Erudio Student loan

Helenmelons

My student loan was sold to Erudio and in doing so, they managed to 'not receive' my loan deferment forms. They did not contact me, but recorded a default on my account. I only discovered this recently after checking my credit file as i'd like to get a mortgage.
I have contacted Erudio and negotiated a 50% settlement as I can't pay the whole amount and want it gone! They have said it will be recorded as a 'partial settlement' but I will not be liable for the remainder of the balance. They will not remove the default despite my requests. I have complained to the ombudsman and it's being investigated. If a partial settlement was recorded, is there any chance of me getting a mortgage? Thanks

National_Debtline

Hi Helen,


They will only remove inaccurate information, so unless the default is incorrect it cannot be removed I am afraid. A partial settlement shows that you paid the debt but not in full. It will not specify how much you have paid and can have a negative affect on your credit file. However, a partial settlement is better than an outstanding default - but it's not as good as a fully settled debt.


This may affect your ability to get a mortgage, however, it is difficult to say for certain. You may want to speak to an independent mortgage broker for more guidance (just be careful of their fees).


Laura
@natdebtline