Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 315
    • fermi
    • By fermi 13th Jun 18, 3:15 PM
    • 39,534 Posts
    • 47,533 Thanks
    fermi
    I would write recorded with copies. Then you can prove that you deferred, AND they have been told this.
    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
    • Lungboy
    • By Lungboy 13th Jun 18, 10:47 PM
    • 1,454 Posts
    • 1,435 Thanks
    Lungboy
    Or email and send scans electronically.
    • Lungboy
    • By Lungboy 13th Jul 18, 12:03 PM
    • 1,454 Posts
    • 1,435 Thanks
    Lungboy
    This thread has been very quiet recently, no Erudio issues for anyone at the mo?
    • Captspaulding
    • By Captspaulding 14th Jul 18, 7:41 PM
    • 1 Posts
    • 1 Thanks
    Captspaulding
    I just received a strange letter from them. My 25 year sentence is up in Oct 2020. They wrote to me saying that on this date they would write off the remaining money that I would have owed. From now to this date I would make 2500 in payments but if I pay the loan off now I can do so for 2400. I'm not sure why they would do this as saving 100 pounds isn't that big of a deal so not sure of their incentive. Also they claim that if I take them up on their offer it may prevent me getting any student loans in the future. By that I take it they will report to credit rating agencies as debt not fully paid. Again I suspect they will do that in 2020 even though the terms of the loan have never been breached. Has anyone received a similar offer and has any insight as to their motivation?
    • VonPaz
    • By VonPaz 15th Jul 18, 9:13 PM
    • 6 Posts
    • 6 Thanks
    VonPaz
    I too have had a similar letter, only the date they are proposing is my age related write off is some seven months after the date I think is my age related write off. So in other words, they appear to be offering themselves an extra seven payments as part of their 'generous offer'. Check your dates carefully.
    • dotties
    • By dotties 16th Jul 18, 1:09 AM
    • 12 Posts
    • 6 Thanks
    dotties
    Hiya,
    I was wondering if anyone had worked out what the deferment threshold for 18-19 is likely to be for the mortgage style loans.
    I will be receiving an honorarium for a project Iím working on which I think will take me above the threshold !!!128533;
    My deferment ends in October but I want to prepare myself for having to pay it.
    • fermi
    • By fermi 16th Jul 18, 7:12 AM
    • 39,534 Posts
    • 47,533 Thanks
    fermi
    Has anyone received a similar offer and has any insight as to their motivation?
    Originally posted by Captspaulding
    Money in the bank now, vs money that may not should your circumstances change I would guess. Plus not having the cost of administering loans for the remaining period.
    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 16th Jul 18, 7:14 AM
    • 39,534 Posts
    • 47,533 Thanks
    fermi
    Hiya,
    I was wondering if anyone had worked out what the deferment threshold for 18-19 is likely to be for the mortgage style loans.
    I will be receiving an honorarium for a project Iím working on which I think will take me above the threshold !!!128533;
    My deferment ends in October but I want to prepare myself for having to pay it.
    Originally posted by dotties
    Usually recalculated in August AFAIR, for start in Sept.

    In theory can do the calculation if you find the right ONS stats, but that was a fair bit of detective work before for people.
    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
    • dotties
    • By dotties 16th Jul 18, 10:43 AM
    • 12 Posts
    • 6 Thanks
    dotties
    Usually recalculated in August AFAIR, for start in Sept.

    In theory can do the calculation if you find the right ONS stats, but that was a fair bit of detective work before for people.
    Originally posted by fermi
    Thank you. I was aware of the August calculation but have seen in the past people calculate it on here first.
    I hadnít realised the complication methodology etc.
    Iíll wait for the figures from the company.
    Thanks again
    • emandess
    • By emandess 16th Jul 18, 5:59 PM
    • 4 Posts
    • 2 Thanks
    emandess
    Pinch of salt territory here:

    Forum member anna2007 previously did some sterling work in this area and FOI'd the calculation that's used to generate the deferment threshold. As a low-posting user, I'm unable to link to it (may be able to PM it?), but I plugged in the ONS numbers for 2018-19, and the threshold came out as £30,562. Rounding errors may plus or minus a tenner; methodology errors may minus several thousand...

    Calculation details (adapted from the earlier-mentioned FOI calc, using up-to-date ONS data) for the sceptical:

    1) Mean gross weekly earnings from the 2017 Annual Survey of Hours and Earnings (ASHE), covers GB full-time employees and relates to April 2017: £662.50
    2) Apr 2017 Annual Mean Earnings: £662.50 x 52 = £34,450
    3) Earnings growth to Apr 2018, measured by Average Weekly Earnings (AWE):
    AWE Apr-17: £503.70
    AWE Apr-18: £516.14
    Annual % change in AWE = 2.47%
    4) Estimate of Apr 2018 Annual Mean Earnings: £35,300.91
    5) Projected Annual Mean Earnings in Jan 2019: £35,300.91 x (1 + 2.47/100 x 0.75) = £35,954.86
    6) Annual deferment threshold: £35,954.86 x 0.85 = £30,561.63
    • Lungboy
    • By Lungboy 17th Jul 18, 9:17 AM
    • 1,454 Posts
    • 1,435 Thanks
    Lungboy
    My deferment ends in October but I want to prepare myself for having to pay it.
    Originally posted by dotties
    You should be sent the paperwork 8 weeks prior, so get it done straight away and it shouldn't be an issue.
    • MitchellGant
    • By MitchellGant 19th Jul 18, 2:25 PM
    • 3 Posts
    • 0 Thanks
    MitchellGant
    Hi, I too am being chased by Erudio after not hearing from SLC since May 2013. I have 3 mortgage-style loans outstanding from 93-96, I had been paying them off until redundancy in 2006, and since then I've been under the threshold, and always deferred until May 2013, when SLC said the loans had been sold to Erudio and to wait to hear from them.
    Well, I heard nothing until last month. They have emailed me saying I still owe £3,500 due to interest and arrears!!! (That's more than the original damn loan amount, despite having paid ££££ off over the years).
    I've replied to them that I do not acknowledge the debt and if they want any further response from me they must send me the original CCA's.
    I'm always unlucky though, so I think in time they probably WILL send me the original signed CCA's.
    Can anyone advise what my next steps should be please?
    I am still entitled to defer due to low income, but the account is in arrears and I'm not in a position (or inclination) to pay for this scum DCA's holiday fund.
    Their last email said that 'the loans have now matured' (whatever the hell that means) 'Deferment is no longer possible'.
    Do Erudio 'do' CCJ's?
    Can I ride it out until the debt is statute barred next year? The first loan is already 25 years old if that makes a difference.
    Any help appreciated, as it's taken me a decade to finally be debt free and I'd hate to see my credit file trashed by these a***hats who bought the debt for pennies in the pound.
    Thanks.
    Last edited by MitchellGant; 19-07-2018 at 2:26 PM. Reason: spelling
    • fermi
    • By fermi 19th Jul 18, 2:46 PM
    • 39,534 Posts
    • 47,533 Thanks
    fermi
    always deferred until May 2013, when SLC said the loans had been sold to Erudio and to wait to hear from them.
    Well, I heard nothing until last month.
    Originally posted by MitchellGant
    The onus is on you to defer, so legally you should have chased them up.

    You did not defer, so the loan accumulates arrears, and while arrears exist you have no right to defer. When arrears mount up to all the due monthly payments under a non-defered agreement, the whole loan is due and nothing can be deferred any more.
    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
    • MitchellGant
    • By MitchellGant 19th Jul 18, 3:21 PM
    • 3 Posts
    • 0 Thanks
    MitchellGant
    Thanks for reply.
    So, as I have no spare money to pay loan/ arrears due to low income, what do you suggest my next move should be. Do I have any best options, or do I simply ignore due to no other choice?
    Thanks...
    • checkonetwo
    • By checkonetwo 23rd Jul 18, 5:48 PM
    • 2 Posts
    • 0 Thanks
    checkonetwo
    Having read a lot of this thread, I though I would post my question here in search of some answers.

    For the first time in my student loan history I am going to be above the deferment threshold and unable to defer so, to prepare for this, I emailed Erudio to ask them how they have calculated my contractual repayment amount (shown in the portal).

    Although they are due to review this payment in September, they have said that it is based on the outstanding balance and the remainder of my loan term, which ends in March 2022, so roughly 41 months after I come out of deferment. The contractual amount does work out at a little more than the amount outstanding divided by 41.

    However, to the best of my knowledge and no evidence to the contrary, I've successfully deferred every year since graduation. Are Erudio allowed to do this or are they going against the original SLC agreement of 60 repayments?

    "The number of monthly repayments will be 60, or 84 if the borrower has 5 or more student loans when his first repayment is due. The lender will tell the borrower the date in each month on which repayments are due."

    I have 3 student loans, with an "original loan date" (according to the portal) of Dec 96, Oct 97 and Oct 98, so I am not sure how they have determined the end of my loan term. Any ideas?

    Thanks in advance.
    • BaffledByErudio
    • By BaffledByErudio 26th Jul 18, 12:30 PM
    • 102 Posts
    • 151 Thanks
    BaffledByErudio
    Could be trying it on. Those of us on this forum have heard of them doing it before. The amount of monthly payments when you come out of deferment has to be the original amount agreed (likely 60 in your case) so if you were to go back into deferment after say 10 payments, it would be 50 when you come back out, averaged out accordingly. If you're heading towards a write-off deadline, as long as you never deviated from the original loan terms, the payments would stop at your write-off point. They can't cram higher payments into fewer instalments in a bid to get you to pay off the full amount before your write-off date. I'd check with them this isn't what they are doing.
    • checkonetwo
    • By checkonetwo 28th Jul 18, 12:43 PM
    • 2 Posts
    • 0 Thanks
    checkonetwo
    Thank you for the reply!

    Re: End date, the way I see it is that I have 3 loans with first payments of Sep 96, Oct 97 and Oct 98. So I should be expecting my end date to be Oct 23, 25 years after the first payment of my last loan agreement.

    I come out of deferment in Oct this year and have, by original agreement, 60 monthly repayments in which to repay the debt. Which is pretty much the same amount of time between coming out of deferment and the end date (Oct 18 to Oct 23).

    So it looks like Erudio will get their money assuming I remain in my current employment, which is fine, but I just wanted to make sure that the way I see it is correct (or at least more accurate than Erudio currently see it). Would you agree?
    • want_to_save
    • By want_to_save 4th Aug 18, 6:03 PM
    • 331 Posts
    • 549 Thanks
    want_to_save
    I just received a strange letter from them. My 25 year sentence is up in Oct 2020. They wrote to me saying that on this date they would write off the remaining money that I would have owed. From now to this date I would make 2500 in payments but if I pay the loan off now I can do so for 2400. I'm not sure why they would do this as saving 100 pounds isn't that big of a deal so not sure of their incentive. Also they claim that if I take them up on their offer it may prevent me getting any student loans in the future. By that I take it they will report to credit rating agencies as debt not fully paid. Again I suspect they will do that in 2020 even though the terms of the loan have never been breached. Has anyone received a similar offer and has any insight as to their motivation?
    Originally posted by Captspaulding

    i had one of these letters, i researched and saw that its paid as a partial payment althought they say its finalised however they can (and probably will) put a red flag on your credit file i chose to give them money every month lol
    • erudioed
    • By erudioed 8th Aug 18, 8:47 PM
    • 647 Posts
    • 933 Thanks
    erudioed
    Nothing 'lol' about that to my eyes if you are paying want_to_save. Its crazy to pay up for that reason! In fact, it sounds like yet another con to me.


    They should have offered a 25% settlement as soon as they got their grubby fingers on it 5 years ago and made a good quick hefty profit. I may even have considered paying back then. But when 100% is dangling in front of them, they wanted it all, and then some. Now, if its true and they are offering this deal, it seems they still want 100% of it. I just wonder how much Arrow Global have made so far from all their devious tactics and lies. Its a shame anyone would feel the need to pay them when they dont have to and can defer legally.
    • Dayzydook
    • By Dayzydook 10th Aug 18, 10:51 AM
    • 3 Posts
    • 0 Thanks
    Dayzydook
    Erudio refusing deferment saying loan is post maturity
    Hello there,

    My partner has two student loans with Erudio. Back in March he received a phone call from them saying that his loan had matured and they wanted payment. We asked them to send this in writing and never heard anything,they hadnít sent any reminders regarding deferment. he continued with his deferment for his two thesis loans and received confirmation from SLC that deferment had been accepted for both Erudio and Thesis. However we received a letter last week from Erudio demanding payment of the loan. I called them on partners behalf, he has anxiety and cannot deal with phone calls like this. Asked them why he had to pay if the slc had agreed deferment. They said that there had been a delay in deferment and as a result the loan is now post maturity. They said that they will be requesting proof of deferment history from the student loans company?? (Why do they need this?)

    This morning we received two letters from Erudio, 1 saying that deferment has been rejected, and that they have requested proof of deferment history from SLC and that they have included a copy of the terms and conditions. However these have not been signed and they are just a blank printed copy of the terms and conditions. Nowhere on the letter does it say what we need to do next.

    The second letter asks us to complete a I&e form within 30 days so that they can agree a repayment plan. However, this all seems fishy to me. In the terms and conditions it says that they will write to confirm deferment threasholds each year and send a pack, but they didnít ever send anything. They also didnít send a breakdown of the loans as I requested. They also want me to pay for a copy of the original signed loan agreement...

    Please can any of you offer any advice on how to proceed?? Thesis are happy with the deferment of the loans so why are Erudio being so difficult?

    Thanks so much in advance!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,209Posts Today

5,027Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin