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  • FIRST POST
    TazFrank1
    ERUDIO student loans help
    • #1
    • 16th Mar 14, 10:32 PM
    ERUDIO student loans help 16th Mar 14 at 10:32 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 323
    • plong979
    • By plong979 22nd Jul 19, 8:11 AM
    • 108 Posts
    • 178 Thanks
    plong979
    Iíve had 4 PAP letters. Go to the CAG forum for how to reply.
    • Lungboy
    • By Lungboy 14th Aug 19, 11:11 PM
    • 1,841 Posts
    • 2,094 Thanks
    Lungboy
    New deferment threshold from next month is £32,347.
    • daswalkerdas
    • By daswalkerdas 19th Aug 19, 1:14 PM
    • 4 Posts
    • 5 Thanks
    daswalkerdas
    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,
    • Lungboy
    • By Lungboy 19th Aug 19, 9:28 PM
    • 1,841 Posts
    • 2,094 Thanks
    Lungboy
    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,
    Originally posted by daswalkerdas
    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.
    • daswalkerdas
    • By daswalkerdas 20th Aug 19, 8:04 AM
    • 4 Posts
    • 5 Thanks
    daswalkerdas
    Thanks, that's good to know.
    I had a letter from them just before deferring this year, it was a very low settlement offer my total is about 8K and the settlement was around 1.5K.
    • erudioed
    • By erudioed 23rd Aug 19, 11:56 PM
    • 665 Posts
    • 937 Thanks
    erudioed
    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.
    • erudioed
    • By erudioed 24th Aug 19, 12:01 AM
    • 665 Posts
    • 937 Thanks
    erudioed

    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,
    Originally posted by daswalkerdas

    I would wait until you definitely know you will be over, then try and get to next years offer before it kicks in. Then, if you think you will be paying them until it is wiped for 5 years, it probably would be in your interest to settle. How much it pains me to utter such words...
    • Lungboy
    • By Lungboy 1st Sep 19, 11:04 PM
    • 1,841 Posts
    • 2,094 Thanks
    Lungboy
    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.
    Originally posted by Lungboy
    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.
    • JTH79
    • By JTH79 8th Sep 19, 6:24 PM
    • 1 Posts
    • 0 Thanks
    JTH79
    Hi all,

    Just been flicking through this thread and the one about the settlement offers. I got my second settlement offer this year, though it came while I was on holiday and has now expired. My offer last year was for 50%; this year it is 30%! I am considering making them a counter offer as I have set-up my own business having had kids and am getting closer to the threshold every year, and I think soon I won't be able to defer. It's so frustrating as it's only another 5 years before it's written off. My letter also refers to the 'maturity date' which I assume means the date it is written off.

    I'm sure the offer thing is them trying to get some money out of the loans that look unlikely to ever be repaid. And I totally think that we should only accept the offer, or make a counter-offer, if we think we may go over the threshold before it's written off.

    Lastly, my letter clearly says that my credit file will not be affect by making a settlement. This is my main concern to be honest. Does anyone have any experience of settling their loan and then their credit rating being affected or not?
    • erudioed
    • By erudioed 21st Sep 19, 10:10 AM
    • 665 Posts
    • 937 Thanks
    erudioed
    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.
    Last edited by erudioed; 21-09-2019 at 10:14 AM.
    • SaminMexico
    • By SaminMexico 2nd Dec 19, 7:37 PM
    • 1 Posts
    • 0 Thanks
    SaminMexico
    Erudio say I'm no longer eligible for deferrment
    "We can confirm your Student Loan terminated on 11/11/2019 due to the outstanding arrears balance therefore your account is no longer eligible for deferment and your outstanding balance is due in full."

    Above is part of an e-mail I just got from Erudio saying that due to my lateness in applying for deferral they will no longer allow me to do so, meaning I'm liable for the 10 grand.

    I live in Mexico and have done for 15 years. I have always deferred as I earn a small fraction of the threshhold. The reason I was late in applying this time was because they insist on sending the forms by post instead of by email and the postal service to Mexico is notoriously slow.

    They are asking me to fill out an Expenditure and Income form because they want to set up a repayment plan. It would take me decades to pay off 10 thousand pounds in dribs and drabs and what will seem like miniscule amounts to them are in fact large sums of money in the Mexican economy. Even just paying off the interest would be pretty crippling.

    What can I do?
    • Lungboy
    • By Lungboy 4th Dec 19, 7:58 AM
    • 1,841 Posts
    • 2,094 Thanks
    Lungboy
    Unfortunately I don't know that there's much you can do. Do you have it in writing that they won't accept emailed deferment forms as that bit is simply wrong, I defer via email every year and have done for a while now.
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