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Original poster

erudio student loans

999 replies

mrsbug · 17/03/2014 17:37

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 Smile)

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?

OP posts:
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8
ContentedSidewinder · 14/04/2014 09:29

sarebear how does providing copies of your joint bank account prove anything? Confused

I am in the same situation, I am a SAHM, Dh works and we live off his wage but he doesn't pay me money. I have my own bank account and the only thing that goes into that is child benefit. I sent a copy of that to Eurido to show my child benefit payment.

The joint account is where Dh transfers money into to pay all the bills and I have a joint credit card which is paid for automatically out of the joint account. But I don't get given an income by Dh, nor does he pay me money.

I sent all my stuff off to Eurido on 20th March and still no reply. I will have to contact them soon. Arseholes. I think with me they will be desperate as I am getting close to write off stage.

mandakl · 14/04/2014 10:23

Someone else just posted this on MSE but bears repeating here.

Quote: "Paul Lewis is supposed to be discussing Erudio on the You and Yours programme, which is on Radio 4 at 12pm today.

He has just tweeted that he especially wants to hear from people who have already had payments wrongly taken by Erudio: twitter.com/paullewismoney "

erudioed · 14/04/2014 10:25

a quick post from the MSE forum...i wonder if someone will mention Erudios history and the BIS due diligence process, or the lack of a reply by Our beloved leader Mark Filer. Here is the post anyway:

Paul Lewis is supposed to be discussing Erudio on the You and Yours programme, which is on Radio 4 at 12pm today.

He has just tweeted that he especially wants to hear from people who have already had payments wrongly taken by Erudio: twitter.com/paullewismoney

erudioed · 14/04/2014 10:25

oops, sorry mandakl, didnt know i was copying what you were doing...

erudioed · 14/04/2014 10:45

here it is from the you and yours website about the segment and how it is framed:
The government has sold loans taken out by students between 1990 and 1998 to a debt collector; what's changed and should graduates who still owe money be worried.
Maybe people could phone in if they have a contact number and a little free time before the show in just over an hour.

mandakl · 14/04/2014 12:39

So Paul Lewis on you and yours says he has confirmed with Erudio that as long as you fill in the income questions and confirm your identity, Evadio will accept forms where the rest is not filled in.

IchibodT · 14/04/2014 12:41

There seems to be a slight difference between what P Lewis keeps reporting and what I have read elsewhere.

He keeps saying the cut off for section 16 and section 12b loans is 1999 onwards , but I'm sure the email BIS sent to me stated all loans from 1998 onwards could not be reported to CRAs due to section 12b but all loans before this could be reported due to section 16 on the older agreements.

Which is correct?

mandakl · 14/04/2014 12:43

I have a copy of a 1998 agreement and it has the newer section 12. So definitely from 1998 onwards at the very least.

Sarebear78 · 14/04/2014 13:18

@contented sidewinder - not sure one what the joint account proves but my husband is adamant they are not having his details and financial information so I have just blanked out everything apart from the money I have spent. The rest is his and the money he spends on the kids. Not sure what else to do?

Good luck - I would have thought everything you provided would be sufficient - fingers crossed. The only reason I found out that I hadn't been successful with deferral was because I (reluctantly) phoned them. Even then they tried to claim I hadn't sent it - so glad I sent it recorded!

StAndrewsbythesea · 14/04/2014 13:23

I've been watching this discussion with interest - I am beyond livid with what Erudio have been trying to do with my loans! I won't be using the forms provided by Erudio either. Uh-uh.

I am going to write to the FCA later today arguing that Erudio does not meet the 'fit and proper person' test to hold a consumer credit licence.

Is there an online petition anywhere? It could get a lot of signatures if everyone shares it on Facebook etc.

simonpimpernel · 14/04/2014 13:52

I'm so sick of this . I had a letter all written out and my proof of income etc bundled up in an envelope ready to mail... and then I see that in their FAQs Erudio are now stating that you MUST fill in their forms in order to defer. Now i'm fully aware this is legally probably BS but it seems like Erudio are prepared to stand their ground on this one requiring people to go to who-knows-what lengths to get them to back down. It's just... ARGH!

erudioed · 14/04/2014 14:01

just listened to Paul Lewis. He says Erudio are saying they will exercise the right to report deferred loans to CRAs.
I think he has missed something though. I really dont mind signing the deferment form concerning the information i provide being correct, the issue is that that is tied up with authorising them to report your loan to CRAs and that is what i personally object to. As stated in the warning box underneath the signature:
Accordingly therefore by submitting this application you confirm that your consent for Erudio to perform...

I was personally happy to hear about some of the info being superfluous and having that confirmed. I would also add that i still dont know what the hell is going in because the information about CRAs still isnt concluded. Erudios website says they may/might report it, Lewis said they intent to, i was told they wont by Erudio.

Powerpooh · 14/04/2014 14:09

What a bloody mess this thing is.. I'm well and truly sick of the whole thing. I'm sure many others are too.

I haven't heard the paul lewis report but if its anything like BBC tv the other day he has probably missed the point.

Grrrr!

erudioed · 14/04/2014 14:19

So sick of it i dont have the words...

Powerpooh · 14/04/2014 14:24

Me too Erudioed. Im at a loss what to do now, completely exacerbated by the whole thing.

erudioed · 14/04/2014 14:35

im still left with my deferment form in hand, the info i need to enclose to prove i earn way below the threshold ready to go, and both with my deferment deadline fast approaching...i really dont know what to do but wait a little longer to see what happens.
On the plus side, we have made progress, and even though i personally feel certain issues remain unanswered conclusively (the most important of all to me being the CRAs being given info on my loan and the DD issue) or not even mentioned (who Erudio actually is and the due diligence test by BIS), we now do not have to fill in any info other than the financials. The deferment form of course has our reference number in the box in the right corner on the front page, and with a DoB must be more than enough as identification.
I still feel there is a just fight though, so although many i am sure are just as sick and tired as we, maybe just a last final push and we may be somewhere near where we were with SLC.

IchibodT · 14/04/2014 14:53

As far as CRAs are concerned if your loans are post 98 you don't have to worry as a deferred loan from this period is protected by section 12b of your agreement and can only be reported if in default.

If you have a pre 98 loan then, from what we have heard these can be reported if in deferral. I would say if your loans are 5,6 thousand pounds or below then having them on your credit report won't do too much harm. If you already have a load of credit then it will obviously impact even more. You could amend your credit file with a note to explain the implications of being in deferral, for instance, to be liable to start paying back my loans my income would have to rise by about £6000, any lender would see that and realise that I may have to start paying back £150+ p/mth but my income would rise by about £400 p/mth so if I did have to start paying back I'd still be in a stronger position financially. I would make any future credit applications in person rather than using automated systems.

For the majority of people the CRA threat is a red herring. Obviously there are those with larger loan debts that would have more of an impact and there are those with large amounts of credit or bad credit, resolving those issues first will hopefully mean the Erudio info won't harm you too much.

On another note I was just told over the phone that my deferral looks to be in order and they would look at it today and send me a letter out within 5 working days. Now I know this is Erudio and I'm taking it all with a huge pinch of salt, until I get that letter I'll continue to assume the worst. I managed to get through to a deferral officer and they said they were happy with my info. For the record I did supply 3 months wage slips and a p60. I completed their forms but blacked out most of the fair processing notice and sent a covering letter (similar to most already posted on this thread). I'll let you know if anything appears in the post by the middle of next week.

calise · 14/04/2014 15:00

Sarebear, I have been following this thread with interest over the last month and my deferral date is fast approaching so decided to give Erudio a call today. I am also a SAHM with no income only child benefit payments I am also adamant that a debt collection agency has no right to view my joint account. I have absolutely nothing to hide its just the principal of it! I got through to Erudio very quickly and asked for help filling out my form. under Other Income, I cant give a value as like everyone else I don't receive an amount of money from my husband to keep me. Do these people live in the real world!!!! But I offered to put in that box see accompanying letter (from my husband stating he supports me etc etc) The interesting part was the discussion about the child benefit.....I suggested that we didn't get an award letter every year and as my kids were 10 and 12 I'm not sure if I could find the original document. He then told me I needed to provide bank details, I refused and asked to make a complaint and was told clearly that the bank details were needed to prove that child benefit was being paid to me not that my husband was supporting me and that if I could get proof about the child benefit then my husbands letter of support was the only other proof needed. So now to find that 10 year old document which I'm sure I sent to Student loans many years ago or to try to obtain another!!!!!

Sarebear78 · 14/04/2014 15:14

@Calise - I am sure if you ask Child Benefit they will confirm what you receive then you are sorted. Best of luck x

calise · 14/04/2014 15:20

Thankyou Sarebear, No luck in finding Child benefit letter (I keep everything nicely filed too!!!) just about to do that. Will let you know how I get on!

mandakl · 14/04/2014 15:31

If you are declaring that is your only income then it is pathetic for Erudio to demand proof of the child benefit.

What do they think it will amount to? How may children would you need to go over the threshold. Muppets!

I think I would make a formal complaint that insisting on evidence that you do not have for an income source that cannot possibly put you over the threshold is disproportionate, unreasonable, and is a deliberate attempt to be obstructive on their part.

calise · 14/04/2014 15:42

I agree mandakl They're total jobsworths, however like most of us I have 4&5 years left before its written off so don't want to rock the boat too much! I have requested a new copy of my child benefit award letter on the HMRC site although I notice on the FAQs that they 'wont provide written proof as your local authority can accept your bank statements' As I'm not dealing with my local authority I thought I'd give it a try! If I cant get the information I need from HMRC I'm prepared to take things further and report Erudio to the Financial Ombudsman on principle!

StAndrewsbythesea · 14/04/2014 16:08

They are not only jobsworths, they are incompetent jobsworths. They have split my loans into two, giving me two customer reference numbers, two deferment forms etc. I have been told I have two accounts as the SLC passed the loan details over in stages. They have told me I have to apply for deferment TWICE every year and supply two sets of evidence etc. I told them I would do nothing of the kind! They told me it has affected quite a few customers.

erudioed · 14/04/2014 16:34

@ichibotT
I didnt really understand what you mean when you say "For the majority of people the CRA threat is a red herring."
I think that is a rather crazy statement. It is the principal of the matter for me personally, i have no plans from now until the end of my life to be ever getting credit again. However, if that isnt a problem for you, there is nothing wrong with that! But to suggest it is a red herring, i think you are vastly underestimating what this company and their equivalent will be doing in the future. This is the start of whats to come and the first step in how things will be changing, and that is to make your debt publically available information that can be sold on, something they want you to sign away via that form. After that, the bridge to the usual debt collecting style is not too far away right.

erudioed · 14/04/2014 16:56

and lets not forget, this is for Higher Education, you know, something that should effect anything negatively in your life. This isnt like a normal debt/loan, it is not long ago since it was a right!