Erudio partial settlement

Lucy666
Lucy666 Posts: 9
First Anniversary Combo Breaker
Forumite
edited 13 January 2023 at 4:24PM 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.

Comments

  • kaMelo
    kaMelo Posts: 2,297
    First Anniversary First Post Name Dropper
    Forumite
    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.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards