ERUDIO student loans help

anna2007

@ JeLaw - scratch all of the above, just realised you won't have had your application pack yet!

But yes, still let the FOS know about your concerns, the FCA too, intervention from either is our only real hope for getting Erudio to backtrack.

fermi

JeLaw: What years were your loans?

cmw1212

I'm in a total panic regarding this now, I sent my app for deferment back weeks ago- got a reply this week saying i hadn't signed the form but they haven't enclosed what I sent just sent a new form.

StressedHubby

I've been lurking here for a couple of weeks reading the posts and praying that it wouldn't happen to me until this morning......

I got a letter from Erudio asking for additional information for my deferment. Despite me clearly stating in my letter to them that I did not have a copy of my most recent Tax Return but enclosed my books from my accountant they are insisting that I have to not only provide that, but also three months worth of bank statements.

Additionally, they have asked for copies of all the benefits letters covering the current period with supporting bank statements.

Given that I supplied everything (except for my Self Assessment) already, I called them. The gentleman I spoke to was not completely useless, but was very much unaware of how the systems work for Erudio. It turns out after some digging that Erudio have received all of my paperwork, but still felt it worthwhile to ask for the same information again but did acknowledge that they did not require bank statements confirming that we actually do receive these benefits. When I asked if that was also the case for needing the statements to prove my self employed status they also agreed that No, I did not need to provide them.

Unfortunately, I was also told that my account was in arrears due to them not processing my form within six weeks. When I asked if that meant that I was in breech of the loan agreement, I was told that I could just pay them the months owed payment and continue to do so until the deferment was granted.

They have also "lost" the covering letter I sent in with all of the other paperwork which asked several questions which they have completely ignored. In pressing for answers to my questions, the gentleman I spoke to was unable to answer a single one, but did confirm that I will have to go through this every year.

I have just looked up my MP's availability for a face to face meeting as I'm going to actually go and speak to him and ask him for answers from his Rt Hon friend in the Business dept.

I am also seriously considering a FOS complaint as I am in default through no fault of my own and could become liable for repaying the whole loan which I clearly cannot afford to do....

The only bright side to all of this is that I was told that would be no charge for a copy of the conversation and all I had to do was to write to them, requesting a copy of the audio and making sure to quote my Customer Reference Number. Once I have this, I will transcribe it and trot off to see my MP......

ericctheking

StressedHubby wrote: »

Unfortunately, I was also told that my account was in arrears due to them not processing my form within six weeks. When I asked if that meant that I was in breech of the loan agreement, I was told that I could just pay them the months owed payment and continue to do so until the deferment was granted.

but did confirm that I will have to go through this every year.

I am in default through no fault of my own and could become liable for repaying the whole loan which I clearly cannot afford to do....

If anyone is overseas I would just say bye bye erudio your poxy county courts have no jurification here and enjoy another cocktail,

ericctheking

but that is just for lucky overseas people.
someone needs to find some loopholes that really stuff up erudio good and proper!
play them at there own game?
Any suggestions?

Racheyp

I have today finally received written confirmation that my loan has been deferred. I seem to have been quite lucky in that my deferment period ended on 14/05/14 and this letter was not dated until 20/05/14! I had been checking my bank all week as I had not heard anything and was just waiting for a payment to be collected on May 15th! No money was collected and the letter I received today states that my deferment is now until 2015. I truly hope that this remains the case and that by this time next year the whole process is much simpler! Good luck to those of you still waiting to hear!

JeLaw

fermi wrote: »

JeLaw: What years were your loans?

Fermi, I have two loans outstanding. One from 1997 and one from 2000.

Anna2007, I hope you get your deferment sorted soon! I think you're right about securing that before going into battle... I suppose I don't have the immediate urgency and so thought it might be a good idea to make a pre-emptive complaint - perhaps helping others as well if it forces Erudio to admit we don't have to use their form?

StressedHubby, that's definitely something to officially complain about - and take to the FOS (and of course, your MP). Their (excessively) long delay in processing your deferment cannot put you into default.

fermi

Well, if you are worried about them having permission to report the loans to the CRAs then they already have that for the 1997 one anyway.

Up to you if you use the forms, but given that they seems to be accepting that people can blank out the non relevant parts and defer, then you are going to have to decide whether you want to have the 'forms or no forms' argument on principle and perhaps have a drawn out affair, or just get deferred quicker and easier.

erudioed

im not so sure it is so easy for overseas students as just ignoring them. The infamous WARNING at the end of the deferment forms has a contentious part that suggests 3rd parties can be affected by the issue being reported to CRAs as a default...which i believe to be another change to the T&Cs not really picked up thus far. I think this is a rather significant one, and another of Arrow's sweeping assumptions that does not take into account specifics of student loans. I have been assured by BIS that student loans will in no way affect anyone other than the borrower, which is slightly different from other loan defaults. I dont know the law and such things but these things need to be answered before just ignoring the letters.