Erudio Student Loan, Advice Please

rizla_king

The conditions for writing off the loans have not changed. Erudio have to stick to them.

• You were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50.
• You were aged 40 when your last agreement for a student loan was made and you reach the age of 60.
• Your last agreement for a student loan has been outstanding for no less than 25 years.
• If you are permanently unfit for work and can provide evidence to show that you receive disability related benefit

Grunaki

Thanks for your responses.

I asked a friend for advice and he was all "get a second job and pay them off - you borrowed that money and it's your duty to pay it back".

I don't see why I should as I'm still under the deferment threshold and they're a bunch of loan sharks who bought my debt for a fraction of its value.

My friend was also convinced that they'd still be able to come after me in Canada. Any ideas if they would?

Charity22

Please take legal advice I was told I had an new ccj against my name done in March 2014 after a lot of shouting and asking why the bailiffs were not knocking down the door I was told the ccj was in 1993 which is now well spent and not on my record they then demanded payment I refused as the debt is over 20 years old I was threatened with a debt collection agency I informed them to get in line. Please do not believe a word they say and get proper advice regarding these harrassment letters.:mad::mad::mad:

Good luck

ericctheking

Grunaki wrote: »

"you borrowed that money and it's your duty to pay it back".

That old chestnet!
There is no duty to pay it back if you earn under the threshold and you reach 50.
We are sleep-walking into a huge miss-selling scandal.
This relates to current student loans too.
Student loans have always been sold in a different way to other loans.
Think about it - how can we enter into a contract where we are lied too when sold the loan? Which is what is happening even now! The "don't worry, it isn't like other loans, you don't have to pay it back if you don't get a high paid job" speil.
Now with incresed tuition fees, if the student loan is "just like any other loan" people need to make a rational decision on if it is worth borrowing that money and going to university.
Student loans are sold one way but it seems to me they are slowly being changed into something else (a private sector asset)

csb101

I have been reading through previous posts regarding Erudio and glad of the information/experiences people have offered. I have always qualified for deferment due to earning under the threshold. However, my husband suffered an accident last year and has not been able to work. This means we get working tax/child credit on top of my wage. The working tax and child credit is paid in both of our names. My monthly income (wage and benefits) is £12 over the monthly threshold, meaning I will have to pay my loan. The forms indicates that they only want my income details, so do I put down the full amount for working/child tax as its in my names and my husbands name? I have phoned Erudio but the staff member wasn't very helpful and said that I wouldn't be eligible for deferment and payments of £131.00 would start in May!! I can't afford this. Am I within my right to ask for a lower monthly payment? Thanks for reading, CB

rizla_king

Must be something you can do about that. Try asking on the mumsnet thread as they are likely to know is anyone is. http://www.mumsnet.com/Talk/legal_money_matters/2057131-Erudio-Student-Loans-Continued

Grunaki

I submitted my deferment but I haven't heard anything back yet. My paperwork says my loan is due to start repayment on May 9th and the woman I spoke to at Erudio basically said that if they haven't processed my application by then, I wouldn't be able to defer, which I think is wrong as they've "already dlayed it a month due to the changeover". So long as it's been submitted and accepted for processing, then they shouldn't be able to enforce the repayment schedule until the deferment application has been properly processed.

I don't know how everyone else has done it, but I've never included my Wife's earnings when applying for deferment in the past, just my own paystubs. I don't know how they could ask you to include your spouse's earnings TBH - we file taxes seperately, so how can they say "her earnings are your earnings" - especially as I wasn't married when I took out this loan.

If I were completely destitute and/or couldn't receive benefits for some reason, and I was completely reliant on her, then I would say I was receiving 'an allowance' from my Spouse, but we both bring in money and put it in a joint account and don't keep track of who makes what, (as I believe most married couples do).

I get the impression that these people are going to use whatever dirty tricks they have at their disposal to force as many people as possible to start paying on these loans.

My friend's response about how I was happy to borrow the money and it was my duty to pay it back also upset me. I was 'happy' to borrow the money on the understanding that I wouldn't ever have to pay it back unless I crossed a certain earnings threshold. Yes it made my life at University a bit more comfortable, but in hindsight I could have gotten by without it quite easily.. Would have missed out on some nights out at the pub, but in the grand scheme of things I would probably just have gotten a bar job to make ends meet.

And I never once thought that the Student Loans Company would sell on an agreement that I was honoring with them to a bunch of Loan Sharks who make you feel that you're a sucker if you pay them and a criminal if you don't. (They've bought these loans for 5p in the pound - I would happily have given SLC that to settle it.)

rizla_king

Grunaki wrote: »

I submitted my deferment but I haven't heard anything back yet. My paperwork says my loan is due to start repayment on May 9th and the woman I spoke to at Erudio basically said that if they haven't processed my application by then, I wouldn't be able to defer, which I think is wrong as they've "already dlayed it a month due to the changeover". So long as it's been submitted and accepted for processing, then they shouldn't be able to enforce the repayment schedule until the deferment application has been properly processed.

That woman was talking a complete load of bull. The law and loan agreements say they must backdate any late deferment by up to 3 months.

Tell them that if they fail to process your deferment on time you will be taking them to the Financial Ombudsman. http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Tombola591

delete please

Grunaki

rizla_king wrote: »

That woman was talking a complete load of bull. The law and loan agreements say they must backdate any late deferment by up to 3 months.

Tell them that if they fail to process your deferment on time you will be taking them to the Financial Ombudsman. http://www.financial-ombudsman.org.uk/consumer/complaints.htm

She did say that once the deadline had passed, I could only defer for three more months and then payments would start, but that was always something SLC said.. Then again, with SLC I would send in my deferments and give them a call and they would always be all "Yep, that's OK we have it - nothing to worry about." and a few weeks later I'd get a letter saying my deferment had gone through.

I can't afford this, and I'm sick of well-off people telling me that I should 'just pay it' - it's vultures like these who caused that last recession.