Erudio student loans settlement offers - a warning

[Becca19962014]

I don't know if others will have this or not, but I want to warn anyway.

Two days ago I got a letter from them offering me a settlement deal to settle my student loans. It says if I pay them £3,600 they will write off the other £3,600 of my loan inc interest and it will show as fully repaid.

However, the debt I am in to them is almost £3,000 more than this (it's over £10,000). When I rang them all they went on about was needing my bank details now to settle the account. I've not the money to do this! so wasn't going to and thought it was a scam of some sort, but it's not. They knew nothing of what would happen to the rest of the money I owe them, there's no mention at all in the letter about this missing money which I suspect would become a loan to this company which would then not be protected under the agreement I had.

I urge anyone who gets one of these letters to not take them up on their offer, or if tempted get some proper advice if you have the contract for your original loan, bearing in mind no one will offer advice on student loans.

I assume they're sending these out to try and get money from loans which will in the next few years be written off.

Please proceed with caution.
These offers are clearly not what they seem to be.

Sounds highly dubious.

Interesting that it can mes at the same time as new scam www.bbc.co.uk/news/business-46234014

It does hence the thread, just in case anyone else does a search for it. I really don't think anyone should be taking them up on this, though I'm not in a position to do so they're not supposed to be able to do this. The settlement figure according to my annual statement was three times this amount which I was sent six weeks ago.

I can't get your link to work unfortunately. Are they going into the wall?

Got it, no it's not that. It is actually from erudio and not via email (I don't do any financial transactions online) as I spoke to them.

They got very cagey about the extra money and the settlement figure in my annual statement being so much more.

I suspect they're going to the wall so sending these settlement figures out to try keep themselves going..

Well if they are, it couldn't happen to a nicer bunch.

Quite.

I honestly can think of any other reason for them to be doing this.

I've had the letter but seeing as they write off my debt after 25 years I think I'll just wait till then!

They're hoping I'm thick enough to not realise this!

Do your numbers add up? Mine is definitely almost £3,000 out when I add the "settlement deal" and what they're proposing to write off.

It simply doesn't make any sense.

I'm glad you're ignoring it too.

I didn't get that far I just shredded it, sorry.

They won't get a penny out of me, vile people!

I mean vile company- people got to earn a living.

It's fine!

I'm only wondering as mine was so seriously out what nasty little surpise they have for anyone thinking its a good deal.

I put the thread up in case anyone else gets it and thinks it's a good deal when it really isn't.

Them owning my loan has seriously screwed up a lot of things for me and getting rid of it would solve several issues I'm currently having but I don't have the money and more importantly I doubt very much they just forgot about £3000!

I think on MSE the advice was not to pay more than the minimum as even high earners were unlikely to actually pay off the full loan and interest by 50.

On these loans you don't get a choice of how much you pay, that's a set amount as they must be paid off in fifty installments or all at once.