Refund of Erudio/Honors Loans

Pajaro

Hi,

I recently found out that I was 19 pounds below the threshold for the 2015/2016 financial year for a Mortgage Style Loan. As I changed jobs during the year(with one above the threshold and another below) I was making payments nearly all the way through.

Now I seem to recall that Student Loans Company would refund the money and Erudio/Honors took over the loans on the basis they would keep the same terms/conditions.

I have asked them for my money back but they keep refusing.

Has anyone been in a similar situation to this?

[Deleted User]

Have you asked them why they are refusing? that should be your starting point.

Lungboy

Deferment is usually granted on a yearly basis. If you'd contacted Erudio when your wage dropped then they might have re-evaluated you (doubt it though) but I wouldn't think you'd e entitled to a refund. You'd need to find the relevant section of the loan T&Cs.

Pajaro

Lungboy wrote: »

Deferment is usually granted on a yearly basis. If you'd contacted Erudio when your wage dropped then they might have re-evaluated you (doubt it though) but I wouldn't think you'd e entitled to a refund. You'd need to find the relevant section of the loan T&Cs.

I never signed any contract with Honors/Erudio as it was with SLC. SLC would be happy to refund me in this circumstance and they took on the loans on the basis that they keep the terms and conditions the same, and so no reason for them not to refund them.

Pajaro

venison wrote: »

Have you asked them why they are refusing? that should be your starting point.

They say they have made a "business decision" not to refund me.

I am getting this in writing from SLC that I would be entitled to a refund in this case if the loan was still with them. Once I have this in writing I can see the appeal to the Financial Ombudsman going in my favour.

Lungboy

Pajaro wrote: »

I never signed any contract with Honors/Erudio as it was with SLC. SLC would be happy to refund me in this circumstance and they took on the loans on the basis that they keep the terms and conditions the same, and so no reason for them not to refund them.

SLC being happy to refund unfortunately has no bearing on it if they were doing it to be nice rather than because it's in the T&Cs. As a comparison, SLC didn't take certain benefits into account for deferment because they chose not to when they could have, but Erudio do because they are allowed to.

You'll need to find it in the T&Cs that it's a refundable situation otherwise you're on a hiding to nothing i fear.