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Erudio Student Loans

slinxy

slinxy

slinxy

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Hi,

My old style student loan was sold to Erudio by the government like many other student loans. :rolleyes:

I've just had the letter from them about deferring my loan, an offer which I normally take up hence why I've still got my student loan. It seems that the amount I need to earn per year per tax has been lowered by to £26,727 when previously it was up at £28,775.

I'm not sure how the "Department for Business, Innovation and Skills" have decided to lower the threshold rather than rise for the amount to be earn before people have to pay the loans, while the cost of living goes up for everyone. :confused:

I'm not sure what I can do about either, I know there was a big kickoff when the government sold the loans with the "Debt" company sending out letters asking people to sign up to new loan agreements etc. I have until the end of February to get the deferment paperwork done, so I might wait and see how this plays out.
 
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There's nothing you can do about it other than organise a protest, petition etc.

The current loans are repayable at £21k.
 
slinxy said:
yub, sorry its 27k per year.
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Might be an idea to start paying back what you borrowed.
27K is average salary, if they allow people to defer above this level, then madness ensues.
Which it appears is the entire concept of the new loan system which will devastate itself over time through write offs.
 
You guys are spoiled rotten here... You get 6 months differed payment in USA from government loans and they do not give a damn how much you are earning.

Couple that with average of 20k in tuition fees alone a year and around 4-5 years in University rather than 3 here.

You are essentially moaning about having to repay a loan which most likely was taken out when tuition fees were capped at 3k, all while earning 27k a year...
 
cant you just go bankrupt to get rid of the old style loans, obviously if you have assets you are screwed and for the next six years, but I know a couple of people that did that, and to be honest it hasnt ever effected them, they have houses etc. now and no loan so its all good I guess
 
areksnumbr1sxylady said:
You are essentially moaning about having to repay a loan which most likely was taken out when tuition fees were capped at 3k, all while earning 27k a year...
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Even lower actually - this is an old-style loan, the £3k/year cap came into force in 2006.
 
Different story but i just had to deal with this new company Erudio by email to rearrange bank details and alike for repaying a loan (when i found out mine had been sold to them...)

We exchanged 4 back and forth emails. Their spelling and punctuation mistakes really didn't fill me with confidence. I'm still waiting (10 weeks later) for written conformation that they have my new details. (There is no online portal for accounts)
I find these guys to be jokers. Seeing this thread has reminded me
Thx!
 
You have to earn £27k before you start paying back your student loan, surely that's not right ?

According to this loans should start to be paid off at £17k, although they changed it in 2010(?) as loans prior to that was £15.5k, which is what I've got.

MW
 
Old-style, mortgage-type loans pre-98.

Interesting article expaining a few things.

http://www.moneysavingexpert.com/ne...ent-threshold-to-fall-qa-on-why-its-happening

The deferment threshold for the year from 1 September 2014 has been calculated based on 85% of the estimated average earnings for full-time workers in Great Britain in January 2015.
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So if anyone (politicians/media/business gurus) tells you things are on the mend and people are earning more, then it would appear to be bs - otherwise the threshold would have gone up.

I'm waiting for my deferment letter to arrive and will be doing so again. I'm yet to be contacted asking for any new information. It's my understanding that the original T&Cs do not require certain information to be provided, e.g. bank details, so any request by the new owner of the loan for such information can be ignored, refering to T&Cs.

8 years to go until it's written off.

Well much as I would love to go along with this advice it seems that Erudio ARE in fact trying to retrospectively change the terms and conditions. I was contacted by Erudio and asked to provide a direct debit agreement. Naturally I refused as this would give them automatic permission to take money from my account in the case of default. I have no problem with this per se, except that the SLC has been provided all the required information in the past and STILL managed to not defer my loan. Beurocratic error, I ended up paying, not going to happen again. So under the terms and conditions of the SLC contract they had no right to ask for this information, but Erudio ARE slipping it into their deferment contracts for ALL contracts. DO NOT USE THE ERUDIO DEFERMENT APPLICATION! If you sign their new terms and conditions they can then enforce them, including the right to insist on a direct debit being set up and access to your bank account. "Any negative change would rightly be seen as a huge betrayal both of the parliamentary precedent of no retrospective changes, and of everything we have been told." Indeed. Send in all of the information they need, nowhere does it state you have to use a specific form in order to defer. As long as you fulfill the contract as it stood under the SLC Erudio should defer. They won't. They'll try to bully you, just as they are trying to bully me. Legally they can't.
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http://blog.moneysavingexpert.com/2013/12/10/student-loan-sell-off-should-you-be-worried/
 
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Efour said:
We exchanged 4 back and forth emails. Their spelling and punctuation mistakes really didn't fill me with confidence.
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Thier processing centers are in India and Hungary, so it's unlikey the person you were corresponding with has English as thier first language.
 
So is this thread essentially people just attempting to keep deferring their loans until they are written off, rather than paying back the money they owe??
 
And your point is?

Either one qualifies for deferral or not. Either way, it's all within the terms and conditions and totally legal. Or are you suggesting a contract should be thrown away if one of the parties decides they don't like what they wrote, agreed to and signed off on, whenever they feel the urge?
 
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Been deferring for 20 years now and never had as much hassle as this year due to them taking over.

Been trying to defer since august and still not there yet.

Latest is they now want to see proof my tax credits getting paid into my bank account!!

Never had to do that in the past at all..just show the docs from tax credit.

Guess they are wanting my bank details :)
 
Terminal_Boy said:
Did you ever intend to repay your loan or were you planning to stiff the taxpayer from the start?
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When I finish my degree I intend on only working on a self employed basis for around 15 hrs a week part time, so I'll be below the £21k limit and thus never pay my loans back, so you can shove your righteousness somewhere else :cool:
 
amigafan2003 said:
When I finish my degree I intend on only working on a self employed basis for around 15 hrs a week part time, so I'll be below the £21k limit and thus never pay my loans back, so you can shove your righteousness somewhere else :cool:
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Why bother going to uni if that is all the career ambition you have?
 
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