I have had numerous issues with Erudio, as is pretty usual with this shower regarding their distribution of paperwork. My physically abusive ex husband withheld my post for a year in 2014-15, when I left him so my account went into arrears as I couldn't defer as I didn't know it had been sold.. Eventually sorted it out via the police and paid Erudio £100 a month (whilst in deferment) to pay off the arrears and then my income went over the deferment threshold so I have been paying the contractual amount (that they set) of £139.48 for 20 months. Today I received an aggressively worded letter from them terminating my account and demanding £3055.87 by 07/11/18 to pay off the arrears. The remaining balance is £3905.33. Citing 'You have broken the terms of your agreement because you failed to pay your repayments on time and in accordance with the terms of the agreement.'
All my repayments have been via direct debit and on time. I am 40 next year - I think this is a response to that as I think they are trying to ensure I do not get the loan wiped somehow.
I have emailed them to cover myself in writing as I know you need to with this lot.
I have just rang them too as I wanted to check that they hadn't made a mistake. Nope, they are terminating the contract. The man on the phone kept repeating that as I was in arrears I had broken terms of contract and they have made the decision to terminate my account. When I asked if they took me to court would any judge agree that I was not doing enough to settle my account by paying £140.00 he said 'We are not saying you are not doing enough'? So I asked how they propose to proceed given I don't have 3K to pay in 14 days and he said after they have terminated the account they would seek to 'continue to work with' me. When I asked why a monthly payment plan of £140 isn't considered as 'working with' me he said because that isn't paying off my arrears. I actually would be eligible for deferment now as my income is below the threshold this year...
This is extremely odd. I think they are gearing up for some further dodgy practice. Why would they terminate the account of someone who is already paying them monthly, on time and they are earning interest? Any ideas anyone? He wouldn't give me an answer when I asked what the proposal is after terminating my account. I am at the point now that I have a mortgage and a steady monthly income so I am tempted to cancel my DD and let them take me to court for the 3k. See how much a judge thinks I should pay them and deem that £140 a month isn't enough! Any ideas anyone?