account for me but I don’t know what this means. Can I keep them holding the account until these debts get wiped as I have been reading or have I ruined that now by starting to make repayments? Any help is greatly received. I just want to be able to move on, clear my smaller debts and actually start saving at the grand old age of 40. Am I going to have this Erudio debt hanging over me until I’m 60??
Thank you in advance for any advice

Sorry to take so long to reply. Some questions for detail: when were you loans taken out? When did you go back to university and SLC informed you of arrears? How big are the arrears? Have you acknowledged the debt in the last 6 years?

Missrcj

Lungboy wrote: »

Sorry to take so long to reply. Some questions for detail: when were you loans taken out? When did you go back to university and SLC informed you of arrears? How big are the arrears? Have you acknowledged the debt in the last 6 years?

Hello .
I went to uni and took loans out in 1997, 1998 and 2000 (took one year out to twist a subject and work). I then when back to university in 2013 - which is when I contacted the sac. My loans were around 12k but with the minimum payment I have been making for 6 years this has come down to about 9k. I have acknowledged the debt because I thought they would send bailiffs around to my shared house. I have also tried to offer a settlement figure (very low) which they have refused.
Thanks

*resit not twist

Lungboy

Missrcj wrote: »

Hello .
I went to uni and took loans out in 1997, 1998 and 2000 (took one year out to twist a subject and work). I then when back to university in 2013 - which is when I contacted the sac. My loans were around 12k but with the minimum payment I have been making for 6 years this has come down to about 9k. I have acknowledged the debt because I thought they would send bailiffs around to my shared house. I have also tried to offer a settlement figure (very low) which they have refused.
Thanks

*resit not twist

It sounds like your loans might have been statute barred in 2013 but by paying I think it's too late to use that line. Have they defaulted your loans and demanded them all, or are you just in arrears?

Lungboy

erudioed wrote: »

Just a quick heads up. They are getting desperate now to get some money. They are sending out new settlement letters that seem to be about 20% of the loan and accrued interest. This is the offer they should have made when they first contacted us, instead of putting us through all its lawyer backed tricks and lies. The letter also has about a week deadline to force us to take up the offer quickly. Hopefully no one will pay them a penny, unless they think they will not be able to defer for the next few years, in which case it could be a good deal. One thing for sure, Erudio dont deserve a penny from any of us, considering how they invaded our lives and then used the tried and tested trickery of a debt collector to try and then even deceive the wider world by lying to journalists and the like about what they were actually doing to us, such as not sending out DAFs and saying they hadnt received our DAFs. I am sure they are selling access to our data on its pay to look debtors database (which I suspect they are still doing, especially those who have enrolled with their portal due to the sheer volume of data a company can collect when we visit a site these days, and not to mention their cookie which will be sat on our computers).

Anyway, not long until the loans get wiped now...

Thinking some more on this, last year when people were being offered 50% discounts, I was only offered 30%. I'm therefore not expecting anything close to the 20% offered this year. If I were, I think I'd actually accept it though. Given the money I've cost them in legal fees and FOS fees, they wouldn't be making a penny off my loans, plus I still have 9 years to run on mine and should get dangerously close to the threshold in a few years time.

erudioed

Lungboy wrote: »

Thinking some more on this, last year when people were being offered 50% discounts, I was only offered 30%. I'm therefore not expecting anything close to the 20% offered this year. If I were, I think I'd actually accept it though. Given the money I've cost them in legal fees and FOS fees, they wouldn't be making a penny off my loans, plus I still have 9 years to run on mine and should get dangerously close to the threshold in a few years time.

I think the size of the discount is related to how many years until the loans expire. Those who have contacted me with this 20-25% discount all seem to have around 3-4 years left.