Incorrect Settlement Figure, Erudio Student Loans?

Croker

Hi!

Having paid off all of my other debts, I am about to finish off my student loans in full, early in October.

I rang Erudio (SLC sold my loans to them, like many others) in late August, to get an idea of a settlement figure...and here's where my issue starts.

They told me that my settlement figure (including the August payment) would be £3317.56. A few days ago, however, my Erudio Student Loans Annual statement arrived, which clearly showed that my outstanding balance was £3312.84 (and that was after the interest for August - it's applied to the loan on the last day of the month - was applied!).

Has anyone else here settled their loans with Erudio early, in full? I'm struggling to grasp how settling the loan in full would cost me £4.72 more than I actually owe!

Have I just been given garbage information on the phone by an idiot? Does anyone know how Erudio calculate their settlement figures? Obviously, it's often the case that the loan company offer a discount for early settlement - does anyone know if Erudio do this?

Any help you can provide would be greatly appreciated!

rizla_king

Interest is added monthly but calculated daily, so for a settlement part way through the month interest for that part month would be added. Erudio will not take part settlement yet. They figure they can bully full amounts at the moment.

Thrugelmir

Interest accrues on a daily basis until settlement of the balance.

Lungboy

I don't think a single person has managed to get a reduced settlement out of Erudio yet.

Croker

Yeah, it's pretty much as I feared then; they're a bunch of spivs. Fair enough.

So, in order to settle the loan in October, I should probably prepare for all of October's interest to be added on, even if I intend to pay in full on something like 5th October?

rizla_king

Croker wrote: »

Yeah, it's pretty much as I feared then; they're a bunch of spivs. Fair enough.

Definitely.

Croker wrote: »

So, in order to settle the loan in October, I should probably prepare for all of October's interest to be added on, even if I intend to pay in full on something like 5th October?

probably