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?

Looked like they were missing the point - focussing on having to fill in more info including benefits - pointed out that was fine. Managed to get the problem with CRAs in the last sentence - said Erudio have said they will no longer do that if you ask them not to. Not convinced!

I only saw the first bit and am planning on catching up on iPlayer later.

He said that Erudio said that if you don't want your deferred loan reported on your credit report, you tall tell them that and they won't report it.

He also said Erudio claim that they HAVE to ask for the details not relevant to income, housing status, what credit cards you have etc. We know that is complete bollx so disappointing that Paul didn't call them completely on that fib as he should have.

so Erudio told Paul Lewis, although he had very little time to say it, that they will pass on details to CRAs, unless you state you dont want them to. That differs to what some of us have recently been told by Erudio that it wont be passed on if we defer successfully.
The sheer inconsistency in what Erudio are saying is rather disgraceful considering how much money they are handling. I thought clarity was supposed to be paramount in the financial services sectors these days...

lack of clarity and total inconsistency, which leads to a lack of trust. Its a disgrace!

Seems we are getting somewhere with some parts of this.

Need to keep up the pressure.

Marin Lewis is looking heavily into this.

see twitter.com/MartinSLewis/status/454162724063576064

so probably need to let him know what they are trying on.

Erudio have yet to put any of this in writing though. No sense in drip feeding info through various channels. Who's running erudio? The Chuckle Brothers?

At least they are visible...
It is our beloved Director, Mr anonymous, Mr Mark (Howard) Filer who is also concurrently Director of, and i assume running, over 200 companies:
www.companydirectorcheck.com/mark-howard-filer-3#ap43566528

He has a history of never going on record, although there are some speeches he made on an italian website, that you have to join/pay to join, with a rather small jpeg showing our illusive business genius.
www.abieventi.it/eventi/1947/mib-conference-securitisation-covered-bonds-conference-2013/
It is a speech in his Wilmington Trust role as UK Director...

The Chuckle Brothers!

Chuckle brothers would run things better.

www.bbc.com/news/education-26954901

the video with Paul Lewis in the 2nd half mentions Erudio and some of the key concerns

I too have emailed Paul Lewis.

Can we start to invoice Erudio for our time spent on this?

Administration fees for example?

i hope not, it might push me personally over the limit with the time ive spent now and into the payback zone

Highlighted from the bottom of erudioed link...
Do you have a student loan? Are you concerned at your ability to repay it? If you would be willing to be interviewed by the BBC please email [email protected] with the subject title Student Loan

Is there any official advice as to what we should actually do about our deferment. mine is up in May. i have been jumping from this discussion to Moneysavingexpert forum to get advice on what to send back.

I think even the experts are still trying to catch up.

It is very clear that all you need to provide is proof of gross income. You don't need to use their forms, can can if you want by crossing out the parts that are irrelevant/nosey phishing on their part, and deny them any permission to share you loans on your credit files. They would have no grounds to refuse deferment in that case, and if they tried you could take them to the authorities.

louise. I am assuming you are aware that none of us know because we are all trying the methods we think are best for us. You just have to pick and choose and take the chance!
But i would strongly suggest getting a letter from Erudio stating that your loan wont be registered with CRAs, or specifically mail them stating you dont want your loan registered with CRAs (although how will you prove you sent it if they then register you and you dispute it, i dont know, lack of proof and all).

Its all very worrying. i feel like i am damned if i do reply and damned if i hold out to see if Martin Lewis or anyone else mentioned in these discussions comes up with a answer on what we should do.

louise,
indeed...welcome to the club i'm sure you dont want to be a part of!

Oh, I'm not catching up on the iPlayer because it's not available. Bums. Did Paul Lewis say anything helpful?

@ TazFrank1

Would be very interested to know when you submitted your deferment application to give us an indication of how long it takes Erudio to process a 'conventional' application -thanks

concerning the CRA registering issue, here is what paul lewis twaated:
Anyone with a pre1998 loan had already given consent I am told by BIS and Erudio. Only 1998 loans had not. But yes you can

the last part concerning sending a letter telling them not to share info.
I dont personally remember giving consent but there you go...anyone have conclusive evidence for pre1998 loans about that?

so what is the evidence for this claim from BIS? As they were the ones overlooking the sale. I dont personally know, especially considering SLC never chose to do this but what i do know is BIS would have a hell of a lot to answer for if that was not the truth.
I guess we need to prove it, have it proven or accept it...

MSE's website now has an article about this: MSE on Erudio

I have just dug out my original agreement, i took my first loan in 97/98 Ac year, Sec 12: Disclosure of information states:-

"We agree that we will not give or show confidential information about you to anyone else for marketing purposes but you agree that we may give confidential information in the following cases:"

"b) if you have broken this agreement, to licensed credit reference agencies(who may make such information available to other lenders assessing credit applications from you and other members of your household)"

There are a to e sections but i think b is the one we are interested in. Nothing about passing information if the agreement isn't broken.

I will fight this i am 50 in Dec when my loan is written off, so they will not beat me.