ERUDIO student loans help

erudioed

Just doing a bit of a look around about Arrow Global and found some rather telling comments on some share/investment site. Here are some of the recent comments how the top brass of Arrow Global run their company. The comments seem to suggest they have little confidence in the company and its management are just trading in their shares and raiding the companies profits at every chance:

1:You just have to see their directors shareholding to see even they won't hold this stock. For instance their founder, think his names Zachary Has been dropping shares over the years. The CEO take a £1m salary with a 70% bonus and 175% share scheme yet only owns £300k worth of shares. That's confidence?

2: Is selling shares.
This company generates £9m of profit
But
It pays it's executive suite more than £10m in salary benefits!

3: Company brags billions in AUM but generates so little profit. Then you look at the directors remuneration and you think this is daylight robbery. That's just the board, not even accounting for the others executives skimming the pot.
A good share is where founders and management boards own a material portion of the shares. Therefore when we loose they loose more. If the founders selling at 70p whatever the reason, it's troubling

4: I may be missing something here, looking at the director dealings I don’t see sales, just buys and transfers. No intention to support or slate Arrow, I already admitted my error to buy!

5: Pains me to say, worse investment I made. If investment grade debt has been downgraded to junk, what do you call the bottom of the barrel junk rated debt arrow has bought over the years when it's downgraded.

6: If you look at the history of annual reports, you can see the amount of shares awarded to exec board. Your talking millions, yet they hold virtually nothing now, which implies they have sold. Just look at the directors holdings, it's embarrassing. C suite normally buy into the share knowing the business direction. Your think they would be rushing to buy now, but nothing

Here's the site with the comments below: https://www.lse.co.uk/ShareChat.asp?ShareTicker=ARW&share=Arrow-Global

Pluthero

Sponge said:

Don't apologise. It's reassuring to read about other people's situations.

I finished my degree summer '96, but like you can't remember when I got my final loan; it may have been at the start of the academic year, ie autumn/winter '95. It would certainly make sense to get the money earlier, rather than later. All my reading on the matter has led me to believe that my loans are written off 25 years after the time they were due to start being repaid, ie April '97 + 25yrs. But reading today presented me with information that it's apparently 25yrs after the final loan was received/issued. Which would potentially mean they're written off a lot earlier!

Have not been on here in years. Cannot believe the length of this thread!

Loans are written of 25 years after you received your last loan payment. Usually in sept/november. I know this because I asked £rudio to confirm my freedom date which is November next year.

HTH

Lungboy

Yeah, your loans didn't start to accrue interest until you received your final installment of your final loan, so all write-offs are based on the date of your final loan. That's the same as if SLC were in charge.

Schnurrbart

@ Sponge - Like you, I often find it useful, and sometimes reassuring, to read other people's experiences. I was apologizing for thinking out loud, confusing myself and, possibly, others in the process! It can be illuminating to follow the convolutions of somebody's train of thought, but it's not very helpful if no clear, definite resolution is reached by the end of it. I feel like I went down the rabbit-hole, but didn't come back!

@ erudioed, Pluthero and Lungboy - Thanks for your posts. I did have another fairly long-winded post ready to copy & paste from Word to here, but I think I can cut at least half of that out now. Based on what you are saying then, am I (and the Thesis employee I spoke to) correct in saying that my loans, taken out in 1993, 1994 and 1995, will be written off later this year? Also, my annual statements mention a 'Date of First Movement' of 01/04/1997 - does anybody know what that means please?

I have always been below the repayment threshhold, and have successfully deferred every year. However, since things are rarely simple, there is one snagging point. On one occasion (possibly two) in the late 90s - after my final loan, and before the debts were allocated to Erudio, Thesis, etc. - SLC 'mistakenly' took some money from my bank account as payment towards the loan(s). My memory is regrettably vague on this. I remember phoning SLC to challenge them about the debit(s), but cannot honestly remember whether they returned the money to me or whether I just let it go, thinking "Oh well, it's not too much, and it means there'll be less to pay later on" (I was young, naive, far more carefree than I am now, and nowhere near as on the ball about such things as I should have been). My concern, and the reason I mention this, is that this payment (or payments) may not have been refunded to me and properly flagged as an error by SLC, and may now have some kind of bearing on things - most worryingly the possibility that the 25-year rule no longer applies to my loan(s). On the other hand, my conversation with the Thesis employee earlier this year gave me strong cause to believe that the 25-year rule does apply to me. He did say that my loans would be written off later this year, but he might have been saying this on the basis of the loan dates and my age, without looking closely at my account. I'm probably worrying too much; even if Thesis did tell me that the early debit(s) from my account invalidated the 25-year rule, I'd have little difficulty in proving that it/they should never have been taken in the first place and was/were a breach of their own rules. If there's a record of it, that is...

I am missing the first ten years of my annual statements, and have emailed Thesis to request them*. I'm hoping that this will help me establish just what happened regarding the debit(s). The statements should show it/them, along with the refund if the money was paid back to me. Despite my hazy recollection of exactly how much was taken from my account (and on how many occasions, and when, and whether or not I got it back), I am 100% certain that at least one amount was debited - so if the statements don't show it, then I'm going to have to grab my pipe and deerstalker. Could it be that the aforementioned 'Date of First Movement' is the date on which the first debit was made from my bank account?

* The fact that I'm only now doing this, in what is, it seems, the last year before the loans get written off - and what that says about my organisation of the admin of life (at least as far as student loans are concerned) - is not lost on me! But I'd half-forgotten about the 'accidental' debit(s) until re-engaging with this thread, and now want to get to the bottom of things before my account is closed.

Any thoughts or advice on the above would be most welcome. Thanks, and take care, everyone.

badmemory

I'm sure someone will confirm this for you but I believe that the April 97 date is the date they try for first repayment.  As in last grant received autumn 95, finish uni summer 96, first payment due the following April, although I thought the date should be the 6th to put it in the new tax year.

Lungboy

I've never heard that term before. I don't think our mortgage style loans got the year's grace before repayments started, that's for the newer loans as far as I know. Ours started to be due the month after you received your final instalment from what i recall. 

e: a bit of reading suggests i'm slightly wrong and that it's 25 years from the first payment you receive of your final loan, not the final payment of your final loan. There's an FoI answer to this somewhere, I'll try to hunt it down.

Sponge

This is one of the issues I'm having, but I don't want to approach Student Loans with a query, as they've left me alone and not caused any issues for nearly 25years and I don't want to stick my head over the parapet.

Before reading about that FOI all the research I've conducted and paperwork I've received, tells me the clock starts not when you receive your final loan, or even when your graduate, but the April after the time you graduate.

I received my final loan probably in 1995, the start of my final year. I can't remember when exactly. I graduated Summer of 1996. I wasn't asked to start paying my loan back, defer payment that is, until Feb/March the following year, 1997. 

So I'm working on the premise my 25yr clock starts April 1997. So my loans should be written off in April 2022.

Lungboy

Everything i can find says "Aged under 40 when your last agreement for a loan was made (usually your last year of study)? It'll be wiped 25 years after your first payment of your last loan agreement (usually the start of your final year), or when you reach 50 – whichever is earlier." and I'm sure this is based on an FoI response from the SLC or government, but I'm struggling to find it at the moment.

Cook1e

Well today I received a letter confirming that my loans have reached the required age, my liability to repay the balance has been cancelled. So that should mean that’s the end of dealing them. Sure was a bumpy ride at the start, but kept all my paperwork and communication trails and made sure everything was kept in order.  

erudioed

Arrow Global just had its own AGM where the majority of its shareholders voted "To authorise the Company to make political donations". It doesn't need much of an explanation what it means but it gives these bottom feeders a ticket to the dance for some time to come. Its also interesting to see its once again, and its not the 1st time since they've had our loans, that it has changed its board of directors. Its also authorised its itself to buy its own shares and authorised its directors to allocate shares up to a specific limit, which I assume means handing out its profits to themselves.

But, the making political donations stands out to me. They will be around for many years to come i would assume and anyone with a loan that goes south in the future will have 'these market leading practices' we have all experienced monopolised by this bunch of leeches, as well as their personal and financial info bought and sold to the highest bidder.

Here's a link to their AGM results for anyone interested, they are rather short: https://www.lse.co.uk/rns/ARW/result-of-agm-y6g9g9lfwbcbt3z.html