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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
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    • Lungboy
    • By Lungboy 10th Aug 18, 12:36 PM
    • 1,607 Posts
    • 1,617 Thanks
    Lungboy
    If he has split loans with both Thesis and Erudio, then deferment should be handled through SLC, and Erudio should have nothing to do with it. I'd be getting on to the SLC to find out what's going on.
    • Dayzydook
    • By Dayzydook 10th Aug 18, 8:54 PM
    • 3 Posts
    • 0 Thanks
    Dayzydook
    Thanks lungboy, SLC sent letters saying that they have deferred Erudio and thesis loans, but Erudio are saying they will not accept deferment as the loan has matured?? Erudio are saying that they are requesting a history of deferments from SLC and that they can call in the loan as deferment was missed??
    • Lungboy
    • By Lungboy 11th Aug 18, 8:41 PM
    • 1,607 Posts
    • 1,617 Thanks
    Lungboy
    The loans maturing thing is a made up term that they seem to use when people are so far in arrears that they want the full loan repaid. Could that be the case?
    • Gmarshark
    • By Gmarshark 14th Aug 18, 10:36 AM
    • 1 Posts
    • 0 Thanks
    Gmarshark
    Morning all. I am new here as a member but have been reading for months. I have a SL from 1997 and on from 1998. Both the minimum amount at the time total around 4.5k. I have deferred for years and still am. Erudio have both loans now!!!129297;

    They Royaly mess me around.... been through their complaints procedures!!!129313; And via ombudsman but no sensible outcome. Will post more detail when I have my junk together.

    Erudio have intentionally forced me into arrears due to not following regulations set out by SLC around deferment, this happened in 2015 and I have challenged since with no success. I believe they did it to prevent me from having the loan cancled when reaching 50.

    The ombudsman gave me a we cannot help you as you have fallen foul of our rules, awaiting the letter.
    Much wanted help for me and all !!!128580;
    • Ed-1
    • By Ed-1 20th Aug 18, 7:45 PM
    • 2,428 Posts
    • 1,269 Thanks
    Ed-1
    https://www.slc.co.uk/media/latest-news/changes-to-interest-rates-and-thresholds.aspx

    Deferment threshold £30,737 from 1st September.
    • ftbwannabe
    • By ftbwannabe 22nd Aug 18, 12:26 PM
    • 209 Posts
    • 702 Thanks
    ftbwannabe
    Did anyone else have an odd letter from Erudio this yea, reducing their payments?
    I got a letter saying my normal payment of 85ish would now be 25ish because of an error on their part. When I rang they said auditors had found errors in how several accounts had been managed, that I'd been charged interest wrong, & as a result they were reducing my payments for the rest of the year & would recalculate my overall amount owed in September 2018.
    Sounded weird to me, especially since I also have loans managed by Honours Student Loans which have always had payments of roughly the same amount as Erudio, & HSL haven't made any adjustments. I thought I'd wait & see what September brought. Since then I've had letters & texts offering me settlement figures (really crap ones, like £100 less than i'll eventually pay, anyway), which I've ignored.

    I'm curious if anyone else here was contacted this year with reduced payments, too, and also curious to hear what erudio will say when I ring in Sept & ask about this mythical recalculation they promised me...
    • LuckyLuke79
    • By LuckyLuke79 31st Aug 18, 7:58 AM
    • 5 Posts
    • 1 Thanks
    LuckyLuke79
    I took out SLC loans 97, 98, 99 and then one in 2001, 2002. I used to defer and they accepted as I have never - and still are below the threshold.
    When it passed to Erudio I did the same but missed 2 years and now have arrears of £5400.
    I have still deferred since then but when I asked for the forms for this year I got a letter saying my Loan has matured and they want it all paid back: Iím earning £27k so am reluctant to pay.
    In the mean time money has been taken from my monthly payslip detailing Student Loans. When I rang them they said speak to Erudio there was nothing they could do - but were happy to keep taking monthly payments from me🤣. To be honest I donít mind this as I have had the loans in the first place. But Erudio are a nightmare .
    I think the whole matter is a convoluted mess and if Erudio want paying they can have an income and expenditure form saying they get paid £5 a month..
    • Lungboy
    • By Lungboy 31st Aug 18, 8:13 AM
    • 1,607 Posts
    • 1,617 Thanks
    Lungboy
    Your loans look like they would be under 2 different rules. The first loan is the one Erudio will have bought, but the second loans are plan 1 and haven't been sold off yet so should still be dealt with by the SLC, hence the monthly pay deduction.
    • checkonetwo
    • By checkonetwo 31st Aug 18, 2:40 PM
    • 6 Posts
    • 0 Thanks
    checkonetwo
    If anyone can help? Erudio have stated that (after speaking with SLC) there is a gap in my deferment of 18 months in 2002 to 2003. My loans are from 96,97,98.

    They are using this to reduce my 60 months to 42 and hence pushing up my contractual repayments.

    I have always deferred when I've had the paperwork and can't remember any gaps, but will have nowt in the form of documented evidence.

    Do I have any options to get the repayment term back to 60? I will start repaying in November.

    Thanks in advance.
    • fermi
    • By fermi 10th Sep 18, 10:25 AM
    • 39,651 Posts
    • 47,623 Thanks
    fermi
    Not sure about that, but if you are technically in arrears because contractual payments were missed of that length, they would be entitled to call in the loan in full immediately. So in some respects what they are saying is a less harsh alternative.

    Maybe SAR the SLC for payment/deferment records from circa 2002/3?
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    • CakeCrusader
    • By CakeCrusader 10th Sep 18, 11:11 AM
    • 652 Posts
    • 372 Thanks
    CakeCrusader
    I took out SLC loans 97, 98, 99 and then one in 2001, 2002. I used to defer and they accepted as I have never - and still are below the threshold.
    When it passed to Erudio I did the same but missed 2 years and now have arrears of £5400.
    I have still deferred since then but when I asked for the forms for this year I got a letter saying my Loan has matured and they want it all paid back: Iím earning £27k so am reluctant to pay.
    In the mean time money has been taken from my monthly payslip detailing Student Loans. When I rang them they said speak to Erudio there was nothing they could do - but were happy to keep taking monthly payments from me🤣. To be honest I donít mind this as I have had the loans in the first place. But Erudio are a nightmare .
    I think the whole matter is a convoluted mess and if Erudio want paying they can have an income and expenditure form saying they get paid £5 a month..
    Originally posted by LuckyLuke79

    The cash they are taking out of your wages for your Student Loan is for the 2001 and 2002 loans, which are Plan 1. Mine were sold off, but my student loan payments are still going to the Student Loan Company, and they are sending me yearly statements. If you log into your account online you'll be able to see how much you've paid off. HMRC take these out of your wages, you don't do anything, you're only paying this!!



    Your loans from 1997-1999 are now with Erudio, and you have to make separate arrangements for these. These are old mortgage type loans, and will be written off 25 years after your last loan (which was 1999).
    • checkonetwo
    • By checkonetwo 10th Sep 18, 11:13 AM
    • 6 Posts
    • 0 Thanks
    checkonetwo
    Not sure about that, but if you are technically in arrears because contractual payments were missed of that length, they would be entitled to call in the loan in full immediately. So in some respects what they are saying is a less harsh alternative.
    Originally posted by fermi
    Thanks Fermi, I've probably stitched myself up by asking Erudio to provide evidence of this gap in deferment in my reply to their email.

    However, they did specifically state in that email that my Arrears Balance was £0.00, so if that wasn't the case why haven't they called in the loan before now? Is it a surprise waiting for me when I actually come out of deferment?!
    • Lungboy
    • By Lungboy 10th Sep 18, 11:26 AM
    • 1,607 Posts
    • 1,617 Thanks
    Lungboy
    Did you pay anything towards the loans when you weren't in deferment? SLC used to be pretty swift at taking cash once deferment ended if you had a DD set up with them. Erudio have tried to say in the past that as you have fewer months left you have to pay more, but that's not how our loans work, so they might be trying it on with you.
    • checkonetwo
    • By checkonetwo 10th Sep 18, 11:45 AM
    • 6 Posts
    • 0 Thanks
    checkonetwo
    Did you pay anything towards the loans when you weren't in deferment? SLC used to be pretty swift at taking cash once deferment ended if you had a DD set up with them. Erudio have tried to say in the past that as you have fewer months left you have to pay more, but that's not how our loans work, so they might be trying it on with you.
    Originally posted by Lungboy
    Thanks Lungboy.

    I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

    I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.
    • want_to_save
    • By want_to_save 14th Sep 18, 5:57 PM
    • 341 Posts
    • 555 Thanks
    want_to_save
    Thanks Lungboy.

    I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

    I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.
    Originally posted by checkonetwo

    If the DDM has been set up on the account for a long time it could have been 'removed' by your bank as a dormant ddm and that may be why they havent collected or able to collect.
    • checkonetwo
    • By checkonetwo 18th Sep 18, 3:33 PM
    • 6 Posts
    • 0 Thanks
    checkonetwo
    If the DDM has been set up on the account for a long time it could have been 'removed' by your bank as a dormant ddm and that may be why they havent collected or able to collect.
    Originally posted by want_to_save
    Thanks for the reply. Would that put me in arrears? My Erudio account states that I am not.

    I've just received my repayment plan, which provides no information about how they have calculated the repayment amount. So still no confirmation of the evidence behind the reduced term. Have made a SAR.
    • Ibreakwindinerudiosdirect
    • By Ibreakwindinerudiosdirect 24th Sep 18, 8:50 PM
    • 41 Posts
    • 70 Thanks
    Ibreakwindinerudiosdirect
    Thanks Lungboy.

    I did have a DD set up with them and my bank details have never changed, but no payments have ever been taken from SLC.

    I have also thought about this and wondered if it could be an admin error by SLC because, like you say, if I had missed deferment they would have taken money from my account (and I would have noticed this after 1 or 2 months and got in touch). All my forms were sent to my parents address too, so it's not like they were going to a previous address.
    Originally posted by checkonetwo
    You should visit your bank and ask them to confirm who deleted the direct debit.

    Long term Erudio watchers will remember that they ballsed things up a few years ago with regard to taking money from people erroneously and simply decided to rectify the situation by deleting direct debits. I can't remember offhand the specific timeframe of this event but I do remember in my case how I received a letter saying I had a DD set up with them a week before finding the DD had been erased. I complained to Erudio who stated that I had deleted the DD, a statement completely refuted by Natwest Bank.

    The DD that was deleted was a) set up in the days of the SLC holding my loans and b) was used successfully to take money by Erudio at the very beginning. Indeed, my first contact with Erudio was having them take money from my account after receiving absolutely sweet FA in the form of paperwork from them regarding the sale of my loans, deferment, anything.

    It is quite likely that your DD was deleted by Erudio and you should therefore visit your bank and request details of when the DD was deleted. They should be able to give you a printout of this.

    If you do that, come back on the thread and let me know what date your DD was deleted and by whom. I'll dig out my Erudio file (which has been rather quiet since the good old days when they started up) and see if my date corresponds with yours.

    Obviously if you can prove that it was Erudio themselves who deleted the DD, then it gives you far stronger grounds of complaint.
    • Ibreakwindinerudiosdirect
    • By Ibreakwindinerudiosdirect 24th Sep 18, 10:15 PM
    • 41 Posts
    • 70 Thanks
    Ibreakwindinerudiosdirect
    Autumnal greetings to those who have followed Erudio for what seems like an eternity...

    Since the first year problems, it's been relatively plain sailing with them this year. My loans (97-99) have 10 more years until I reach the half century in age and it is unlikely I shall ever pass the threshold through a mixture of lack of career and predominantly house hunk and IT technician to the brats status. 2028 he I come...

    It is with gleeful joy that I received an unexpected letter this morning from Erudio. Loans are 5k. Would I like to pay them off with a one-off amount of just under £3k?

    Erm, no.

    The letter was dated 21/9/18 and received 24/9/18. Accepting their offer requires communicating with them by Saturday 29th. Five and a bit days notice of this is bizarre.

    So why do I get this letter? I've never earned above the threshold. I've paid a few payments here and there but nothing major and 5k is outstanding but not coming to maturity for a decade. Others in this thread seem to have been contacted when close to the end of their loans sentence: I am not in that bracket.

    This sentence intrigues me:

    "In addition, whilst accepting this offer will close your loan(s) and resolve your liability with them, it may impact upon your ability to get future funding from the Student Loans Company."

    I'd like to know a great deal more about this as it sounds absurd at face value.
    • erudioed
    • By erudioed 25th Sep 18, 11:14 PM
    • 651 Posts
    • 935 Thanks
    erudioed
    Autumnal greetings to those who have followed Erudio for what seems like an eternity...

    Since the first year problems, it's been relatively plain sailing with them this year. My loans (97-99) have 10 more years until I reach the half century in age and it is unlikely I shall ever pass the threshold through a mixture of lack of career and predominantly house hunk and IT technician to the brats status. 2028 he I come...
    Originally posted by Ibreakwindinerudiosdirect

    Nice to hear your update! Heres an early Christmas present because you will reach 25 years first, so they will expire 5 years ahead of time!
    I didnt understand from the previous posters (probably missed by myself) there was a very close deadline to the bullsheet offer. Maybe they are tinkering with their offers to see which one gets the most bites, then they will pepper everyone with the one that gets the most settlements.
    • Ibreakwindinerudiosdirect
    • By Ibreakwindinerudiosdirect 9th Oct 18, 2:13 PM
    • 41 Posts
    • 70 Thanks
    Ibreakwindinerudiosdirect
    Well, five years ahead of time is better than nowt. 2023, here I come...

    A followup to my settlement offer:

    As written above, the offer to settle for just under £3k on a £5k loan came through on 24th September and required me to contact them by 29th September.

    I've just had a text message through from Erudio stating this:

    "If you are interested in the settlement offer we made by letter than please call Erudio on xxxxxxxxxx, otherwise there is no need to respond to this message".

    They certainly seem keen to settle, don't they?
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