Miss-sold a loan from the government

ericctheking

Pixie5740 wrote: »

Is your argument that you think the government shouldn't have sold the loans to Erudio rather than the loans shouldn't have been given to students in the first place?

The loans should never have been sold off and current loans shouldn't be sold off is my argument.

ericctheking

Hanky_Panky wrote: »

Your points are also being countered but yet you keep repeating them as if that makes them more valid - it doesn't.
Personally I am really happy if having to take out these 'eye-watering' loans prevents someone from wasting 3 years at University doing Media Studies or a similar non subject that is of no use to them at all when they get into the job market. It certainly made my Daughter think twice and rightly so.

I have supplied evidence from Parliament, government advisory websites etc. I think you are the one with ideological blinkers on!
There are doctors who volunteer in war zones, lawyers who work pro-bono etc. but for you University is all about increasing earning potential.

ericctheking

Did you know Stoke city are sponsored by bet365?
They don't produce children's replica kits with the sponsors name on it.
Newcastle United are sponsored by Wonga. Again no replica kits for kids.
Why? because you can't promote these things to minors!

If student loans stay controlled by the government there is no problem because it is legal as they are not trying to make money from them, the loans are lent for public policy rather than a view to a financial gain.

ericctheking

Notice the drip of articles about how student loans were not being re-payed a few months ago (even if this is according to the terms and conditions and the whole design of them as public policy) just before the government was trying to flog them off?
It has dried up a bit after Vince Cable stopped the sale. But, the plan is after the election to sell off the student loan book again.
I bet there will be another drip of articles about students not paying back loans (not paying back according to the TandCs but that doesn't matter when you have a ideology!)
The loan book that was sold off is relatively small in number and value. therefore it hasn't made waves so much. Just you wait till the current loan book is sold off (with loans of over 30,000pounds and a lot more people!) then people will think they were tricked into thinking it was a special kind of loan from the government not something that a Wonga like company had over you!
And some of you think there is or will be no miss-selling scandal????
Maybe you are right, at the moment the numbers are too small, the value of the loans too, but just wait until the rest of the loan book is sold off.

ericctheking

Regarding selling off the loans;

Unfair Terms in Consumer Contracts laws - you can't hold either party to the small print if the clause is important and you didn't bring it to the attention of the other party.

ericctheking

http://www.independent.co.uk/news/education/higher/tuition-fees-three-quarters-of-students-wont-be-able-to-pay-off-their-debt-9866446.html

So it started, government propaganda saying that these people are dodging their responsibilities when they are just sticking to the terms of the agreement!

Hanky_Panky

ericctheking wrote: »

I have supplied evidence from Parliament, government advisory websites etc. I think you are the one with ideological blinkers on!
There are doctors who volunteer in war zones, lawyers who work pro-bono etc. but for you University is all about increasing earning potential.

Yeah, right 'o ! Talk about clutching at straws.

Still ignoring the pertinent question though.

ericctheking

Hanky_Panky wrote: »

Still ignoring the pertinent question though.

Which is? you haven't even asked a question!
Is it about how much compensation ex-students should be paid for mental distress? ha-ha
I'm only half joking there because if you take a look at the Erudio student loans thread some people are suffering sleep-less nights and disabled people are being bullied.

ericctheking

For currently sold student loans the promotional material, government advice goes like this;

These are not regular loans and are with the government so different to taking out a regular loan.
They do not go on credit records and effect your chances of getting a mortgage.

Don't forget this is marketed (and even sold!) to minors!

Then this;
http://www.dailymail.co.uk/news/article-2838631/Graduates-facing-mortgage-timebomb-university-debts-having-applications-turned-9-000-year-tuition-fees-saddle-high-debt-repayments.html

Then the loans are actively as we seek being tried to be sold off to debt collecting agencies with questionable practices.

If you think this is right you must need your head examining!

Sarebear78

ericctheking wrote: »

For currently sold student loans the promotional material, government advice goes like this;

These are not regular loans and are with the government so different to taking out a regular loan.
They do not go on credit records and effect your chances of getting a mortgage.

Don't forget this is marketed (and even sold!) to minors!

Then this;
http://www.dailymail.co.uk/news/article-2838631/Graduates-facing-mortgage-timebomb-university-debts-having-applications-turned-9-000-year-tuition-fees-saddle-high-debt-repayments.html

Then the loans are actively as we seek being tried to be sold off to debt collecting agencies with questionable practices.

If you think this is right you must need your head examining!

Agreed - I do feel especially sorry for the future graduates who will have significantly more debt due to tuition fees etc.

Because this juicy pot of debt will be sold off to the governments mates, no doubt!