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've been stressing about this all night since reading this thread yesterday. My forms arrived this morning and ... they're still from SLC. Feel like I've had a reprieve for a year.

Would it work if you wrote n/a on the form next to the tenant/homeowner question, or that you didn't wish to answer as you don't see the relevance? I bought my house when I was single and working full-time but still didn't earn enough to repay my loans, it would have cost me the same amount to rent so it's not like they were missing out.

You've all given me a kick up the bum to remember to hunt out my Child Benefit award letter though, am pissed off with spending time every year going through everything on my bank statement with a black marker then cutting off the 'balance' column, because I have a joint account with DH.

I might just open a separate account purely for my (tiny) wage and child benefit to pay into, then transfer straight back out into our joint account, in readiness for next year!

Hope you all get the outcome we're hoping for, I'll be watching to see what responses you get from them.

HoobleDooble - I think you'll be safe enough without opening another current a/c - also bear in mind, doing that will involve a bank checking your credit record too. Erudio are permitted (I think!) under the original agreements to perform checks at Credit Rating Agencies BUT only enter information about loans in default. That's the bit they are trying to surreptitiously change under the guise of the so-called 'Fair Processing Notice' - see the Warning on page 5 of the deferment application form.

I still haven't sent my forms back yet but I have decided on my method.
I won't give tick any boxes about homeowner/tenant or give any telephone numbers (that would be like saying call me any time you want to hassle me). I will tick the box confirming my current details are correct.
In my NOA letter, they confirmed they tell you if your DD is active so I don't need to add anything there.

I'll send a letter from my partner and my most recent bank statements (it doesn't have to be 3 months) only as far back as necessary to show a payment in from my partner.
I will black line any 'sensitive' outgoings. It's none of their business who I have my phone service with or my life insurance or my utilities etc etc.

In the covering letter, I will confirm I am applying for deferral and complying with the terms as they were in the original agreement and providing the information that satisfied the SLC last year.

As Erudio have done, I will put a short note in the letter, something like:
WARNING: I do not consent to any changes in the original terms and conditions of my loan agreement. This application for deferral does not constitute or imply consent to any change in the terms and conditions of my agreement or constitute or imply any consent to any change in the way data about me or my loans is handled.

I'll also write that on a white sticker and place it over Erudio's warning on page 5 of the form underneath where you sign the warrant/certificate ( cross out the 'fair processing notice')

Does that cover all the trouble points?

I might put a sticker with the same message on the front of page 1 of the form too - just for clarity's sake!

Empty I'm probably being paranoid but I'd make sure the sticker can't be peeled off!

Yes a sticker may be OK to add something to the form, but I would cross out the parts of the form I did not agree to with thick black marker just so it cannot possibly be undone by sneaky staff at Erudio.

Thanks guys - I don't know why but I'm wierdly anxious about not returning the actual forms themselves.
It's illogical I know - some sort of cultural deference probably.
I'll have to decide sooner or later - stickers/letter, letters/stickers aargh!!!

I desperately need to be deferred but I also don't wan't to be a doormat and also, I know what the rules of repayment are and according to the rules, I don't have to repay...

Note to self... be more confident... assert oneself!

Just to say thanks! I found this thread very helpful and it has inspired me to put some info about dealing with Erudio Student Loans deferment in a wordpress blog no2erudio.wordpress.com

@mandakl I have cited your sample letter in a blog post and have credited you here.

Good luck everyone in dealing with this company to defer your student loan and I hope that it won't cause unnecessary anxiety!

I've been just as concerned with Erudio's statement that any deferment information would be recorded with the Credit Reference Agencies, so crossed out the sentences relating to the CRA deferment information on pages 5 & 6, and included this cover letter, just to make it absolutely clear. This will be sent by 'signed for' delivery too, so there can be no "we didnt receive your form" get-out..

Dear Sir/Madam,

Please find enclosed, a completed loan deferment application form for the above student loans, along with an SA302 tax-return statement for the most recent financial year 2012-2013 as evidence of income, as requested, to enable you to process my deferment.

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 (1997).

The recording of any information with any Credit Reference Agency in relation to the right of deferment under Section 11 (1) of The Education (Student Loans) Regulations (1997) will be constituted as a breach of the original loan agreement, and may result in civil proceedings being brought against Enrudio Student Loans Ltd.

Yours Faithfully

I think I should probably add a declaration to any letter something like.

I declare that all information given is correct to the best of my knowledge, and no relevant source of income has been omitted. As such I fulfil the conditions for deferment.

So glad I have found this thread :) Marking place as not got time to read all of it now.

here is why the companies are getting jumpy
www.bbc.co.uk/news/uk-politics-26705164

Quick question to some of you knowledgeable looking people.
This article says that student loans have a clause in that the T&Cs can be altered. I can't see that in the pic printed of the mortage style loans earlier in the thread (Thanks for those - saves going up in the attic tonight!). Is that just in post-98 loans? or have I missed it somewhere?

Nothing in my agreements that allow them to change the terms.

I think that article is bad journalistic nonsense in that respect.

Thanks madakl
I'm 'slightly' grumpy that they have bought my loan at 20% of value. I would happily have paid it off at 20% of value to save the hassle of deferment every year!

I've got two responses ready for them that I need to decide between.

I've got their form completed but with the conditions in their fair processing notice, relating to CRAs and deferment, blacked out and a covering letter plus all proofs. And I've got another option which has a different covering letter plus proofs and I don't return their form at all.

Hmmm choices choices.

I've also emailed them stating if I return their form I will give them permission to change the T&Cs and I will not do this. I've stated they agreed with government not to change any terms and I've said they should accept my deferment in a format of my own choice as their format will alter the terms. No answer yet.

I also called them and got through to a supervisor who actually agreed (after finding a copy of our original terms from SLC) that it did look like they were trying to change the terms. He said he'd try and contact the legal team and get back to me, no response so far.

Will give them another day or so before making a choice and sending off one of my responses.

Thanks to all on this thread, I was ready to send off the form and hadn't noticed that they had changed the t&C's so radically.

I have opened the envelope and will blank out the parts not included in the slc's t&C's.

Thank goodness for this thread. I received my deferral papers back and have been in a complete tizz ever since.

Very interesting, IchibodT, that the person you spoke to agreed about the seeming changes to the ts and cs. Am looking forward to their response.

IchibodT - I sent my application back and went for your 'option 1' - using forms with any changes crossed-out or questions on home status, telephone numbers etc ignored/left blank plus a cover letter refusing consent to any changes to Ts & Cs

I sent it with signed for delivery - under £2

I'll update on here when/if I get a response - it would be great if we all did the same - there's comfort in numbers.

After all, I'm sure most debt collectors are used to isolating borrowers and using that sense of being alone/vulnerable and shame/embarrassment/guilt about debt to pile on the pressure.

They're dealing with a class-action here!!! - with lots of people who won't be kept in the dark. If we keep each other in the loop, we'll add to our power.

Also, I don't know how many people are reading this and the other forum threads, but my debts are the best part of £10k - if even only 100 people with similar size loans are reading and acting in unison - then that's a £1million pounds worth of clout - let's not forget - we have a value.

There's an old saying(I have a crap memory but something like this):

When you owe the bank £10,000 pounds the bank tells you to feck off BUT when you owe the bank £10 million pounds, you tell the bank to feck off.

LittleMissGreen - that's so true!

If I'd been offered the chance to pay 20% but with the money going to the right place rather than to a debt collector - I'd definitely have seriously tried to repay - but now...

That's true, why couldn't they offer borrowers the chance to pay off our loans for 20? of the cost?

I'll report back if and when I get a response to my deferment.

Marking my place to see what replies you all get. I don't defer till may but will only be happy giving the same info that I gave slc. We are right to be very wary I think. I also would have been happy to clear mine for 20% at the rate my life is going they won't see any money from me at all now.

I find it really depressing that so many of you are graduates (presumably) but not earning enough to start paying off your loan.

Does anyone regret going to uni? (I have 2 DC at uni at the moment, so I have a vested interest. Although we're in Scotland, so no fees - just small loans to live off)

A degree is a requirement of my job but I still don't earn enough to pay it back!

Definitely don't regret going to uni - only wish my education had translated into better paying full-time work. I taught in FE using my degree subject but could never make the jump into full-time permanent employment partially due to being a 'mature' student when at uni and then missing the track (being too old) to follow the PhD route when competing with younger people for funding.
I remember Blair banging on about 50% of young people going to uni and thinking, which western economy can actually produce enough jobs that NEED graduates to employ half the young people in the education system every year for ever more?
They knew that it didn't stack up - which is why they decided the state wasn't going to fund it anymore via grants - because the country didn't need that many graduates. Education for all was just li-service to the illusion of social mobility and 'equality'.
So they basically said, you can all have degrees, we've created all the extra uni places however we, the state, don't NEED you to have degrees, so if you want one - it's on your own head - pay for it yourself.
They should just have been a hell of a lot more honest about that.

Still, it comes back to haunt the govt when peole can't afford to pay the loans back. Of course, they wish they hadn't sweetened the pill of loans and tuition fees now.

edit ' university education for all was just lip-service to the illusion of social mobility and 'equality'.