Erudio Student Loans Continued

[halfpricedebt]

Started a new thread following mrsbug's request.

I got an email from Erudio today telling me that an issue I raised with them on 27 March that was then completely ignored even though they asked for confirmation of my details to process the initial email. I gave them the details they requested and seven days later I still hadn't heard anything. So I wrote them a rather threatening complaint telling them if they didn't respond within 7 days I would report them to the relevant financial services. That was on 3 April and today they've told me that my complaint has been forwarded to their Customer Resolutions Team.

I wonder what they do?

Didn't Erudio buy the debt for £160 million?

Sadly it is perfectly legal and enforceable against you for the full amount when debts are sold under assignment.

Not only that but in this specific case there is additional law in s(1)(4)(b) of the Sale of Student Loans Act 2008 that permits the transfer of the benefit of the entire amount owed under the loans to a company such as Erudio.

I'm afraid they do legally own and are owed the full face value of the debt.

May be an unpleasant truth, but with the greatest respect people need to concentrate on the real issues and problems, rather than a well meant but ill founded belief that they are only owed what they paid for the loan book.

Fight the battles that are real and that you can win.

They never expected to make any money out of deferers, that is why the loan book was sold at such a low price. That single bit of information was what drove me to this thread in the first place, because it was clear to me that they would try and turn deferers into defaulters based on their correspondences. That they wont settle short is kind of evidence they are playing the longish game because otherwise it is just crazy business sense to demand full payment. But if we keep deferring, they wont have access to it. I suspect after 3 or so years, they will make an offer. Me personally, i would suffer their shite just to not settle after their approach thus far, especially as my situation will doubtfully improve to take me anywhere near the payment threshold.
Mandakl highlights the brutal reality unfortunately but it is a great idea. But it revolves around Erudio being in on such a deal from the very start, and how would we get them to the table...and then finding all that money, especially if some prefer to defer until the loan is wiped in a few years.

and dont forget, Erudio are facing martinlewis today on BBC 5 live at 12. Get your twatter questions to him. Ive posted a few already, the more who post, the more of an issue it looks.
I suspect they wont show or it wont be Erudio but i am very curious and will be plugging in to the whole 2 hours for a probable 5 min piece. Lets hope he puts the important questions to them, including getting them to admit they have already sold our personal info on at least once by subcontracting the work.

also, as Erudio promised the DD problem has been sorted out, if anyone knows of anyone who have had money taken this week, they need to twatter martin lewis before he goes on that show.

As Mandakl and Erudioed say they paid a knockdown price for the full value of the loans, legally they can chase for the full amount. It sucks but it is what it is, as Guy Martin would say.

People need to focus on the areas that are in dispute;

Erudio's information gathering exercise
Evidence needed to defer
Registration with CRAs
Incompetence, lies and misdirection by call centre
Who are we dealing with and where is our personal info going
DDs being incorrectly taken

I'm sure there is more others can add.

Ive no doubt this thread and the MSE one have been the main reason this issue has gained notoriety and I'm sure Erudio and lots of people who need help read the threads so we need to make sure we don't go off on a tangent and that the info we give is accurate as people are using the suggestions on here to deal with their loans. I know I did.

Well, the occupy movement already did a similar thing in the states to buy up the value of what a debtor bought a debt for. Money has no value, the only value it has is the psychological power that creditors place on it.

Read David Graeber's Debt.

If you ask me, the issues of erudio's tactics are all linked to their greed.

I see the points people are making and understand about not going off on a tangent. My point is that erudio and the like are nothing short of highwaymen. All their tactics are aimed at making a profit that they aren't entitled to but want to make on their initial outlay. In what world is this a moral or acceptable venture?

They are entitled to ask for the full face value of the debt though. Perhaps it is not very moral, but it is perfectly legal, and trying to deny that is just sending people on a wild goose chase.

Yes IchobodT, i agree very much, we must stick to things that are factual that we have encountered or found out that seem fishy/wrong.

Also, i am the only person to twatter this question to martin lewis but if anyone thinks it a concern, maybe the more who ask, the more chance for Martin lewis to ask about it and erudio to change it because i think it affects us all, and will do every year we go through this:

If they get the deferment forms pre-deadline, will they suspend taking DDs until after they have assessed the claim?

@^^

I agree with your points in principle but morality has little to do with this, this is business. morality jumped that ship before it got out the harbour.

Money has a value, the value we collectively place on it with our society and institutions, it's not a bad system people just use it badly.

Last post was for halfpricedebt

Sorry peeps. I didn't want to knock the valid arguments off course. I just think it is possible to change things if enough people challenge it. Maybe it's the liberal graduate in me - my dad was right - university brainwashed me to be a liberal lightweight.

Any more twitter questions for Martin Lewis to put to Erudio?

twitter.com/bbc5live/status/461505357819678720

So far there is twitter.com/search?f=realtime&q=erudio&src=typd

Im at work at the moment trying to keep up with this thread as well as tweet as many questions I can think of.

Have no access to the radio so would someone be so kind as to update with the main points made by martin lewis.

Thanks in advance

Erudioed - are you E:) on Twitter? If so you've pretty much asked the questions I had.

indeed, i am the accused ...
Lets hope a few get asked, if erudio actually turns up. I suspect it will the guy from arrow but who knows, maybe Filer will speak up for his 1 man empire!

I am expecting more lies and evasion.

before it was digby jones on the BBC, now this time Gerry Adams, once again getting our specialised subject limited to about 1 minute air time.

i was right, no erudio...i wonder why? Well i dont wonder actually i think the evidence shows why. I was also right it is Arrow speaking for them, well some american dude talking up and bringing the UK some more American style capitalism.
Martin Lewis is good, at least hes passionate on our behalf!
No mention of subcontracting though...yet.

well i wonder if we will get any resolution? my deadline is approaching fast.

they are a bunch of liars. We have our evidence. the call center number for a refund...what a joke. Well, they are hanging themselves!

Well that was a whole load of pissing in the wind.

Nice that Lewis mentioned Capita without Lewy correcting him. Also nice of Lewy to give us the potted history of Thesis and Honours there and tie all of that up.

Quite honestly, folks, until the FOS really get involved nothing will change.

So Arrow seem to be running it, or looking at the statistical info.
Arrow didnt deny subcontracting out the deferment to Capita. So it is Capita (Ventura) we are dealing with. Not even fucking Erudio.
Erudio dont have anyone working for them, they are just the foil for complaints, a brand to dirty that wont affect any company's brand image, and something through which to funnel the cash.
Lets hope they get Arrow back on for another longer grilling by Martin Lewis