making Erudio an offer (student loans)

slinxy

slinxy

slinxy

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Hi,

I'm one of the many people who's students loans where sold off to Erudio, even thou I'm slightly below the threshold; I've been making monthly payments mainly due to the stories I've heard about them being a pain to deal with etc. etc.

I'm seriously considering making them an offer for the remainder of the loan I have with them which is just around 3.5k, it's not that I have the money but I need to get on the property ladder asap due to my age. so I'm going to try and rise the cash, to lower my monthly outgoings.

Is this a crazy move? shall I let them just take the £130-ish pounds every month till the loan is paid off?

Has anyone made Erudio an offer that's been accepted if so what sort of percentage have they been willing to accept, I understand that the goverment sold all the students loans for around 10% of what they was worth.

What's the best process for this time of thing? go in sensible say 75% of the remaining loan and hope that they accept it or start off low say 30% and see what they say? will they counter offer?

Thanks for the help... I'm hoping 2017 will be a total debt free year for me..
 
NoobCannon said:
Coz i dont understand why they would accept it. Could i ask my mortgage company to write of 25% of my loan?

Can guess what the reply would be
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Nor do I, but I thought the OP's post suggested that they have been known to do it in the past. If I could get away with it I'd do it too.

If they haven't, then theres no chance as you said. Perhaps I misunderstood. :)
 
If you haven't got 3.5k, your going to struggle to buy a house

I didn't read the whole OP
 
Erudio purchased the loans for under 10% of for what they are worth, knowing some will never get paid off and some will be partially settle.

I assume like most debt companies, they are willing to reduce the amount owe to actually get some of cash back.

I'm just asking to see if anyone has experinced dealling with them. :)
Like said; I could just keep defering as it's my right to do so and they will get 0% of it back.
 
Unless I am missing something why would a lender accept a settlement on a loan towards which you are making more repayments you aren't required to make? You'd have a better chance if you weren't making any payments at all.
 
slinxy said:
Erudio purchased the loans for under 10% of for what they are worth, knowing some will never get paid off and some will be partially settle.

I assume like most debt companies, they are willing to reduce the amount owe to actually get some of cash back.

I'm just asking to see if anyone has experinced dealling with them. :)
Like said; I could just keep defering as it's my right to do so and they will get 0% of it back.
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Morally I think you should pay it back. You borrowed the money to improve your prospects to further your career and therefore boost your earnings potential. You took this money and spend it on the basis that you would pay it back.

weringo said:
Unless I am missing something why would a lender accept a settlement on a loan towards which you are making more repayments you aren't required to make? You'd have a better chance if you weren't making any payments at all.
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It's all to do with risk. There is always a risk someone will default and not pay all the money back. Sometimes it might be worthwhile to write off some of the debt to reclaim as much as possible. There could be all number of reasons why the risk has changed since the loan was taken out.
 
Lol. Let us know how you get on, finished paying mine off the other year, if people start getting early settlement offers then that's a pretty dangerous precedent, so I can imagine those people who have paid off in totality will be pretty ******!
 
arknor said:
why did the government sell them off for 10% of what they were worth?
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Because most of them were never going to be paid back. The value was "theoretical" based on 100% of people paying them back.
 
I'd no idea we did such things, so this loan company, basically took a punt against the people who took out the loans getting well paid jobs at some point in the future?

-edit
are these loans still collected through PAYE as would happen with non sold off loans?

was this under cons or lab they were sold off?
 
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The problem I see is that if you've been paying them every month for god knows how long, they'll do the sums and work out you'll pay them more in the long run.

Going in with a silly offer of 30% or so will just make them laugh. Saying that, It's worth a shot regardless, the worst they will do is say no. Better to go low and then high as opposed to high and pay more than you needed to.
 
I don't understand why you're paying it off if you're below the threshold?
 
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