ERUDIO student loans help

rizla_king

Old style student loan accounts are consumer credit agreements and because of that Erudio needs to be authorised by the FCA now and they can take action against them as they would any other consumer credit firm. I think the person you spoke to was probably just a bit confused by the fact that they are student loans so thought they weren't regulated credit. New type loans are not consumer credit so if had have been them instead the bloke at the FCA would have been correct.

Jill18

I have sent an email to the BIS address. Thanks Erudioed for everything you are doing and posting on here.

ericctheking

One point with people phoning up erudio and asking questions and getting told things is to NOT trust anything that is said on the phone, they will literally say anything. It might be a good idea if you decide to phone them, or receive a call from them to RECORD all conversations in case things get messy.
By the way, they need proper grounds for registering a default (there is a proper procedure to go though that takes time) it isn't just a case of, no direct debit details you are in default, it doesn't work like that.

erudioed

Are the FCA now repsonsible for Erudio. i really am no expert on these things...is erudio a consumer credit firm because they arent loaning any credit, just collecting a debt, and surely just a debt collector. I dont know how these things are classified.
And no problem Jill18, please let us know of any progress!

rizla_king

Debt collection is also regulated by the FCA as they need a credit license for that as well.

http://www.fca.org.uk/firms/firm-types/consumer-credit

Most businesses that offer goods or services on credit, lend money to consumers or provide debt solutions and advice to consumers will be carrying out consumer credit activities.

This includes credit card issuers, credit brokers, payday-loan companies, pawnbrokers, businesses offering hire purchase agreements, log book lenders, peer-to-peer lenders, and debt management and collection firms.

If you are a new consumer credit firm – so did not have an OFT licence and have not submitted an application for one to the OFT – you can apply for authorisation.

If you or your firm held an OFT licence and you want to continue carrying out consumer credit activities after 1 April 2014, you had to register for interim permission and we will tell you when you should apply for authorisation. But you can continue to see and amend your interim permission details.

If you held an OFT licence but exited the market by 1 April 2014 you should tell us you have stopped consumer credit activities.

You can see our final rules for consumer credit firms and a guide to being regulated by us.

rizla_king

Search for Erudio on the FCA register.

http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew

They are there as an authorised and regulated firm.

erudioed

thats a great find, nice one. So, i am assuming it definitely is them who we should be complaining to.
After a whole day of it yesterday just trying to find someone, as you mention, everything has changed today in that regard.

Right after a search of that page of company info they were actually called Honours Trustee 2 Limited before changing their name to erudio. There webpage can be found by typing "honoursstudentloans.co.uk" (i kid you not). They have been in this buying student loans business for some time:


the FAQs have a few interesting bits in that differ to what they now send out, as well as what they need for deferment and when CRAs are contacted, albeit it they are for loans taken out later than ours.
I dont know what it means but i guess it helps paint in the background,

rizla_king

erudioed wrote: »

thats a great find, nice one. So, i am assuming it definitely is them who we should be complaining to.

Complain to both the FCA AND FOS.

FOS: http://www.financial-ombudsman.org.uk/consumer/complaints.htm

erudioed

here is more on this very site about honours student loans, our beloved first incarnation of erudio:
ttp://forums.moneysavingexpert.com/showthread.php?t=770411
add an h at the start


it seems they really are mercenary

ericctheking

Actually I thought Honours were owned by nationwide, thesis servicing by link financial. (these were the first loans to be sold off, however they were/are still administrated by the SLC)

Check out this link, it seems erudio are buying these up under the radar too.

http://www.credittoday.co.uk/article/15150/online-news/debt-buyers-snap-up-securitised-loans

At least before with thesis and houners deferment was/is still done through the SLC, looks like these loans (or maybe just hounors) will be administrated by erudio too.