ERUDIO student loans help

in Credit File & Ratings
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  • How seriously do you think we need to consider gaps in periods of deferment? When I started to need large print documents about 5 years ago the (then) SLC always took longer to produce them, so my deferment period always ended, the first payment was taken by d/d (at which point I'd phone them AGAIN to ask why it was taking them so long). I'd then send back my DAF with evidence, be deferred & get a refund from SLC, & I never worried about it.

    But again, although Erudio have finally deferred me, there is a gap in my last deferment periods even though there are no arrears on my account. I've assumed that as there are no arrears then they can't refuse to write off my loans when I'm 50 - am I being too trusting again :D
    The deferment 'gap' thing is something Erudio tried last year (and is something to look out for this year), where they post-dated the start of the new deferment period, leaving a one month gap, when obviously the deferment period should run on from when your last deferment period ends.

    If people don't notice Erudio have done this, or notice but don't get it sorted, I think Erudio will keep it in reserve, possibly until it comes to loan cancellation, then claim a repayment's due because technically there was no deferment in place during that one month. I'm not saying Erudio can get away with that and I would hope most would tell them to get stuffed, but some might pay the one month just to be done with them and get the loans cancelled or worse, think that they're no longer entitled to have their loans cancelled, because Erudio say they are "behind on repayments" (the only reason Erudio can refuse to cancel the loans).

    They may also be trying to manipulate Regulation 10 (schedule 2) of the loan regs, where it says "Each deferment period will last for 12 months beginning on a date the lender tells the borrower".

    If Erudio tries this with anyone, my advice is to get it sorted now, as it'll be more of a headache years down the line (and they might argue that you've accepted it, if it's not questioned at the time). Get it confirmed in writing that there's no 'gap' in deferment - I have emails/letters from Mr Filer's office, and Erudio's Customer Services and Complaints Team, and it's also in my FOS complaint as an example of their crap customer service. Having done all that, I'm waiting to see if Erudio say my deferment's up in July, rather than June when the deferment should end...
    Anyone know if there is an agreed (by reputable companies :D) maximum duration a payment holiday can last for, given that its a temporary thing according to Erudio?
    I've only seen these payment holidays in relation to mortgages. Not sure, but the duration probably depends on how much the borrower is struggling to meet repayments, and how flexible the lender is? I'm sure it's something that would only be allowed for a matter of months, not years.

    There is no way a 3 year deferment (or 1 year for that matter) can be considered temporary. And if someone's never earned over the deferment threshold, they've been on a "payment holiday" for anything up to 22 years - how can that be considered by any sane person as temporary? It's ridiculous.
  • edited 27 February 2015 at 11:36AM
    erudioederudioed Forumite
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    edited 27 February 2015 at 11:36AM
    Its ridiculous they want to list our loans with CRAs. Unless they get paid in kind or something with Experian, there is no need to do it. It is malicious. Seeing a 15-25 year old loan, whether listed as payment holiday or some other kind of double speak, will definitely not look good to anyone who sees it on someone's file and is after a loan/credit of some kind. It would be easier to just not include it. I would hope Erudio arent making money of such a thing, especially as all our info was given to a government agency with the relative levels of privacy one would associate with doing so, so the only people it could affect is us...as such, there is no need to do it and create problems for us.
    If Erudio choose to do it, to me, it is a declaration that they have nothing but contempt for us and revel in ruining the possibility of acquiring a loan/credit in the future. If their 'customers' cant get a loan from somewhere else, do Erudio consider that stopping such a thing could potentially mean freeing up some kind of future payments for them when they try to micro-manage our finances. After all, if Erudio's customers have multiple loans they are paying monthly, Erudio may not be able to take the full slice of what they deem is owed to them if it came due. Im not sure i explained that too well, but hopefully the idea is clearish.
  • edited 27 February 2015 at 12:33PM
    anna2007anna2007 Forumite
    1.2K Posts
    edited 27 February 2015 at 12:33PM
    @ erudioed That makes a lot of sense :)

    It seems to me that Erudio would be taking quite a gamble if they do go ahead and report our loans. It makes the case for mis-selling much stronger. If they damage our credit files, they also expose themselves to numerous court claims (also for breach of contract over clause 16). If/when the loans are reported, Erudio also lose the advantage that the threat of reporting might give them (people might pay up to avoid their credit record being affected, but once the loans are on the credit file, they remain there for 6 years, and there's no advantage to the borrower in paying up).

    With all of the risks, it's entirely possible that there is some other financial benefit to Erudio, such as a deal with Experian and their mysterious "collections network", or "bureau", or whatever the eff it's called.
  • zombizombi Forumite
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    Just been on the phone to the SLC as I've not received a deferment application form for my split loans (1 Thesis, 2 Erudio) 19th April deadline yet. They say the form was sent on 13th feb so it may have got lost in the post.


    When I asked them to send another they say they don't have permission to re-send it (!!). Apparently I have to contact each loan company directly and ask them to request to SLC that they send a new deferment application form, or fill out one of each of the companies own forms. It's obvious what Erudio will want me to do!


    I am so unhappy. I'm not astute enough to deal with all the issues Erudio have caused me. There's so many hoops they're trying to force me through I think I'll end up being caught in the end.


    Asking my MP to assist with this hasn't helped either - all he did was re-send a copy of my original complaint to Erudio. He made no mention of bringing this up as a matter to the government as I suggested. We're royally screwed and they don't give a sh*t.
    meh...
  • erudioederudioed Forumite
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    That sounds ridiculous zombi. I am no expert but whoever told you that is wrong. This must happen often and sending out a deferment form is such a small thing.
  • anna2007anna2007 Forumite
    1.2K Posts
    @ zombi As you're a shared borrower, you don't have to have ANY contact or dealings with Erudio.

    Surely you only have to complete one form to defer all 3 loans? That's what Erudio's website FAQs suggest anyway, as it says to contact one of your loan owners to request a form. It's probably easiest to contact Thesis and they'll instruct SLC to resend the form (I do remember reading that SLC won't deal with borrowers directly, although one or two have been told there's a 'customer liaison' department within SLC for dealing with enquiries).

    Whatever you do, DON'T complete Erudio's DAF!
  • zombizombi Forumite
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    Eriktheking, thanks for your PM, I don't think my PMs are working so can't thank you through that.


    @anna and erudioed I've just sent an angry email to SLC.


    Maybe too much anger involved actually (lesson to self, calm down before pressing 'send') but I'm near breaking point. We shall see:




    Dear Sir/Madam


    I have just been speaking on the telephone to one of your representatives. I have three loans, split between Thesis (1 loan) and Erudio (2 loans). My current deferment ends on 19th April 2015 and I have not yet received a deferment form from you. After speaking with your employee I was informed that the deferment application form had been sent on the 13th February and if I have not received it yet, it may have been lost in the post.


    I then requested that your company send me a duplicate form (by post or email) and was told by your employee that this would not be possible to do as you “don't have permission from the two loan companies to send a duplicate”. All I want to do is defer my loan as I am entitled, using your application for deferment form (as YOU are managing the deferment process with split loans) and you give me a ridiculous excuse as to why you cannot resend the form.


    Your representative then told me that I would need to contact both Thesis and Erudio directly to have them send one each of their forms for me to fill out. This is not something that I should be expected to do. I reiterate:



    YOU are managing the deferment process with split loans.



    All I request is a duplicate form from you so that I can apply for deferment AS I AM ENTITLED. Last year I had two unauthorised payments taken from my account by Erudio – they state that they didn’t receive notification of deferment from you in time even though you sent confirmation of deferral to me within a week. I shall not be contacting Erudio for one of their forms as I am currently in dispute with their company via the Financial Ombudsman. Are you not aware of the issues this sham of a company has been causing to hundreds of past students like myself? Particularly as their own deferment application form is a legal minefield. I will not put myself in the position of having my credit record ruined because of Erudio’s underhand tactics.


    If you absolutely will not send me a duplicate form I am happy to email or post you copies of my last 3 months payslips and attach a covering letter with relevant details (please state which details you need). I have done this previously, as a few years ago you ‘lost’ my completed form, so I am certainly aware that this is possible. AND my loans were split between you and Thesis at that point - in case your excuse for not enabling this uses that as a reason.


    I would appreciate a rapid response and resolution from you as my deferral end date is almost due.


    Thank you

    meh...
  • Graduates with an Erudio student loan who are eligible to defer paying it can now use the firm's revised deferral forms...
    Read the full story:

    Revised Erudio deferral form available from today

    OfficialStamp.gif


    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.
  • fermifermi Forumite
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    zombi wrote: »
    I then requested that your company send me a duplicate form (by post or email) and was told by your employee that this would not be possible to do as you “don't have permission from the two loan companies to send a duplicate”

    Complete and utter dribble from whoever you spoke to at SLC.

    That is scandalous. :eek:
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • fermifermi Forumite
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    Your replies to PMs are coming through fine here zombi. :)
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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