Erudio Student Loans settlement offer.

Case

It looks like a lot of people are saying that loans are written off after 25 years. On the back of my loan agreements it states ...after 25 years or you reach the age of 50, whichever comes sooner... . I reach 50 in 4 weeks and have heard nothing from Erudio.

Case

So now I have received an email inviting me to apply to defer through their web portal. I took out loans from 1993 - 1997. I turn 50 in two weeks, six weeks before my current deferment period expires, and it seems as though they want me to continue deferring. They don’t seem to be responding to emails asking why they haven’t written to me saying that these loans are now written off. Am I missing something from the terms of the agreement?

Lungboy

Which email address are you trying to contact them on?

Missrcj

Hello

Over the years I have got myself in various pickles with debts and not taking control of my finances. I also had the mortgage styles student loans (didn’t know this until Erudio told me) but I just thought they would take money out of my account when I earned a certain pay threshold. Being irresponsible I never looked into this further. However, I got caught when I went back to university in my 30s as I was told I could take out another loan. Student loans company said they’d been trying to contact me about a previous loan and instead of being able to take out a new loan I got told I had to pay the old loans back as they were now in arrears. I was worried they would send bailiffs around and I lived with a friend so didn’t want that to happen and for them to try and take her stuff. I have been paying Erudio back with a minumum amount ever since. Since finishing uni I got into further debt - took out a loan to buy a car, car kept breaking down, took out credit cards to pay for car repairs, car was declared unfit for purpose and I lost over 1k etc etc . I have been trying to pay my debts back and am using step change but with my Erudio debt it is going to take me until 2035 I will be nearly 60!, I still don’t earn 25 k and started paying this back when I was actually earning 10k whilst in university. I offered them a minimum payment today (which was very low but I am poor ) , I have repaid 10% of the overall debt already; however, they have refused it. They say they will hold the account for me but I don’t know what this means. Can I keep them holding the account until these debts get wiped as I have been reading or have I ruined that now by starting to make repayments? Any help is greatly received. I just want to be able to move on, clear my smaller debts and actually start saving at the grand old age of 40. Am I going to have this Erudio debt hanging over me until I’m 60??
Thank you in advance for any advice

Lungboy

Hi, you might be better off posting in the main Erudio thread https://forums.moneysavingexpert.com/discussion/4923210/erudio-student-loans-help&page=1

Posting on the Debt Free Wannabe forum might also be a good idea.