ERUDIO student loans help

pepedopolous

Hi,

I had to write 2 emails to Erudio to get a response on my deferment which I've now been waiting 4 weeks for. They say that they have a backlog and that there will be 'a slight delay'. I've just got to keep waiting.

I'm seriously considering cancelling the direct debit. I live abroad and earn a very low salary when converted to GBP. The 2 payments that Erudio have already taken mean that my English bank account is almost empty. If the deferment isn't approved in time, I will have to transfer money to my English bank account (which there is of course, charges for), or get charges for not having enough money to cover the DD, and go into arrears anyway.

The fact that I might have to go through this ordeal every year is just a nightmare!

Tommygunn

I received two letters from Erudio yesterday, dated the 20th June 2014, one confirming my deferment to 2015 and the second confirming my Direct Debit. The DD letter states my 'Date of First Collection' as the 15/7/14 and that they will debit £0.00. I'll be watching that!

So from start to finish this basically took a maximum of four days! I emailed my docs on the 17th and these letters got printed on the 20th.

Pepedopolous,
Exactly the reason why I cancelled my overdraft on my UK current account.

pepedopolous

Er... 4 days VS 4 weeks+!

Glad for you but what the heck is going on with Erudio? Maybe they don't know how to use the currency converter on google?

Mrcameraman

Hi, a few weeks ago I successfully deferred my loans for another year and have a confirmation letter from Erudio to prove it. However, they claim that I have £2700 of arrears that need to be repaid - this is on the same letter as my deferment.

I am aware that I had arrears with SLC with these loans. I assume that I now owe Erudio and not the SLC for arrears? I successfully deferred last year with SLC too even though I had arrears. However, the amount Erudio are asking for is around a grand less than what SLC was claiming I had.

I want to be sure I don't end up paying Erudio and SLC for arrears, and that Erudio's claim is genuine as I did miss deferment for a couple of years in the past. I am willing to pay back, but need to be sure it's with right company and for right amount.

Any tips would be great.

fermi

- The accounts have been assigned to Erudio, warts and all, so they are entitled to claim the arrears now.

- I suspect the amount of arrears has reduced due to this?

http://www.moneysavingexpert.com/news/loans/2014/04/refunds-for-1990s-students-after-loan-company-blunder

I've heard of quite a few people getting at least £600 to £1000 wiped off either balance or arrears due to those refunds.

nilocmac

I have just got my deferment letter. I should be able to defer for a year. However I reach my 50th birthday before the next deferment so what happens when I reach that milestone?

fermi

If that is the write off date for your loans then you will be able to write to Erudio requiring them to cancel and close the loans. AFAIK you can do that on the date, rather than waiting for the end of the deferment.

abraxas

Thanks from me also for all the invaluable advice on this forum. Last week I got my letter from Erudio saying that the loans are deferred until 2015 - the letter was dated two days after they received my form and evidence. No request for further information.

As my direct debit was already moved from SLC to Erudio (and showing up on my bank account as dormant), there was no need to give them my details again (which I pointed out to them), and being self-employed I only sent them my latest self-assessment, no bank statements. Again, to preempt them stalling my deferment, I pointed out to them that, according to their guidance notes, no more information was needed. Finally, like most people, I crossed out the text about recording my deferment with CRAs and removed the last page, explained that I withheld my consent, that my signature only referred to certifying the information given in the form. In my cover letter I stated the same thing, said that I considered their change of tactics threatening behaviour and that I would complain to Erudio and other relevant bodies in due course.

While my deferral has gone very smoothly so far, I will remain on the lookout, in particular for any money taken on or after my actual deferral date (9th July), and for any information recorded on my credit file.

Also, I will be 50 in the next few months so should have the loans written off then. I will call them myself and ask for my file to be closed as I don't trust them. I will report back what happens. In the meantime, I will formulate a complaint and follow the discussion here, taking part in any petition or joint action.

PS: Like others here, I think this whole issue might become the equivalent of the PPI fiasco - Erudio being forced to climb down over 'deferment on credit records' and being forced to pay compensation for the mishandling of the whole process and payments wrongly taken.

erudioed

maybe filing freedom of Information requests for any issue you would wish to know more about from places like BIS would be beneficial to us all and help expose important information that would tell us if it is like the PPI issue and such things.
There are 2 in the works already:
https://www.whatdotheyknow.com/request/erudio_student_loan_sale#incoming-533491
and this one:
https://www.whatdotheyknow.com/request/due_diligence_for_the_purchase_o

that site is very good as i understand it, so anyone with specific questions could request information directly from government bodies, and especially BIS as they conducted the due dilligence test that thus far remains a total mystery. What did they discuss about CRAs for example, what information is being passed backwards and forwards between Erudio and BIS after the loan sales, what was BISs stance on selling the loans to a shell company and one with strong ties to the channel islands (especially considering Cameron's suposed war on shell companies), the subcontracting of the deferment process and a hundred other better questions i am sure you have just thought up that need answering. Get requesting!!! I understand the limit on a particular investigation is £600, so specific questions targeting specific pieces of information is better. Then we will be able to find out many more answers collectively, especially as one of the above requests was refused by BIS for being too general and the investigation exceeding £600. If they are hiding info, this is how we can find out together.

erudioed

One of those FOI requests about the price of the loan sale just answered by BIS:
https://www.whatdotheyknow.com/request/erudio_student_loan_sale#incoming-533491

I note they dont include any documents though, so maybe requests need to ask for the evidence/documents to back up their claims!