ERUDIO student loans help

New deferment threshold from next month is £32,347.

daswalkerdas wrote: »

Hi,

# 6427 Lungboy Old 01-07-2019, 4:48 PM

@Lungboy I've been on the Erudio site and there's no mention of if you start paying off the loan, then during this time your 25 years is up your loan is then written off, even though you have started paying it back.

I am also looking at a promotion taking me over the threshold, and my 25 years is up 09/2024, so would have a good number of years paying back £149 a month.

Any help appreciated,

They probably don't state it anywhere, but it's an absolute rule of the loans, they are written off 25 years after your final loan is taken out, or you reach 50. There's no caveat on that about being deferred.

In other news, I finally got a partial settlement offer. 50% this year, so that'll be a no. In the letter they also used the term "maturity date". I know others have had this from Erudio but it's a first for me. They dont explain the term but from the overall paragraph I think it refers to when the loans would be paid off if I were paying it back currently. Why they've adopted it is beyond me.

If only Arrow Global made the same offer all those years ago...the amount of servicing fees, hassle and bad press they would have saved themselves.

It will be interesting to see if we ever get any figures about how much money the entity Erudio has made/lost. Who knows, maybe they have made a stack.

Lungboy wrote: »

In the letter they also used the term "maturity date". I know others have had this from Erudio but it's a first for me. They dont explain the term but from the overall paragraph I think it refers to when the loans would be paid off if I were paying it back currently. Why they've adopted it is beyond me.

I emailed Erudio asking them to explain the term and that I couldn't make a decision on their offer without knowing what it means. They haven't replied and the deadline for their offer has now expired so a letter of complaint will be off to them tomorrow.

I wouldnt trust any claim they make about credit files and such things as they have used this issue from minute one as a hammer to try and get us to pay when we can defer. My advice is wait until it is inevitable you will cross the threshold, then see what the offer is that year, then make them a lower offer and see what happens.

From a personal perspective, i know nothing concrete about the credit file issue...i dont know what happens after the loan has ended and if credit files are marked in some way. I do know that Arrow Global has worked in partnership with Experian at times, and that Experian has let Arrow Global use its platform for 'for profit' testing activities for a side business Arrow Global has for allowing companies to pay to access its customers files. What that company is now and what it has morphed into, I have no idea. But i am sure a few years down the road it will be wrapped up in court cases trying to find out what the hell and who the hell it is selling our data to. I should also add that Experian turned up on a BBC radio programme in a debate between Martin Lewis and Zach Lewy, trying to calm our nerves about the credit file issue...however, neither Experian nor Lewy declared their business relationship at the time on the programme, so one can only conclude Experian and Lewy were probably diverting attention away from something they didnt want Martin Lewis to focus on.