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?

I declared my savings interest but not my savings as I don't support myself with them which is what they ask. I think the financial support from my dh will be the issue with me as I've said I do not receive an income from dh but he does pay the majority of our household expenses. All true, and he has written a letter confirming this but I can't see them accepting it!

They can't tell what savings accounts you have unless you declare it.

Savings accounts are not revealed to CRAs - as they are not 'Credit'

There's still a smidgin of privacy in the UK - not much though

I didn't declare savings interest but mine is paid annually, in august. May be worth switching toan hour account like this if we are going to have to go through this exercise every year.

My interest is also paid yearly and I told them this, but it's not obvious from the evidence I supplied and I'm guessing they may also query this too. I'm now wondering why the hell I even told them about my savings!

@bobsyouruncle

You declared your interest for the same reason I did, you wanted to be as honest as possible. Whether or not Erudio will do the same remains to be seen. But I'm not knocking myself out over this anymore, I've reached a state of calm about all of this now after weeks of stress. I'm entitled to defer, that's all that matters. I won't be paying, whatever I need to do I'm willing to do. If they refuse deferment then I complain and seek legal advice, I'm in the right I'm just not sure of the process to assert my rights but that can be found out.

Yes you're right, can't say I'm calm exactly but now I've sent the forms (albeit with sections omitted and areas scored out) and my evidence off and made a complaint, there is nothing else I can do for now so little point stressing.

yep, sit back in our ringside seats and lets wait to see what their responses are to all our problems, issues and concerns.

Thanks for your responses everyone, very comforting to know I am not alone.

I have declared my interest on my ISA, sent a letter saying my husband does not provide me an income, but does support me financially (this was always accepted by SLC), and sent a copy of my CHB payments. I have written their certificate and warranty on my own letter (omitting the bit about registering my deferred loan with CRAs) so it now looks very much like the original Certificate and Warranty we had to sign every year with SLC - I don't see how Erudio can complain about that as I am keeping to the original T&Cs. Still, I'm sure they will...

Thanks again. I'll let you know when/if I hear back from them.

Hi All,

Thanks for the continuing information and suggestions on the page. I received the assignment letter and thought nothing of it, until a friend mentioned it in a bit more detail and my alarm bells started ringing. I have partially completed Erudios form today, and blacked out all their terms and conditions, and am sending the following covering letter:

Erudio Student Loans Ltd
PO Box 580
Rotherham
S63 3FR

SLC CUSTOMER REF: xxxxxxx

Formal request for deferment under the Education (Student Loans) Act and Education (Student Loans) Regulations.

I formally request that my student loan accounts under the above reference are deferred for a further 12 months pursuant to the Education (Student Loans) Act and Education (Student Loans) Regulations. In accordance with the regulations I provide evidence that:

• my gross income for the relevant month is not more than the deferment level.
• my 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.

where “relevant month” means the month before the month in which the borrower asks for deferment.

I have not fully completed the form provided by yourselves as it requests private personal or other data that is not relevant to the above deferment conditions. I note that there is no requirement in the legislation or agreement to apply for deferment in a given format or on a specified form. I have deleted or written N/A over any part of the form which requests information you are not permitted to request, or which appears to deviate from the original Terms and Conditions of my Loan Agreement.

Please note that I do not consent to any additions, amendments, or otherwise, to the Terms & Conditions of the original loan agreement by Erudio Student Loans Ltd. This includes the recording of any student loan deferment information with any Credit Reference Agency, with the exception of where a formal Notice of Default has been served in accordance with The Consumer Credit Act (1974) and The Education (Student Loans) Regulations (1998). The recording of any information with any Credit Reference Agency in relation to the right of deferment under Schedule 2, Section 1, Paragraph 9 of The Education (Student Loans) Regulations (1998) will be constituted as a breach of the original loan agreement, and may result in civil proceedings being brought against Enrudio Student Loans Ltd..
I monitor my Credit History and if such information is placed by yourselves, I will be taking formal action to have it removed, this may also involve legal action against yourselves for damages, or a report made to the Financial Conduct Authority regarding vexatious behaviour.

I am aware of borrowers being requested to provide a P60 Tax Form to qualify for Deferment. As a result of this, I would like to make it clear that Under the legislation governing Student Loans, I am under no obligation to provide a P60. The regulations are quite clear on this matter and I have enclosed a copy for your reference.

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 in the same manner as I have done since inception of the loans, and have always been accepted for deferment.

On that basis, should Erudio refuse 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. If, following the production of the information you have requested, you take any payments from my account, I will reclaim these under the Direct Debit Guarantee and instigate formal action against your company. Again, taking payments from my account when the Deferment conditions have been met under The Education (Student Loans) Regulations (1998) will result in my holding you in breach of the terms and conditions of the original loan agreement and relevant civil action will be taken, as well as a report to the Financial Conduct Authority.

I look forward to confirmation of deferment.

Yours faithfully,

Enc.
Amended "Erudio Student Loans version of Deferment Application Form"
3 months'payslips from my two employers.
Copy of The Education (Student Loans) Regulations 1998 for your reference.

I have not as yet raised a complaint, I will do this if and when they refuse deferment, and then I will attack them with as much gusto as possible.

Does this seem to add up? Please feel free to critique, or borrow my version of the various letters I used above - I thought that sending them a copy of the regulations might be useful to remind them the ACTUAL deferment conditions, as oppose to the ones they seem to be wanting to make up.

Knave, that's very good. (I'm a lawyer).

My only quibble would be the words "and will be under no obligation to make any repayments on such agreements". If they breach a contract you can recover your losses. It does not always mean you have obligation to pay money due but it is a very good great letter. Keep a copy, obviously.

Good letter knaveofwands. I sent a letter too. All we can do now is sit and wait and see what happens.

Can anyone tell me if I have to sign the fair processing notice that allows erudio to share my data? I rang them and they say I have to and they would carry on contacting me until I signed. I am in deferment and cannot see my income changing radically by the time the next deferral period comes up. What worries me is allowing erudio access to my bank account and them seeing I have some savings. From what I have read on this site though they cannot touch this and can only base repayments on income not assets.

I doubt you have to sign it. However as someone said above credit companies have automatic rights to use certain data about people who don't pay mortgages etc.

I doubt they have rights to see savings details unless SLC terms said so.

Bodies like HMRC have always looked at what people have ( the taxi driver supposedly on £10k a year who has £500,000 Spanish villa and an expensive life is probably hiding his high income) but not sure SLC or er has rights to force disclosure of assets details in the way HMRC do to prove someone is lying about their income.

Mind you, as a higher rate tax payer who fully funded 3 children at university so they did not take out loans I probably should be on the other side of the fence.

@danielhurst35

No you do not have to sign it.

It is also a bald faced lie that you have to sign the fair processing not in order to defer.

ALL you have to do to be entitled to defer is provide proof of gross income.

Nothing alse

You don't have to sign or agree to anything else, or provident other info.

If Erudio try to deny your deferment because you having not signed the fair processing note or for any other reason that has nothing to do with proving your gross income, then they will be in breach of not only the loan agreements but in breach of the law that entitles you to deferment.

twitter.com/paullewismoney/status/453892827802775552

And also from Paul Lewis

twitter.com/paullewismoney/status/453848598959386624

"Have you heard from Erudio about your old (1990-98) student loan? If so what are you doing about it? email my twittername at gmail dot com."

mandakl - I don't do twitter, but DH does, he says paul lewis has a tweet there about emailing him with your stories. Guess anyone can do that - but I don't know how to link to his tweet.

@LittleMissGreen

I just linked to it and quoted the text of it above. :)

Cross post :)

thats good, alhtough i am also twatterless. Here comes the most stupid question on the thread, if you email his twitter name @gmail.com what does that make his email address. Could someone post it for me here so i can mail him tomorrow.

paullewismoney @ gmail.com

Thanks for the advice. I won't sign & see what happens. Have a feeling they will be contacting me again before deferment period ends though. All I wanted to know was am I legally obligated to sign it & it doesn't seem that I am.

Thanks mandakl

Like you, would urge as many people as possible to email:

[email protected]

with confirmation that much more data is being requested by Erudio on threat of deferment being denied if data is not provided.

Yes. And that they are trying to trick people into letting their defered loans be reported on credit reports, where that is not allowed under the original loan agreements.