Erudio Student Loans Continued part 3

[erudioed]

I dont know if this is the right way to do it and i apologise if it isn't but this is the continuation of www.mumsnet.com/Talk/legal_money_matters/a2057131-Erudio-Student-Loans-Continued

@IbreakwindinErudiosdirection

"The companies that specialise in underperforming loans, already have an infrastructure in place and know how to handle them, they may be able to put in time, effort and expertise that the Student Loans Company does not possess and do a better job than the Student Loans Company could have done."

Hahahahahahaha.

What infrastructure? The one that is dealing speedily and efficiently with this? Pahhahaha.

In their defence - they are certainly putting time and effort into the loans. It takes a long time to keep people waiting on the phone, send out millions of extra deferment forms (because they claim it wasn't signed/filled in/posted with evidence.......) and think up millions of lies/requirements.

They do have expertise (in bull) but I am quite sure that is not what the government meant!

Also apparently 'everybody came away with a good deal, and we certainly got value for money for the taxpayer'.

I don't know what we are all complaining about - we got a good deal being sold to Erudio. Lol.

Someone on MSE claiming that Erudio are planning to freeze or even reduce the deferment threshold next year.

Regulations say that:

“deferment level” means 85% of the lender’s estimate of average monthly earnings of all full-time employees in Great Britain for the January when the level will apply based on figures published by the Office for National Statistics, or if that Office ceases to publish relevant figures, any other published figures;

The phrase lender's estimate could give Erudio wiggle room to cook the figures to their advantage. Pushing many people into the repayment zone.

That's interesting mandakl. I'm not too far off so will think about getting our child benefit paid to dp instead of me.

plenty could you set up the direct debit then cancel it straight away with your bank? I can't see how erudio would find out if you are under the deferment threshold.

Yes I think I will do that. I have been on mat leave so £500 per month will be under! There is no reason for them to use it so however will they find out?
I will have a work savings pay out later this year which is hardly anything, but will put it in dh's isa from now on.

lowering the threshold would be the first of many tricks i personally expect Arrow to be lobbying for. It isnt hard to influence political decisions now if there is money floating around.

I also doubt if someone like Vince Cable will have any idea about all the problems we have been having with this 'better placed company'. They are rarely aware of the reality of dealing with such companies...how would they, i doubt they have ever had the new breed of debt collectors and debt vultures coming after them given how rich most politicians are today. They see numbers on a page, not the experiences of those they have sold down the river and put in the path of these vultures.

here a great petition to sign, created by one of the affected and concerned: epetitions.direct.gov.uk/petitions/63774

What is this e-petition: Make it compulsory for mortgages and loans being traded to be offered to the borrower before they can be sold to a third party.

They do not consider the consequences to individuals at all.
I have read the information they have sent. It is basically telling me that if I do not pay it back they will trash my credit rating. Therefore I am being punished for being a part time working mum and not earning enough. Nice.

So sent in a letter with my last set of accounts.

Erudio demanded a form, so I complained.

They replied to my complaint and now say I'm a month in arrears.

Next I rung the FOS who sent me a form.

Has anyone actually heard back from the FOS regarding the Erudio form and their insistance that it's filled in?

Given I sent back my proof of earnings before the deadline, and given that I do indeed earn below the threshold, can I sue Erudio for breach of contract due to their refusal to defer me?

How would I even go about taking them to the small claims court?

I currently have a complaint with FOS about using the form but not heard anything yet (but it can take 12 weeks). I am hoping they agree with us. It must surely be a breach of contract but I guess independent financial advice would be best if you are considering court action. Taking someone to small claims court is easy if it is straightforward money owing situation but I think this might need professional advice .

Sorry I meant independent 'legal' advice (not financial!).

@Davebrooker @Sarebear78

I am also fighting over their Form, did not sign it; I sent cover letter and three months wage slips. Awaiting Erudio to reply to my first complaint from nearly 8 weeks ago about their tardiness in deferring my loans. I need Erudio to say in writing WHY they will not defer me as am under threshold and sent the exact same evidence I usually do to SLC for last 15 years. Surely a precedent. Not expecting Erudio to defer me. Then I will go to the FOS and hope they rule in my favour, going spend a bit on time on my complaint to them. If not it looks like Breach of Contract proceedings which will probably cost me but I can't to putting up with this nonsense for the next 8 years.

Don't lets the B***ds grind you down.

Why is it fair that someone earns say £23,000 a year and lives with their parents and doesn't need to get help with their rent so therefore doesn't need to pay back the student loan, but someone else might earn say £16,000 but lives without parents and has some children and in an area with high rents so therefore gets help to pay for their rent which takes them over the threshold so therefore has to pay back the student loan?

Excuse the terrible punctuation/grammar!

well, heres BIS's answer to the latest FOI request:
www.whatdotheyknow.com/request/215581/response/538739/attach/html/4/image2014%2007%2014%20091054.pdf.html

Seems ibeakwindinerudiosdirection answered one of the questions for us before BIS, in that they wont release the other bidders names for commercial reasons...but, they do provide an answer of sorts and part of the agreement Arrow signed.
Question 2, why BIS sold to Arrow is more interesting and one for many a sarcastic response i would guess, especially part ii) concerning successful execution. The only successful execution i see is yet to happen, which is the successful execution of every business entity within and hiding behind the name Erudio Student Loans Ltd to conduct their own particular brand of legalised extortion, or is it blackmail!

Today I received a "Remedy of Account", together with 3 "Annual Statements" from 2011, 2012 and 2013 and 2 "Notice of sums in arrears" from 2012 and 2011 and an A4 information sheet from the office of fair trading titled Arrears, and finally an information sheet from the FCA headed arrears.

Any ideas what this is about?

No idea, but i hope it isnt the next stage of their bastardry coming soon to a letter box near thousands of us very soon.
It sounds odd though, were you aware you were in arrears or notified by SLC about such things?

Knew nothing about it, SLC had never mentioned it.

Lets hope its just another one of their classic fuck-ups then. I feel sorry for you though, it means you have to get in immediate touch with them again and set them straight on their error.

I have no plans to contact them, I rung them once and it was a waste of time, I sent them my proof of earnings with a covering letter, which they refused, when they called me looking for money that I didn't owe them I did the formal complaint thing, that was a waste of time too.

I've done all I need to do, as in my loan agreement.

So today I had two letters from Erudio... Both dated 18 julky.

One said that I have been deferred

The other said that a direct debit of one hundred and something pounds will betaken taken from me at the end of august .

What do I do next? Cancel the direct debit?

I'd cancel the direct debit.

Cancel the direct debit and send copies of both letters to your MP asking for help from them.

Mine who has helpful has now decided to return under their rock, after declaring my response suitable. I was not suitable as several of my questions were ignored. And it contradicts itself. I do need direct debit to defer. Then I don't need a direct debit to defer. However, my mp says that's a suitable response over the direct debit issue

If you defer, like I will, they do not need a dd.
It makes no logical sense at all.

I have deferred and complained.

The complaint I sent detailed this issue about DD as I (and MP office) was given conflicting advice and the paragraph literally reads as follows:

'Regarding the issue of direct debits being mandatory we are pleased to confirm you do not need a direct debit set up if you are in deferrment and letters are being changed to reflect this. However, please note in order to qualify for deferment we require a direct debit to be set up on your account and left in place'

That's what my MP calls a satisfactory response.

I don't.

One word. Pathetic.