erudio student loans

[mrsbug]

Hi, I have an old student loan from 1998 which I have been deferring since then as I have never earned enough to pay it back (there are some advantages to being poor )

I recently had a letter from a company called erudio student loans saying they have bought my student loan from the government. All very reassuring about how the t and cs of my loan won't change, etc.

Now I've had the regular deferral letter from them and it's much more detailed than before. They want my bank details which I'm not really happy to give, and they say my details will be checked with a credit reference agency, which I don't think they used to do - my loan has never shown on my credit file.

Has anyone else had this? Do I have to give them this info?

Just WOW!

I received my 'pack' today - this is a giant OMNISHAMBLES! I think we should also contact News Night to investigate because all of this has come out of the Government wanting to reduce the National Debt.

So my account was mismanaged apparently and they are taking over £400 OFF my balance.

In one letter is says because of 'Correspondence could be interpreted as having not been fully compliant with the Consumer Credit Act 1974'
Another says that SLC and Erudio have removed interest and default charges. I have not defaulted I don't believe, the 'break down' just takes the amounts off the loan, it does not break it down at all. I want a full explaination as to what happened and why, otherwise how do I know that they have compensated me fairly? This is disgusting!

This is an absolute disgrace. Can we start an online petition? And the NUS should be taking not because this is a clear sign of the mess of HE to come.

That statement about sharing data has got to be a joke - no one in their right mind would sign it!

hi all - joining this reluctant club. I moved house last year, and genuinely forgot to update SLC re new address, just happened to remember the other day that its deferral time again (I am a moreorless SAHM, studying part-time, unfunded). So I called SLC-as-was and found out my debt had been sold to Erudio. Called Erudio, and today received my deferral form, but no info pack.

Inspired by this thread, I called Erudio again, and asked what I should do regarding their attempt to change T&Cs re CRAs - that ominous looking black box under section 9 - since I don't want to sign up to this change.

The bit some of you might find useful is that the man I spoke to immediately said oh, you don't need to sign that bit. Simple as that, apparently. So I asked which bits of the form I did need to complete, and he said that actually I don't need to return the form at all. He said all I need do to defer is to send the letter from husband saying he supports me by less than the threshold amount, and bank statements if I have them.

So hopefully this will work, but if not, I'm all for the mediaeval action.... And will email BIS to complain in the meantime - it is so shifty that Erudio would send this form out making it seem a requirement that we give out this extra information and accept new T&Cs, when actually it seems to be just fishing and posturing.

Thanks all of you for making me think this through before sending the form back.

waitingforgoddot...what is it, a letter out of the blue or the answer to a complaint you logged?

A letter out of the blue, dated the 27th, so it could be on the back of the phone call I made on the 22 March? Though it makes no reference to it. That is why I think it is a total shambles. I want everything halted on my account until I get to the bottom of this new issue.

I just wanted to re-iterate that the person I spoke to at Experian had never seen an example of a loan being in deferal mentioned on someones credit file. Obviously this doesnt prove anything but it is interesting to say the least.

Also, it should be noted that it is possible to add an 200 word notice of correction to be placed on your credit file in the event of a dispute. If the CRA refuses to add this then Information Commissioners Office can be notified.

Hopefully this should alay some of peoples fears regarding one possible outcome. It may not be ideal but its something.

Personally, I will be attempting to get deferred as I am legally entitled to do so. However, I do not expect it to be easy and I fully expect Erudio to start taking payments, as I suspect I will not have managed to get them to accept my deferral by the expiry of my current deferment. I believe though that we are entitled to up to 3 months payments back which gives a bit longer to try and get them to accept deferral under the original/correct terms and conditions.

I dont think I want to risk cancelling my Direct Debit though, as that will probably be seen as breaking the contract and possibly entitle them to demand full repayment.

so, for clarity my time line is this

Early March I fill in the SLC deferment form and send back as normal

22.3.14 - receive letter from Erudio wanting Tax return, letter from hubby, bank statements, benefit conformation letters, tenancy agreement.

22.3.14 - I call them to say I don't know who they are and they are not getting that type of information out of me and that someone who knows what they are talking about needs to contact me.

2.4.14 - receive another letter (Dated 27.3.14) off the back of the phone call saying I need to provide letter from husband and benefit confirmation.

3.4.14 - I send letter to them stating I want to see a copy of the deferment form I sent and that I do not agree to any data exchange or T&C change.

4.4.14 - receive letter informing me of the sale of my loans and of this reduction in my loan as I have detailed about.

This is a shambollic way to conduct business.

Just to note about what others have been saying regarding the DD.

I cancelled mine and have told Erudio over the phone and by email why I have done this. Over the phone the girl I spoke to said there is no penalty for this but that remains to be seen seeing as over the phone statements don't mean much. Basically, from what I understand, if your DD is being set up to make a payment and you cancel it when payments are being made, then that is breaking an agreement. If it's just sitting on there for no reason at all and you are in deferment then I don't understand why that is a break in the agreement. Plus, if anything I should have agreed a new DD with Erudio instead of SLC transferring my details?

Although I have no proof of this - I really believe that they want it to sit on your account on the off chance you forget to defer and it starts coming out because you've set it up and forgotten about it.

I said I cancelled it until they can confirm about the T&Cs which they have still failed to do. They won't respond to my requests for information at all. The only contact I've had is when I've phoned to speak to them and through the letters they've sent about deferment. Other than that I've had nothing other than avoidance.

I have a question. If you start payments (whether above the deferal threshold or not) are you still entitled to apply for deferment the next year if under the threshold? (Im guessing yes but wanted to check)

total shambles waitingforgoddot, i hope some more of us will be getting that letter...if not, we need to decide what exactly triggered it or if it should be sent out to us all.

An update from me. I have spoken to them and have been told definitively that CRAs be given information about the existence of the loans and that that will only happen to people who have missed a payment in the past, or if they do in the future. The operator went away and then gave a slightly more subtle variation on that. But i was told i will be getting a letter stating exactly that.

I was also told that all that information on the deferral form is to cover every kind of deferer, whether continual or ones who sometimes defer for specific years etc.

We really do need new deferral forms because continual deferers must be in the majority, with forms that state specific procedures for different kinds of deferers etc because as the form is right now, it looks like everyones info will be handed over.
I will update on this issue if i get a letter stating the above about CRAs.

I wasnt told about not sending the form back in though. Complainers to outside agents maybe should suggest everyone is getting conflicting information and that Erudios who system needs to be overhauled to provide uniform answers to specific questions (amongst other things).

i fooked up the last post slightly missing the key words out. It should read in the second para:
An update from me. I have spoken to them and have been told definitively that CRAs WILL NOT be given information about the existence of the loans and that that will only happen to people who have missed a payment in the past, or if they do in the future. The operator went away and then gave a slightly more subtle variation on that. But i was told i will be getting a letter stating exactly that.

They can't retrospectively tell CRA about defaults can they?

that default was made before they owned the loan so I would have thought that is very shaky ground!

this is like a real time videprinter today.
In response to the person chatting to Simon Read on Twatter last night, and other contacts, here are a couple of twaats from his site today:
simon read ?@simonnread 4h

Anyone have a press contact for Erudio Student Loans?

and

simon read ?@simonnread 13h

Looks like Erudio has started the "carpet bombing". Here's my warning from when the company bought student debts :

We have the first few chinks in the armour, lets see how it unfolds. Maybe someone can twaat him if they have the number he is after.

i was only speaking to the normal operator waitingforgoddot, so i dont know. Unless we pressure them to change it in numbers, that is probably their practice now as i type. I just dont know what i can and cant trust until i see things in writing.

Ok, as per emptycoffers suggestion, I have emailed Erudio re their refusal to accept 3 months of payslips as evidence of income and their insistence on having a copy of my P60.

I have copied the email below for anyone else in the same situation & will await Erudio's response...... This is admin I don't need, but I get the feeling that if we give them an inch they will take more than a mile!

Dear Sir/Madam

Customer Reference number xxxxxxxxxxxx

Further to my telephone call on 3/4/14 around 2pm, I note your refusal to process my application for deferment on the basis that I have not supplied you with a P60.

Under the legislation governing Student Loans, I am under no obligation to provide a P60. The regulations are quite clear on this matter and are as follows:

www.legislation.gov.uk/uksi/1998/211/schedule/2/paragraph/9/made#text%3Dstudent%20loans%20deferment

The borrower can defer making repayments of the loan if—

(a)the lender has not already asked him to repay the loan in full, and

(b)he can show—

(i)that his gross income for the relevant month is not more than the deferment level, and

(ii)if the lender asks, that his gross average monthly income during the 3 months immediately following the relevant month will not or is unlikely to be more than the deferment level.

In summary, A borrower is entitled to defer if gross income is below the threshold in the 'relevant month' (this is the month before the month in which you apply to defer) and if the borrower can 'show' or 'warrant' that the income will be below the threshold in the 3 months following the 'relevant ' month.

All of this I have done by providing you with copies of my payslips covering the last 3 months and, by signing the declaration on your deferment form warranting that my monthly income during the 3 months immediately following the relevant month will not be more than the deferment level.

On that basis, if you persist in refusing to defer my application, I will have no alternative but to hold you in breach of the terms and conditions of the original loan agreements and will be under no obligation to make any repayments on such agreements.

I would urge you to seek relevant advice and reply with clarification on your position on this matter as soon as possible.

If I do not hear from you within 7 days (i.e. by close of business on Friday 11th April), I will initiate the formal complaints procedure and if the matter is not resolved satisfactorily, I will progress it to the Financial Ombudsman Service.

Regards

@ NotMrsTumble - sounds good and sums it all up nicely!

@ waitingforgoddot - this website tells you all about how long defaults, ccjs etc stay on your file: www.trustonline.org.uk/faqs-help

Looking at your 'postal' timeline, I don't think there's anything 'malicious' in the way documents are reaching you - it just looks like a series of crossed wires.

The errors in a number of peoples loan balances due to because of 'Correspondence could be interpreted as having not been fully compliant with the Consumer Credit Act 1974' is, I think down to the SLC.

It was mentioned in my Assignment letter from SLC / Erudio - but unfortunately, I didn't get any interest removed/miscalculated.

I'm full of admiration for you guys firing off complaints left, right and centre.

I think I would just tie myself up in knots if I did that and wouldn't be able to keep a proper track of who should reply when and whether I'd actually been wronged yet or was anticipating a wronging and getting my boot in first!

But I'm with you all the way and really appreciate you keeping us all up to speed on the responses you're having

Well this is causibg me some sleepless nights.

I have made four calls over the past two weeks ad everyone I have spoken to at Erudio has completely contradicted each other. One operator said the Student Loans Company used to refer all defered loans to CRAs, the next person I spoke to said this had never been done. Another operator said I could leave out information on the form that I was uncofartable providing, another operator said I had to give everything they asked for and if I did not fill in the form in full then I would be in breach of contract and thry would collect all the money. Also, one operator tried to tell me having my defered loan on listed with a CRA would be great news for me as it woukd help to develoo my credit profile. The next person I spoke to said that they did not know that deferred loans could listed with a CRA and the script and sample deferment form they have in the deferment contact centre does not have the big bold WARNING that our forms have. I have made a complaint and if you are unhappy and do not make a complaint, then I think you will just have agree to these changes. Finally, I was told by one operator that Erudio could change the deferment to whatever they liked as these are not the same as the loan terms and conditions. I am sooooo confused and wish I knew a lawyer. Good luck all :)

It's all an utter shambles, isn't it?

Yes leica, an utter shambles. I asked for copies of my loan agreement on Friday 21st March and was told I would have them within 14 days. It is now 14 days later and no ign of them. I doubt they will turn up soon judging by the chaos an lack of coordination at Erudio HQ up in Rotherham. Oh well. It is the weekend so time to forget about these goblins for a while :)

agreed got to leave this alone at the weekend, the clock doesn't tick at the weekend for these matters as offices are closed.

but I,ve had a reply from khurrum at nus saying that the social policy team are looking into it, and they will get back to me.

so PLEASE everybody email [email protected] the more emails they get the more help and attention this will get!!!!!!! be nice to them they are on our side we just need to make them realise how much help we need and how serious this is.

Hi All,
I have read this thread with interest as I too have had problems with Erudio, I contacted my MP who happens to be David Cameron and he has written to the Chief Executive of the Student Loans Company, Mike Laverty, to ask him to look into my case! I sent him a link to this thread and I think its easy to see the problems we are all having, I am pleased that Mr. Cameron has shown such an interest in my case and I urge you all to contact your local MP's and or Mr. Cameron.
Hopefully this will add weight to our argument, highlight concerns and hopefully force Erudio to take responsibility for their actions.

Wow, my MP still hasn't responded to me and I emailled him a couple of weeks ago.

Yep all the way to the top for me!

Hi fillie,

I have emailed my mp too but I am still awaiting a response.

I really hope something is done about all this. We need proper guidance and proper help. There are what, 250,000 of us in this situation? That's a LOT of concerned citizens.