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?

That's two of us mrsbug! I've not contacted them in any way since sending in my forms.

If they try and refuse my deferral - then they'll have to send me a letter with the correct monthly DD amount on it - at which point I would object (as I qualify for deferral anyway) and see what they do then.

If they act mental and randomly take a DD - I'll get it refunded under DD guarantee.

Otherwise - it's a game of wait and see.

Just saw on twitter link to another case of Erudio raiding someones bank account when the person was actually deferred.

forums.moneysavingexpert.com/showthread.php?p=65318203#post65318203

They clearly can't be trusted with anyone's bank details.

well heres another bombshell, the confirmation of the complaint letter that says collection activity will be suspended is not the same message the call centre staff have been told.
As such, anyone waiting for a complaint to be answered needs to contact them immediately because the deferment deadlines are fast approaching.
I also add that, based on my experience, you cannot rely on them sending out letters of confirmation for anything you have been promised. The one i was waiting for stating CRA s would not be informed of my loan, i found out, was cancelled internally and sent to the complaints department instead...all only found out weeks later when i went looking for an answer as to why the letter hasnt been sent out.

I was also directly told that all info will be passed onto CRAs and there is nothing anyone can do to change that.

Phone centre staff are obviously clueless or short with the truth, so I wouldn't believe one word of what they say., or claim they have been told.

If they don't have permission in the original agreement to pass info to the CRAs then that is tough on them. The can bluff and posture as much as they like, but doesn't change that fact.

Agree with Mandakl call centre staff are a bit clueless and contradictory but with perseverance you can make small progress through them, I've had a couple of small results, record your calls though and note there is NO requirement in law to tell them you are recording. The truth, regarding Erudio's intentions, will only be known about a month to 6 weeks after people have been confirmed deferment.

Post 98 loans cannot be shared unless you give consent to change the terms of these loans. It looks as though pre 98 loans may be heading towards CRAs but again I'm not as sure of the legality of this as BIS and Erudio seem to be. I think if this appears in credit files it will take a court challenge by someone to truly get to the bottom of it.

If you have loans from before and after 98 and Erudio do start reporting to CRAs then make sure any post 98 loans are deducted from the totals that show on your credit report.

Like some others I have received an email from Erudio stating they will not pass on info to CRAs and I've also been advised that , contrary to what I was led to believe, emails can indeed be binding in law. We also have the mass email from BIS stating only pre 98 loans can be shared, they state categorically that unless you give consent post 98 loans can only be be reported when in default.

We also need to keep an eye out for any shenanigans involving forging of signatures from deferment forms to those earlier letters sent out asking if we would give permission for post 98 loans to be shared.

thanks guys, you are right, i lost my head for a minute.
My concern though is that the computer files on us are obviously not updated, so the very real threat of money being snatched is very real.

If they are not entitled to take it or don't give you the required notice then claim refunds under the direct debit guarantee. That's what it's there for, to get your money back when companies mess you about or break the rules.

Also remember they are obliged to backdate any delayed deferments by up to 3 months, so you could also claim back payments made there.

i would sooner nothing was taken to be honest, that is what i want. I dont want this continual tug of war that i foresee to actually occur. It has already started, so i just want to know, with confidence, nothing will go from my account, as one payment is very significant to me and close to overdraft territory.

@erudioed

Agree, don't want them taking anything they aren't entitled too but I will hope for the best and plan for the worst. I'll transfer some money from savings and keep in my account. This will cover any DD and stop any charges etc while I go about getting the DD refunded through DD guarantee.

Seems erudio are receiving a high number of calls as I now can't get through on the phone. I've got a computerised signature confirming someone signed for my deferment letter so wanted to check progress. I'll be bugging them until they tell me it's sorted.

@^^^

I found there is no point in trying them after 16:00, once dialled at around 19:30 and put phone on speaker, turned volume down and watched TV while waiting. I hung up after 45 minutes. If you phone before 9 in morning there is usually a quick answer and before 16:00 you may wait 5 or 10 min.

i cant get through either. It is lie upon lie when you do, no coordination, a total shambles matched only by the worst!
Why no one in government is monitoring things closely and forcing Erudio to sort their act is just more evidence of what a sorry state this country is in right now. No one cares and responsibility/power has been handed over to ruthless and faceless private businesses answerable to no one because they have been empowered by law. Anyone else surprised how easily fascism can sneak in through the front door. Next those businesses will be sending in publically funded law enforcement officers in to collect student debt...oh, sorry thats the US, so us in the next few years!

Remember they are debt collectors. Lying through their teeth is part and parcel of their normal MO.

Hi, I'm a bit confused by all this and am wondering if anyone can explain to me whether I have been doing stuff wrong all this time...

I went to Uni in 1998 and had a student loan. I've just had my annual statement - as usual from the Student Loan Company...

I think that my loan payments only started when I was paid £15,000 salary. I started to pay it off and payments have been on and off over the years as I have been on maternity leave etc. I never told the SLC anything, my payments just stopped (through PAYE). At the moment I work very low hours so am paid considerably less than £15,000. Am I meant to have told someone that I can't pay at the moment? I haven't paid anything since, I think, 2009 due to low earnings. Is this right?

My apologies - I have just finally managed to find something about Erudio and have realised that my loan won't be with them because it's september 1998 and now I understand why you are talking about deferment when I didn't before. Please feel no need to respond to my crazyness! Thanks

Okdokey, got home from work and the official deferment confirmation letter has arrived. I'll keep an eye on my bank account, no DD has yet been set up on my account (I did send them a completed DD mandate). So I'll look out for the appearance of a DD and I'll start checking my credit file in a month or so to see what appears on it.

well done IchibodT, thats the first part of a weight off your shoulders!!! Fingers crossed everything else happens without incident.

Yes well done IchibodT, i bit the bullet today and sent off my form, with a letter stating i will not consent to sharing with the CRA's, i subscribed a while ago to equifax as we had horrid tenents in our house and i was worried about my credit rating, i get an alert when someone does a search, and tested it myself and gave myself the willies because it was 5 days after i had done it!!

I will update when i know anything, i don't work and don't claim benefits, all i could send them was a letter from hubby and set up a DD in a dormant bank account to comply with their supposed conditions where it can be monitored as there is nothing going in or out. I really still don't know if i have done the right thing.

I will fight them when i have deferment until then i won't rock the boat as mine will be written off in 8 months. It will be interesting to see if they come up with some excuse to prevent that!

After Saturday's fun, I had a weekend of cooking and chef-based novelty to enjoy. I was looking forward to Tuesday not just because I would have a day off and be able to lounge around but to see if the DD was taken by Erudio.

With the SLC, I'd agreed a date of the 20th. Natwest told me Erudio had changed it to the 23rd without me agreeing to it. Ho hum. We shall see tomorrow...

Why am I determined to find out the truth about Erudio, Capita, and all the rest? To help others in the future. Take this from the FInancial Times:

*The debt, which has a book value of £890m, represents the 17 per cent of loans taken out between 1990 and 1998 that remain outstanding. However, ordinary investors are unlikely to be able to access it as an asset class; the buyer, Erudio Student Loans, is backed by consumer debt management group Arrow Global and private equity firm CarVal Investors.

Despite widespread objections, the government intends to dispose of the entire book of student loans taken out before 2012. The first tranche of loans is expected to be sold by 2015/16, according to the Department of Business Innovation and Skills.

Any sale would, however, have to satisfy taxpayer demands for value and reassure students that private ownership will not affect their loan terms. Prospective buyers of the debt will factor in government estimates, revised in December, that 35-40 per cent of student loans will not be repaid.*

So 1990 to 1998 was sold. Now 14 more years will be lined up and put on the block in the next two years.

i agree, its more than just us and the immediate scumbaggery Erudio have exposed us all to.
Hopefully the cheffy fun didnt involve being flown out to Jersey and cooking up a 15 course taste menu for the wonderful staff at The Wilmington Trust!
.

Do you think if you provide your bank statements and they see that there is a Critical Illness payout due to cancer that they will class this as 'income' for the year and want you to pay up even if there is no other income?

It's interesting Erudio would have had to factor in that 35-40% of loans wouldn't be repaid. Which begs the question - why does a private company take on something that appears seemingly worthless and a risk? Because they think they can make a fat profit!

if they do, then i am sure everyone who heres about it would find in your favour...as well as the newspapers very quickly reporting it.
as long as you explain what it is for, you cant do anything more!
i am no expert though and nothing is clear with erudio...

@halfpricedebt: I was told by one of the negotiators at BIS that they didnt think erudio would get much from the deferers, thats one of the reasons it was sold so cheaply. BIS always thought the defaulters and non-contactees were the main target.
However, as its unfolding, with everyone who complains seeing their deferment deadline get closer, and given clearly confusing and conflicting information, with payments seeming being taken from people who have been deferred, maybe they can try and turn a few into defaulters.