ERUDIO student loans help

fermi

I have not yet heard of Erudio reporting a deferment or anything other than a search on anyone's credit file?

Does make you wonder how certain they are in their "considering"?

To hammer many 10's or 100's of thousands of peoples credit files with those entries if they are not totally certain of their legal grounds would after all be a very foolish thing to do, leaving them open to action from the regulators and widespread claims for compensation from students.

aloadoflatchikos

Forever wrote: »

I am pretty sure that we all signed a contract saying that we need to show only pay slips over a 3 month period (plus proof of any other forms of income).

I know I have seen reports on-line that Erudio have changed their request from 3 month's pay slips plus a P60 to just 3 month's pay slips (plus proof of any other forms of income).

So, it looks like they realised that their initial request was not meeting our original contracts.

We did, I managed to find my original Student Loans Agreement, however, they continue to peddle the line that we need to supply a P60 and a letter from our employers. I know this because once again they refused to defer me and demanded that all this superfluous documentation was supplied. It appears they are peddling different versions of the T&C, which begs the question Why?. Divide and conquer comes to mind. Zach Lewy could not lie straight in bed at night!

rizla_king

You need to make it a formal complaint that as per the original loan terms and legislation you have given them more than sufficient evidence to show that your income in the 3 months following deferment is unlikely to be over the threshold. P60 and letter from employers is not required to show that. That you will take them to the FOS if they carry on being unreasonable and they must give you a final reponse.

erudioed

fermi wrote: »

I have not yet heard of Erudio reporting a deferment or anything other than a search on anyone's credit file?

Does make you wonder how certain they are in their "considering"?

To hammer many 10's or 100's of thousands of peoples credit files with those entries if they are not totally certain of their legal grounds would after all be a very foolish thing to do, leaving them open to action from the regulators and widespread claims for compensation from students.

They say they WILL report them on those radio shows and such. My own personal feeling is that they will do it when things have calmed down. They have that Experian Collection Network after all that Arrow suggested, created, pays for and runs, which Experian benefits from, and also that other special deal with Experian signed around the same time as the Erudio sale, which must have some importance because Arrow now has another 250,000 odd pieces of new, previously unregistered loans to offer CRAs. After all, the bigger the database, the more value it has. My issue is whether that is legal to trade this particular info, especially as its a student loan sold on and with accounts in deferment. My feeling is it probably is, otherwise they wouldnt keep saying they will. Maybe it will be the ombudsman who decides on that if enough of us put together detailed complaints. I bet very few people know about the Experian Collection Network run by Arrow for example, so such info could add another layer of complexity to whatever it is that Arrow thinks is legal and proper. Saying you are promoting responsible lending is one thing but making cash and benefiting from that info is another, especially if you have evidence of other deals Arrow has with CRAs to evidence the counterargument against them doing it to promote responsible lending. They get so wrapped up saying this, they accidentally let slip that they are 'responsible lenders' on those radio shows...something preposterous because Erudio purchased debt and is seeking to collect it. I state my life on it that Erudio has never lent a penny to anyone.
My gut though, going back to the original point, is that they are waiting until the bad press (or any coverage at all because they want to remain invisible to the wider public so they're in a good place to purchase the next round of student debt via another shell company, and maybe even start being the lender at some point) has died down, hoping that us on the forums will get bored with them, then they will pass on the info on mass.
That said though, i also have a slight suspicion you may be right Fermi, in fact i hope you are, because this whole CRA issue smells bad. Everything about it, from the threats, to the consent for post-1998 loans on their 'welcome pack', to the implicit permission given to them in the signature on the deferment forms, to the given reasons for reporting the loans, to going against SLC protocol, to the discovery of Arrow's at least 2 private deals with Experian, all smells rather bad, something i think quite a few of us have picked up and are following to see where it goes. I know there are very good fights to be had in other areas as well but Arrow have consistently made this issue highly suspicious in their deceptions for some reason, and i suspect it is for something we have yet to find out. I personally feel the Experian Collection Network is somewhere on that path to evidencing something that will strongly question the responsible lending argument.

aloadoflatchikos

rizla_king wrote: »

You need to make it a formal complaint that as per the original loan terms and legislation you have given them more than sufficient evidence to show that your income in the 3 months following deferment is unlikely to be over the threshold. P60 and letter from employers is not required to show that. That you will take them to the FOS if they carry on being unreasonable and they must give you a final reponse.

Unfortunately, Erudio lives in denial. I have sent 3 letters of complaint about their tactics, however their response are delaying strategies, either refusing to except there is a complaint or requesting further proof of gross income. Despite informing them of my contacting the F.O.B , registering an initial complaint about them and giving them an 8 week deadline to either defer my loan or involve the F.O.B, Erudios response at this moment is to ignore it. It remains to be seen what their next step is, but the moment of reckoning is fast approaching.

Eeey

Just adding to the tally. Checked my account today and found ELS had nabbed £115 with no warning at all after agreeing to defer. Have emailed their customer services and wondering what to do next.

patanne

Ring your bank and get it back via the direct debit guarantee. It almost defies belief that they are still advocating these loans for 18 year olds knowing what is in the future as they have said they will also be selling off future loans. It is my understanding that they will be doing it much sooner too!

Jonez

Just had confirmation that my deferment application has been accepted. To be fair - it was pretty straightforward, though they didn't inform me that they considered the application incomplete at first, due to my not sending a bank statement. I only became aware of this after asking for a progress update after three weeks. They did, though, accept my argument that a bank statement would prove nothing but my wife's income and she wouldn't agree to this. They then asked for a second letter from my wife, confirming that she meets all of our outgoings etc. The whole thing took approximately seven weeks, which does seem rather slow in comparison to the SLC.

Forever

My latest news:

My application to defer was delayed as they felt they didn't have enough evidence. During which time they dipped into my bank account, and I suffered the usual poor customer service that we all know too well.

Then, they accepted my application to defer. They acknowledged my complaints, and even upheld some of them.

However, now I have just received a letter stating they will start taking money out of my account from next month! :mad:

When will this nightmare end?

Jonez

Forever wrote: »

My latest news:

My application to defer was delayed as they felt they didn't have enough evidence. During which time they dipped into my bank account, and I suffered the usual poor customer service that we all know too well.

Then, they accepted my application to defer. They acknowledged my complaints, and even upheld some of them.

However, now I have just received a letter stating they will start taking money out of my account from next month! :mad:

When will this nightmare end?

Have they explained why they are to start taking payments? The fact you are receiving two contradictory sets of information seems to indicate that they are not even working from a single case file?