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  • FIRST POST
    TazFrank1
    ERUDIO student loans help
    • #1
    • 16th Mar 14, 9:32 PM
    ERUDIO student loans help 16th Mar 14 at 9:32 PM
    HI,

    My student loan has recently been sold to erudio student loans company. I currently defer my loan as I am below the salary threshold to pay it back. The letter states that erudio will supply details of my loan to credit rating agencies, something that has never been done before. There have never been any details of my student loan on my credit file. Will this adversely effect my credit score?? I know I am right to defer as I do not earn enough to start paying it back, however, I am worried that a 10k student loan debt that has not been paid off can only be a bad thing for my credit score

    thanks
Page 192
    • fermi
    • By fermi 26th Mar 15, 2:02 PM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    Yes, if you have some loans with Erudio and others with Honours or Thesis, then SLC carry on doing the deferments for both sets.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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    • londongirl
    • By londongirl 26th Mar 15, 2:09 PM
    • 148 Posts
    • 92 Thanks
    londongirl
    thanks, thats good then - hopefully it will be hassle free as normal. I've been gearing myself up all year for a nightmare.

    Fingers crossed its ok. Goodluck to everyone else!
    • fermi
    • By fermi 26th Mar 15, 7:13 PM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    Any more examples of Erudio wrongly quoting the 1997 regulations to justify their forms can you send to

    paloma @ moneysavingexpert . com

    Thanks
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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
    • fermi
    • By fermi 26th Mar 15, 11:17 PM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWcl3j

    http://www.erudiostudentloans.co.uk/news/default.aspx?itemid=MbTWcl2j
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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
    • erudioed
    • By erudioed 27th Mar 15, 6:54 AM
    • 654 Posts
    • 935 Thanks
    erudioed
    Nice one fermi. This is why we all need to raise hell and start complaining again to MPs and the money/finance sites. Arrow and Erudio are baiting us. They know they have sent out the DAFs late (if at all, mine still hasnt arrived), but now they are postings news that we better get our forms in quick or else.

    Sending the DAFs out 2-3 weeks later than normal certainly shows that they are baiting us. If they are so busy during this period, why didnt they send the forms out 10 weeks in advance. Their words and actions, once again, are a contradiction. And within that contradiction lies the truth...
    • Brooker Dave
    • By Brooker Dave 27th Mar 15, 7:40 AM
    • 4,921 Posts
    • 3,152 Thanks
    Brooker Dave
    MPs won't care about us, they're in it for themselves and have an election to worry about, given forms are unlikely to be sent out, send in a letter with the supporting evidence by recorded post, and when Erudio refuse to defer you which is your legal and contractural right, use the courts to enforce the agreement.
    "Love you Dave Brooker! x"

    "i sent a letter headded sales of god act 1979"
    • erudioed
    • By erudioed 27th Mar 15, 9:08 AM
    • 654 Posts
    • 935 Thanks
    erudioed
    Well, it is election time, and if any party is looking for evidence about why the governments privatisation drive is a disaster, then here is one good example. They may not be interested in the minutiae but i am sure quite a few would be in a more holistic view...they may even be shocked to here about what has been happening with student loans. We are certainly evidence/case example about what all future students will be confronting, starting with all those pre-2010 loans mentioned in the recent budget. I suggest peppering them randomly and who knows if one them will catch.
    • crapola
    • By crapola 27th Mar 15, 10:07 AM
    • 19 Posts
    • 49 Thanks
    crapola
    Hello everyone.

    I'm just calling in to say that my husband received his DAF yesturday, the covering letter is dated 14 March so its taken the usual "erudio time" to get here.

    Continued good luck to you all and let's keep up the fight!
    • Sarebear78
    • By Sarebear78 27th Mar 15, 6:59 PM
    • 146 Posts
    • 232 Thanks
    Sarebear78
    Mine arrived yesterday too, dated 14th March. Sent it back today (as had already worked everything out to use the online version). Now I'll wait for my '28 days' and then they'll probably try and make out there is something wrong with it!
    • Cornholio
    • By Cornholio 27th Mar 15, 8:56 PM
    • 43 Posts
    • 22 Thanks
    Cornholio
    Me too got my one today dated 14th after hassling them...will be off tomorrow recorded delivery......easy to process nothing but one income...!
    • Princess Jane
    • By Princess Jane 29th Mar 15, 9:33 AM
    • 913 Posts
    • 4,707 Thanks
    Princess Jane
    I'm waiting for this year's deferment form with excitement (not really).

    My husband has just tried to make a monthly payment for the first time (we now live abroad so he needs to start paying) and it's bounced back.

    He used exactly the details he was given - has this happened to anyone else?
    DEBT FREE! Sep '08/£9,800 in Oct '06
    • dizzybuff
    • By dizzybuff 29th Mar 15, 9:05 PM
    • 1,396 Posts
    • 2,302 Thanks
    dizzybuff
    I tend to phone them. I havnt tried the standing order info they gaVe me
    Going to phone them.soon as I'm waiting on compo. Once I've got This I'll be doing a foi to male sure they have scrapped my bank.details.
    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
    • evilsheep
    • By evilsheep 29th Mar 15, 10:06 PM
    • 223 Posts
    • 219 Thanks
    evilsheep
    Hi again. Haven't had time to read through all posts since my last message, but, in a nutshell, I received a letter rom Erudio in the last week along with a promise that a compensation cheque for £25 would follow! They're still insisting that I fill out their DAF though.

    I'll scan the letter tomorrow and give full details then. The plot thickens ...
  • basictonal
    ok i emailed erudio about deferring when the threshold changes in sept 2015. i will have to pay until then as i am over the current threshold.

    however they are saying i need to provide THREE months previous payslips and not just ONE, is that correct?:

    "Regarding the repayment, if the threshold changes and as long as you can prove that your earnings (for the last 3 months) are below it, you are eligible to defer"

    i thought that it was only one i need to provide?

    thanks
    david
    Last edited by basictonal; 30-03-2015 at 9:51 AM.
    • fermi
    • By fermi 30th Mar 15, 9:50 AM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    You've simply got to show that for the 3 months following the relevant one, that your income is unlikely to be above the threshold.

    There is no set definition of what evidence is sufficient to show that, but 3 months worth of previous payslips could be one way of doing it.

    However, if you circumstances have changed and those 3 months do not match what you will be earning in the NEXT 3, then they should accept alternate evidence showing what you are likely to earn from now on.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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    • thin king
    • By thin king 30th Mar 15, 10:23 AM
    • 18 Posts
    • 10 Thanks
    thin king
    Just a quick heads up people – I emailed Erudio regarding not receiving my DAF as I have reached the 8 week prior to end of current deferment date 19/05/2015. I was then told to my surprise that my deferment actually ends on the 19/06/15 – this cannot be right as it has always been in May, so I am concerned they are trying to pull a fast one by wrongly informing people of the end of their deferment so they go into default.

    It looks like I will be over the threshold this year so not really an issue for me (as I’ll be paying back) but just thought I’d warn you lot of more apparent dodgy admin!
    • anna2007
    • By anna2007 30th Mar 15, 1:57 PM
    • 1,182 Posts
    • 2,079 Thanks
    anna2007
    ok i emailed erudio about deferring when the threshold changes in sept 2015. i will have to pay until then as i am over the current threshold.

    however they are saying i need to provide THREE months previous payslips and not just ONE, is that correct?:

    "Regarding the repayment, if the threshold changes and as long as you can prove that your earnings (for the last 3 months) are below it, you are eligible to defer"

    i thought that it was only one i need to provide?

    thanks
    david
    Originally posted by basictonal
    As soon as the new threshold comes into effect on 1 September, you can apply for deferment and use your 3 payslips for June to August as evidence (which should all be below the new threshold)?

    I think I mentioned in an earlier post waiting until October to apply, but if your income in August is under the new threshold, then August would be the relevant month.

    The new threshold is announced around mid-August, so you could even apply then, with July being the relevant month, plus your 2 payslips for May and June. By the time Erudio faff about with your application, the new deferment threshold will be in place. I don't think the regulations prevent this (although Erudio will try to no doubt!).

    The wording from the regulations:

    9. Each year the lender will tell the borrower the new deferment level for the period between 1st September and the following 31st August. The borrower can defer making repayments of the loan if—

    (a)the lender has not already asked him to repay the loan in full, and

    (b)he can show—

    (i)that his gross income for the relevant month is not more than the deferment level, and

    (ii)if the lender asks, that his gross average monthly income during the 3 months immediately following the relevant month will not or is unlikely to be more than the deferment level.
    • Former MSE Paloma
    • By Former MSE Paloma 30th Mar 15, 3:03 PM
    • 526 Posts
    • 245 Thanks
    Former MSE Paloma
    MSE News: Erudio admits sending letters to graduates quoting outdated regulations
    Erudio admits it's sent out more letters quoting incorrect regulations and it has apologised over deferment form delays ...

    Read the full story:

    Erudio admits sending letters to graduates quoting outdated regulations




    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.

    • anna2007
    • By anna2007 30th Mar 15, 3:24 PM
    • 1,182 Posts
    • 2,079 Thanks
    anna2007
    From the latest article:
    An Erudio spokesman says: "We are aware that a small number of customers have in the past received a letter from Erudio stating that The Education (Student Loan) Regulations 1997 apply to their loans. This is not the case, and we apologise for this typographical error.
    If it was a typo, how did they manage to quote sections of the 1997 regs that aren't in the 1998 regs?!
    • fermi
    • By fermi 30th Mar 15, 3:32 PM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    - Mostly as far as I saw the misquoting was done in response to complaints, seemly in order misrepresent what the law says.

    - The main issue was not the wrong threshold quoted, but the use of the 1997 Regulations' wording regards what other conditions students had to meet to defer.

    - Erudio misquoted the 1997 regulation to students and the FOS relying on the section that said:

    "shall be entitled to defer making repayments of that loan if he satisfies the loans administrator"

    - The correct 1998 Regulation do not require that students "satisfy" Erudio of anything. Instead it is just:

    "he can show"

    - Erudio used erroneously the "satisfy" term to justify the use of their DAF forms and their unlawful refusal of deferments that did not use them.

    - i.e That they would not be "satisfied" unless their forms were used and signed.

    - Possibly a false contention, but one they hoped students and the FOS would fall for.

    - The correct "he can show" makes it clearer that that insistence is false, as the student just has to show this via any reasonable means they choose, and is not required to satisfy Erudio of anything, or use their forms. It is a legal right to defer, not a favour Erudio are doing people.
    Last edited by fermi; 30-03-2015 at 5:48 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    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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