Offer from student loan company

SingingJojo

Hi all,
I’m looking for some advice on the following.
Erudio, the student loan company have recently written to me with the following offer: if I pay off half my student loan, they will write off the other half.
I’ve never paid any back, as I was always able to defer. I took out some small loans between 1996 and 1999. I’ve heard a rumour that after 20 years the entire amount gets paid off, is this true, or wishful thinking!?
Many thanks,
Jo

badmemory

I'm sure there was something on here which said that unless you are going to be earning enough over the limit to pay it all off then taking this deal ios a bad idea. Just keep on deferring until it gets written of naturally.


There is a thread on here called ERUDIO student loans help - try reading the last few pages of that. It under credit file & ratings.

Ed-1

SingingJojo wrote: »

Hi all,
I’m looking for some advice on the following.
Erudio, the student loan company have recently written to me with the following offer: if I pay off half my student loan, they will write off the other half.
I’ve never paid any back, as I was always able to defer. I took out some small loans between 1996 and 1999. I’ve heard a rumour that after 20 years the entire amount gets paid off, is this true, or wishful thinking!?
Many thanks,
Jo

You mean you've had the loan over 20 years and never read the terms of it?

http://www.legislation.gov.uk/uksi/1998/211/schedule/2/made

In particular:



Also see:
https://www.moneysavingexpert.com/news/2018/10/student-loan-borrowers-who-started-uni-pre-1998-are-being-given-

badmemory

Thanks for the links Ed-1 - I've never learned how but knew someone would be kind enough to come along & sort it!

Lungboy

Erudio are absolutely NOT the Student Loan Company, don't mix them up. Erudio are a shell company that bought a load of loans and are now trying to get people who can safely defer to pay some back by offering a seemingly generous discount. You're far better off not paying a penny if you're deferred.