Help With Student Loans - HERE!

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Comments

  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    Unicorn_cottage wrote: »
    My partner's student loan has been sold (Contingent Student Loans 2 2007-2009) - would an early settlement payment be cheaper?

    "Government has no plans to change, or to consider changing, the terms of pre-2012 loans. I also want to be clear that these older loans, whose borrowers benefited from lower tuition fees as well as lower interest rates, are not in scope of the current review..."

    https://t.co/T4FSuT294p

    If you didn't want to pay before then this changes nothing.
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Ed-1 wrote: »
    "Government has no plans to change, or to consider changing, the terms of pre-2012 loans. I also want to be clear that these older loans, whose borrowers benefited from lower tuition fees as well as lower interest rates, are not in scope of the current review..."

    https://t.co/T4FSuT294p

    If you didn't want to pay before then this changes nothing.

    But would an early settlement fee be cheaper?
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    Unicorn_cottage wrote: »
    But would an early settlement fee be cheaper?

    You won't be offered an early settlement.

    "Purchasers have no right to change any of the current loan arrangements or to contact borrowers directly."

    The "sale" of income contingent repayment loans is completely different to the sale of mortgage style loans. The government has effectively sold the rights to an income tax stream rather than handed over loans.
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    First Anniversary First Post Name Dropper Photogenic
    So why would the Government sell the loans on - I am so confused.
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    Unicorn_cottage wrote: »
    So why would the Government sell the loans on - I am so confused.

    Because they want the cash now to make government debt look lower than it otherwise would. Of course this is just a short term fiscal illusion. In the long term they would have received more in repayments than what they sold the loans for.
  • georginacups
    georginacups Posts: 2 Newbie
    edited 20 January 2019 at 2:58PM
    Hello, can you help me out? I have student loans from when I was an undergraduate - 1995, 96, and 97. There is 1700 still to pay, 1500 of which is in arrears. My loans were sold to Erudio a few years ago and they have just informed me that the original T&C of my loans expire on 30/03/19 so they will be demanding the full outstanding payment at this time. I responded asking them to produce the original T&C and show where it says they can do this.

    Are they allowed to do this? Is there anything I can do to stop them? They have been a nightmare and I would love to just be free of them, but I don't have a lot of money. Am now paying the "contractual" amount of £121 a month, but couldn't afford to pay a big lump sum. Any advice gratefully received. Thank you in advance!!


    ETA - they have now responded & attached a blank copy of the T&C and I can't see where it explains that the loan terms would cease to apply on 31.03.2019. Can anyone advise me what I should do? I don't want to respond to them again until I have a clearer idea of what my rights are. Can they legally end the loan agreement? Are they able to do so because I have arrears on my account? Any advice on how I should proceed?
  • Roseleda12
    Roseleda12 Posts: 2 Newbie
    silvercar wrote: »
    Have you adopted her? If so it may be based on your income. Otherwise, with estranged parents, she should get the max allowed. TBH on your income she would probably also get the max. It's just a question of what needs to be declared on the application..

    Thanks for your reply..
    No we did'nt adopt,was advised not to so we got more help with the situation
  • Deborahturner
    Deborahturner Posts: 4 Newbie
    I need help knowing if I am still eligible to have student maintenance loan. In April 2018 I applied for the maintenance loan of which I received the reply informing me that I am eligible and will receive £8,793.00 a year. Subsequently I did not receive this money and informed that I am not eligible.

    If Student Finance England assessed me in April 2018 and decided that I am eligible can I still obtain this money even though subsequently they reassess me and then decide I am not. As I started my degree in September 2018 thinking I will be loaned this money.

    I would be grateful for any help and advice.

    Deborah Turner
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    Deborahturner wrote: »
    I need help knowing if I am still eligible to have student maintenance loan. In April 2018 I applied for the maintenance loan of which I received the reply informing me that I am eligible and will receive £8,793.00 a year. Subsequently I did not receive this money and informed that I am not eligible.

    If Student Finance England assessed me in April 2018 and decided that I am eligible can I still obtain this money even though subsequently they reassess me and then decide I am not. As I started my degree in September 2018 thinking I will be loaned this money.

    I would be grateful for any help and advice.

    Deborah Turner

    No, unless you actually are eligible. Why did they reassess you?
  • Deborahturner
    Deborahturner Posts: 4 Newbie
    I think they reassessed me as I already have. BSc with Honours.
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