ERUDIO student loans help

edited 30 November -1 at 1:00AM in Credit File & Ratings
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  • @ Mr McGuffin Sorry, just realised you were referring to the info on the arrears notice, as well as the statements. I haven't received an arrears notice, so can only go by what's on my annual statement, but if it helps, the Regulations I linked to yesterday also cover the info that has to be included in the arrears notice, at Schedule 3 here:

    http://www.legislation.gov.uk/uksi/2007/1167/made
  • edited 22 December 2014 at 4:53PM
    zombizombi Forumite
    46 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    edited 22 December 2014 at 4:53PM
    Here's a brief sum-up of my situation:


    1) Had no communication initially to say 2 of my 3 loans had been sold to Erudio. Received deferral confirmation from SLC dated March 2014 (the first time I noticed Erudio's name against my loans).


    2) Erudio took TWO payments from my account while I was in deferral (they only admitted to one, I had to get the bank to refund the second under a Direct Debit Indemnity Claim - they also instructed me to cancel my direct debit, which I did).
    I emailed an official letter of complaint at this point, which I received an acknowledgement by post from Erudioin MAYstating they'd get back to me within 8 weeks.

    3) I then received the letter stating that they'd messed up my interest and would not be charging it again until January.
    4) Received my statement in from Erudio in September which clearly states that I have NO arrears.
    5) Received the remedy of account letter yesterday dated December with a notice of sums in arrears dated MAY stating that I am in arrears to the tune of £200ish as of May.

    I am contacting the Ombudsman today


    I am so, so sick of this.
    meh...
  • JonezJonez Forumite
    117 Posts
    zombi wrote: »
    Here's a brief sum-up of my situation:


    1) Had no communication initially to say 2 of my 3 loans had been sold to Erudio. Received deferral confirmation from SLC dated March 2014 (the first time I noticed Erudio's name against my loans).


    2) Erudio took TWO payments from my account while I was in deferral (they only admitted to one, I had to get the bank to refund the second under a Direct Debit Indemnity Claim - they also instructed me to cancel my direct debit, which I did).
    I emailed an official letter of complaint at this point, which I received an acknowledgement by post from Erudioin MAYstating they'd get back to me within 8 weeks.

    3) I then received the letter stating that they'd messed up my interest and would not be charging it again until January.
    4) Received my statement in from Erudio in September which clearly states that I have NO arrears.
    5) Received the remedy of account letter yesterday dated December with a notice of sums in arrears dated MAY stating that I am in arrears to the tune of £200ish as of May.

    I am contacting the Ombudsman today


    I am so, so sick of this.

    I thought that if you have split loans, then all deferment applications are handled by SLC?
  • erudioederudioed Forumite
    681 Posts
    Seventh Anniversary 500 Posts Name Dropper
    ✭✭
    I also think that is the case. If it is, Erudio have no right to raid your bank account for any instance, which to me sounds like theft if they have.
  • erudioederudioed Forumite
    681 Posts
    Seventh Anniversary 500 Posts Name Dropper
    ✭✭
    I just had a tweet on my twatter account from someone who contacted Erudio today, with Erudio telling them that it was mistake and to ignore it. I would still suggest taking your complaint to the Ombudsman and asking them to contact erudio on your behalf, that way Erudio will feel the pressure from their mistake and make the Ombudsman more familiar (frustrated) with them.
  • edited 24 December 2014 at 9:59AM
    Mr_McGuffinMr_McGuffin Forumite
    91 Posts
    edited 24 December 2014 at 9:59AM
    anna2007 wrote: »
    "We understand you are dissatisfied the 'First Loan Payment Date (from SLC to you)' stated in your annual statement is incorrect. We can confirm this error was the result of not receiving this information from SLC during the migration of your loan account details. We hope you will understand we are unable to comment on the sequence of events that led to us not receiving this information whilst your account was being administered by SLC. Consequently the date stated in your Erudio annual statement for this section, xx/xx/xxxx, is the date your loan account was established. We are sorry for any confusion this may have caused you, however we can confirm this error has no detriment to you or the way your loan account has been administered by Erudio".

    Thanks Anna. Yes, it was the Notice of Sum in Arrears I was asking about, but the Annual Statement has the same changed dates so it is interesting to hear the 'explanation' of Erudio for this.

    'We understand you are dissatisfied the 'First Loan Payment Date (from SLC to you)' stated in your annual statement is incorrect.'

    - This makes no sense, because Erudio had dates consistent with the SLC statements when it issued the Notice of Assignment in March, and changed these in the Annual Statement in September and Notice of Sum in Arrears issued now with the Remedy of Account in December, while also changing the 'original loan amount' described against each loan number.

    Why, if this information is incorrect, does Erudio choose to describe it as First Loan Payment Date (from SLC to you)? If it is 'the date your loan account was established', why is it not described as such in a statement designed and drafted by Erudio itself?


    'We can confirm this error was the result of not receiving this information from SLC during the migration of your loan account details. We hope you will understand we are unable to comment on the sequence of events that led to us not receiving this information whilst your account was being administered by SLC.'

    - Erudio had this information when it issued the Notice of Assignment, so how can this be true? What can it possibly mean that 'we are unable to comment on the sequence of events that led to us not receiving this information'?


    'Consequently the date stated in your Erudio annual statement for this section, xx/xx/xxxx, is the date your loan account was established.'

    Where does this date on which Erudio states 'your loan account was established' come from? From the SLC, or not? What is it based on? Has Erudio just made this date up? And if this is before the loan agreements were signed or loans were paid out, how can it be 'the date your loan account was established'? And what is this 'loan account' now, if it is not the account described in the Notice of Assignment, with the amounts specified there, but is rather a sort of close substitute? Why has this been done?

    Why is the 'original loan amount' in the Notice of Sum in Arrears a penny less than in the Notice of Assignment?

    In my Erudio Annual Statement the Balance shown on 31 Dec 2013 is a penny more than that shown as 'Balance as at 1st Jan 2014' in the Notice of Assignment. This is a small difference, but it means the balance decreased by a penny in the passage of a day, rather than increasing by over 30 pence as by my reckoning it should. What is the reason for these penny differences?

    Why do the details on the Notice of Assignment not match those of the 'loan' and 'debt' now being collected by Erudio?

    'We can confirm this error has no detriment to you or the way your loan account has been administered by Erudio.'

    -How can this be an accident and not intentional? There does not seem to me a reasonable possibility that this was not done on purpose. What is the meaning of the word 'detriment' in this context?

    On its website 'FAQs' Erudio gives an answer to its own question about the Remedy of Account letters and the cryptic 'issue' that has allegedly affected so many accounts. I hope someone can tell me if any of it is true from their experience as it is not from mine.

    Erudio says the Notice of Assignment letter gave notice that a 'potential issue had been identified'? Mine certainly did not, is that true for anybody else?

    Apparently we 'should have received a pack with a number of documents to confirm the details of the issue.' Has anyone received such a 'pack' or any such 'documents'?
  • GirlGeekGirlGeek Forumite
    55 Posts
    Eighth Anniversary Combo Breaker
    After sharing with less emotional people I've realised my 'notice of arrears' letter should have been sent to me earlier in the year (around the time they were wrongly taking payments from me and I was getting them back from my bank), and they aren't asking for anything, this is not clear!

    All the bluster on both parts of the letters sent this week makes it seem very much like you owe them money and you should pay immediately. I was never going to give them any as I am in deferment until next year but I was going to start another complaint. There will still be another complaint but from a different angle regarding their incompetence! These letters are, I'm sure, just designed to scare people into paying 'the idiots' money they don't owe!

    Seething doesn't quite describe how I feel!
  • edited 23 December 2014 at 1:58AM
    dizzybuffdizzybuff Forumite
    1.5K Posts
    edited 23 December 2014 at 1:58AM
    The minion I talked to at erudio today said the letters could have been better timed. Err no !!!! sherlock.
    ONE HOUSE , DS+ DD Missymoo Living a day at a time and getting through this mess you have created.
    One day life will have no choice but to be nice to me :rotfl:
  • "Erudio customers have been left confused after receiving backdated arrears statements over the past few days..."
    Read the full story:

    Erudio's arrears mail-out leaves graduates confused

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    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
  • ericcthekingericctheking Forumite
    328 Posts
    ✭✭
    [Of background interest from today's FT:

    "Private group to help exchequer chase £20bn debts
    Sarah Neville, Public Policy Editor

    Whitehall
    Ministers have struck a deal with a private US-owned company in an attempt to collect more than £20bn in debt owed to the exchequer for unpaid taxes and student loans as well as overpaid benefits and grants.
    The government is creating a joint venture with TDX Group, a leading “recovery management” company whose parent company, Equifax, is based in the US. TDX will have a 75 per cent stake in the new entity, Integrated Debt Services Limited, with the government holding the remainder.

    The new company will receive a proportion of any unpaid debts collected beyond the figure secured in 2013-14. The Cabinet Office would not reveal the percentage to be paid, citing commercial confidentiality.
    The move to establish the joint venture is the latest sign of how a smaller and leaner Whitehall is adopting different ways of working in the hunt for big efficiency savings. In the Autumn Statement last month, George Osborne, the chancellor, set a target of an additional £10bn in economies to be achieved by 2017-18.
    Initial clients will include HM Revenue & Customs, the Department for Work and Pensions and the Student Loans Company. The aim is to widen it by bringing in other areas of the public sector, including local government.
    The backdrop to the initiative is the government’s less-than-sparkling rec!ord in collecting what is owed to it from many sources. These include unpaid fees, taxes, fines and loans, overpaid benefits or grants, and unrecovered costs from court cases.
    Earlier this year the Commons public accounts committee criticised the government’s failure to establish a “cross-government approach” to managing debt and securing more money for the exchequer, despite the direct impact it had on government borrowing.
    This inaction had led to large volumes of old debts building up in departments that were unlikely to be collected, it said. The Cabinet Office said that working with TDX would allow the government “to access best-value private sector knowledge and expertise” on how to collect it. The other clients already signed up to the new venture are the Home Office, the Legal Aid Agency and the Driver and Vehicle Licensing Agency.
    TDX Group, a supplier of debt collection systems based in Nottingham, was founded in 2004 by Mark Onyett, a former executive of credit card issuer Capital One. The group helps large businesses, including some of Britain’s biggest banks, manage their debt collection. It was bought by US-based Equifax, a credit referencing agency, at the start of this year in a £200m deal.
    Mark Sanders, managing director of TDX Group, said it used data and analytics to understand what individuals in debt were able to pay. It then applied “the most appropriate and effective strategies using the best suppliers from the private sector”.
    TDX’s software analyses customer data to categorise loans in order to identify the most suitable company to collect them at the best price. Its Plato platform, for example, provides businesses with an outsourcing arrangement that takes over the management of their debt portfolios, giving tranches to a range of collection agencies.
    The business has grown substantially over the past decade, along with the expansion of consumer credit. TDX is estimated to have handled up to 50 per cent of total debt sales in the UK at one point, although that has dropped significantly over the past few years.
    A recent report found that TDX might have inflated debt sale prices while lowering barriers to entry, allowing smaller companies to buy segments of loan portfolios."
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