Erudio partial settlement

edited 13 January at 5:24PM in Student MoneySaving
1 reply 149 views
Lucy666Lucy666 Forumite
9 Posts
Part of the Furniture Combo Breaker
edited 13 January at 5:24PM in Student MoneySaving
Good morning!

I have received another of those partial settlement letters and I am considering paying because I am very close to the threshold and if I do get a pay rise next year then I will be over the threshold (but I may not get a pay rise!).

My question is - in the letter it says, in the FAQ section that they will not sell on the remaining part of the loan if I settle. Is that statement legally binding, with it being put in writing, or could they go back on this at any time in the future?

I am worried that if I partially settle and they do go back on this and sell the remaining part of the loan to another company then I have lost my rights to age related cancellation and the ability to defer. Could this happen?

If I don't partially settle, and end up over the threshold, then I wI'll end up paying back around £1k more than this settlement figure.

Thanks in advance for any advice.


  • kaMelokaMelo Forumite
    1.8K Posts
    1,000 Posts Fourth Anniversary Name Dropper
    I'm assuming this you are getting close to the loan being wiped, hence they are sending you a reduced settlement figure.
    Ensure anything you're agreeing to is in writing and contains "In full and final settlement" This ensures they cannot come back later for the remainder.
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