Erudio is out of order - student loans

mark7667

First of all, just to let you know, your loan is just one of two hundred
and fifty thoussand sold to Erudio, indeed every student loan
taken between 1990 and 1998 was sold to Erudio. This total debt was
£890 million pounds worth, but was sold to Erudio for £160 million.
Now £890 million pounds worth was from over 250, 000 loans, so
be assured, this letter was sent to over one hundred thousand people
at least. I assume the number could be higher than this as
that works out at an average of 2.5 loans per person. Just google
'Student loans sold to Erudio' or any similar words for more info on this.


Anyway, I just got my student loan deferment pack throught the post and
am outraged at what is going on by Erudio. The wording they
are using on the form is deliberately meant to frighten the
most vulnerable people who are not in a very good financial position.
Because Erudio know the terms of the student loan are as they same as
they were before, they intimidate because there is nothing else they can do if you are entitled to deferment...
It's easy to get caught up in Erudio's intimidating, shameful
tactics. The worst people always target you when you are at your weakest. This is Erudio.... First things first, do not sign the form and send back before consulting others and doing more research online and getting some free legal advice online, which is what i'm going to do... The information on what Erudio is asking for on the deferment form is, from what i have read on other sites, totally out of order and may not be permissible (which is what I have read so far on internet sites). In addition, I'm most likely going to submit a letter I found on a website rather than fill out the form.
In addition to the letter i will provide proof my income is below the level required to pay.

Apparently, from what i have read, by signing the form, the signer/student is saying that they agree to the new rules of your information being passed on to credit reference agencies and debt collectors, which is deliberately meant to intimidate. These Erudio people give the impression they are loan sharks from their wording, when they have no power to make you pay if you are entitled to deferment!
I'm doing more research online and see if i can get some free legal advice
on this ridiculous deferment form!.

babyboos

I am currently in deferment but the letter says status repaying is this incorrect do I need to worry does anyone's form say deferred in it thanks

calliopeviolet

Babyboos: are they taking any money from your account?

If not, then it's probably just an error, but, if I were you, I would speak to them, or email them (so you have it in writing) to confirm that your account is in deferment, and attach a copy of the letter you had (from SLC, I assume?) saying that you're in deferment.

xv_biker1

was there any further news on this?
did you manage to get any advice on the legal aspect of this?
thanks
dave

veeek8

I'm glad I'm not the only one who noticed that! They say the terms haven't changed and then it says in the small print that if you defer they will send your details to credit reference agencies, and thus, have bad debt on your file when you're actually just adhering the initial loan terms! Really really sneaky!!
Please let me know if you get anywhere with this, I'm going to get some advice from CAB...

Tixy

For info
There is also a long thread on this on the Credit File section of the forum which may interest anyone posting on or reading this thread - ERUDIO student loans