MSE News: Are you an Erudio student loan holder? We want your feedback

lycosfreak

I hate Erudio with a passion, i still cant defer my loan, harassing threatening letters and emails with legal action, debt passed to debt collection agencies(that is hilarious as thats what they are) threatening to remove my right to defer and age related write off.

These guys are making it up as they go along. I WILL NEVER GIVE IN, sadly because i cant afford to.

dizzybuff

I hate them. They fail to calculate pay correctly. They add child care vouchers onto pay. Meaning my pay is 2k over what I earn. They are discriminating against single working parents. They have had me in tears today

crapola

I received a reply to my tweet asking @MSE_Forum for an update on all this. Apologies for the short delay letting you all know, the response landed onFriday, 5th December:

"Hi! Our News team's forwarded the forum replies on. We expect it'll take a while to review all feedback received".

So, something else to add to the growing list of “Thing’s I’m Waiting for Erudio to Do”…….

dizzybuff

I have had one through today if youvwant a copy

Pluthero

AReeves wrote: »

I am acting for a client against Erudio and it has been stated in correspondence by Erudio that:

"you will be aware that the DAF is currently under review following customer feedback and consultation with moneysavingexpert.com, BIS and other stakeholders and that the particular provision involving consent to register the loans at CRAs to which you have objected in your earlier e-mail has been deleted from that discussion draft."

The draft I saw on this forum in early November does not agree with the above statement. So has there been a new draft of the DAF provided since then?

Anthony Reeves
Lawyer”

Great news Anthony. Shows they were wrong in the first place! Pity it took a lawyer to make them back down. Bullies hate being Bullied

I guess they are working on a new DAF using the feedback provided on the MSE forum but it is not available yet. I would suspect a phantalax of laywers are going to be involved in drawing it up, making sure Erudio are keeping things nice and legal and not the half assed crap they have tried to pull thus far! My lawyer will have the final say over me signing any new and improved DAF I can promise you that.

AND BIS are still involved even though they seemed to have washed their hands over anything to do with the sale. Interesting?! Guess our howls of rage on the various forums got someone in authority to listen; Or are they just afraid future sell off of the remaining student loans could well be in danger over such adverse publicity and court action. Lets face it the 890 million sell off is peanuts to what MONEY could be made in the future. Or am I being too cynical?

Anyway good news all the same and thank you for all your continued efforts to bring Erudio to Heel. :beer:

rizla_king

dizzybuff wrote: »

I have had one through today if youvwant a copy

They are not sending the draft new versions out to people though? They've not even finalised those yet.

Nutisbak2

This might well be of interest to Anthony and his client, along with all others on these forums and anyone else who has one of the loans recently sold off to Erudio by the current Conservative regime in power.


Little has actually been made of this, yet but I firmly believe the Gov't betrayed the British public with the sale of these loans by showing that it can not be trusted.


Most of you probably like me recently received letters saying that Erudio had discovered a previous breach of the Consumer Credit Act regulations by the Student Loans Company.


However what isn't being mentioned is what this breach actually was and that it is the whole reason why these loans were sold off in the 1st place.


These breaches left the Student Loans Company and therefore the Gov't/Taxpayer open to all the loans potentially being wiped out if anyone had taken court action.


By selling the loans onto Erudio the Gov't effectively performed damage limitations and in doing so all parties have attempted to cover their backs by employing top law firms and trying to sew up / limit the ability of people to attempt legal action in the future.


I would personally love to see everyone band together perhaps via the NUS head office, who incidentally don't have the financial muscle to take this to court without us backing them but would love to see a case here.


Personally I think if a group of Lawyers saw fit to take this case on it could be a potential name maker, the Gov't, Erudio, the SLC and everyone else involved effectively committed fraud and have let down the British public!


There are so many issues which have come to the fore from this sale, but this is one thing which seems to have been swept under the carpet by everything.

The fact is that we were wronged and we should have been consulted and given a choice in how things were dealt with and these wrongs were righted.


Instead the Gov't took this decision away from us and in doing so has wronged us again.


I strongly believe that a court case against those involved here has high potential for a positive outcome and I would be more than happy to be involved.


Time to stand up and be counted everyone, there are more than enough of us, imagine if you had been given the opportunity to pay off your loans at the 18 pence in the pound Erudio payed to take them and I firmly believe we should have had the opportunity to offer or better it!


Your choice, apathy, sit on your backside and hope it goes away or fight, because the next thing Erudio will be trying is to remove the age clauses from these loans where they get wiped when we hit 50.

rizla_king

The error by SLC was sending consolidated arrears notices rather than separate ones for each loan held.

Just means that SLC couldn't charge interest or charges while they were sending the wrong format so these had to be refunded. Erudio agreed to pay those as part of the purchase price & conditions.

Since it was only interest and charges being wiped for a few people who happened to be in arrears at the time the wrong paperwork was being sent the principle of the the loans and interest & charges in compliant periods or where arrears were not present are due and payable and cannot be wiped due to this technicality.

Remediation has taken place and there are no grounds for wiping the remaining balances and certainly no grounds for legal action.

crusty_toenail

I have 4 student loans taken out in 1996-2000. Every year I have sent in a deferment letter on time and this year like the other years received my confirmation letter from the student loans company stating my loan deferment had been successful in June 2014.

I received a letter out of the blue in November from this company saying I owed them £600 for defaulting my loan. This was the first letter I ever received from them. Not knowing if it was a fake company I Google them and found this site so I thought OK I don't know what is going on but perhaps they bought my loans. I telephoned Erudio and got a girl on the phone who told me I hadn't deferred my loan and I would need to start making payments as it was now in arrears and if I didn't they would pass my details to a credit agency and I would have difficulty getting credit. She said she would sent me out a document of income and expenditure which I would need to complete for a start!
I told her I had deferred my loan and she said she had no evidence of this.
I got off the phone, found my deferment confirmation letter and called the number on the letter which took me to another company called Thesis. Apparantly thesis have bought some of the loans and erudio have some so the girl in thesis checked and said they did receive my deferment letter and all the loans had been deferred and I had nothing to worry about and what had happened was the student loan company hadn't let erudio know I'd deferred.
I phoned erudio back a couple of days later and they said they had received the deferment letter but I still had an arrears owing on my account. I was so angry at this stage as was worried this would effect my credit score and I hadn't done anything wrong I explained I shouldn't have an arrears and went through the whole story. I was then put on hold for 15 min and they said there was NO arrears on my account and they would contact me April time regarding my deferment.
Why do I get the feeling erudio are going to be a nightmare every year to defer. The girl in Thesis was great though and if it hadn't been for her I'd have been getting in contact with the FSA and my local mp.

Ed-1

crusty_toenail wrote: »

I have 4 student loans taken out in 1996-2000. Every year I have sent in a deferment letter on time and this year like the other years received my confirmation letter from the student loans company stating my loan deferment had been successful in June 2014.

I received a letter out of the blue in November from this company saying I owed them £600 for defaulting my loan. This was the first letter I ever received from them. Not knowing if it was a fake company I Google them and found this site so I thought OK I don't know what is going on but perhaps they bought my loans. I telephoned Erudio and got a girl on the phone who told me I hadn't deferred my loan and I would need to start making payments as it was now in arrears and if I didn't they would pass my details to a credit agency and I would have difficulty getting credit. She said she would sent me out a document of income and expenditure which I would need to complete for a start!
I told her I had deferred my loan and she said she had no evidence of this.
I got off the phone, found my deferment confirmation letter and called the number on the letter which took me to another company called Thesis. Apparantly thesis have bought some of the loans and erudio have some so the girl in thesis checked and said they did receive my deferment letter and all the loans had been deferred and I had nothing to worry about and what had happened was the student loan company hadn't let erudio know I'd deferred.
I phoned erudio back a couple of days later and they said they had received the deferment letter but I still had an arrears owing on my account. I was so angry at this stage as was worried this would effect my credit score and I hadn't done anything wrong I explained I shouldn't have an arrears and went through the whole story. I was then put on hold for 15 min and they said there was NO arrears on my account and they would contact me April time regarding my deferment.
Why do I get the feeling erudio are going to be a nightmare every year to defer. The girl in Thesis was great though and if it hadn't been for her I'd have been getting in contact with the FSA and my local mp.

The good news for you is that you have split loans - not all of them are with Erudio. Therefore SLC continue to deal with deferment for all of your loans and Erudio have no say in your deferment - they just need to be informed by SLC of their decision. So your situation is a heck of a lot better than those who have all of their loans with Erudio and have to apply for deferment with them.