Understanding Erudio and arrears

MissrcjMissrcj Forumite
14 Posts
Fourth Anniversary

Can anyone help me with this post I put on another forum about Erudio?

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
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