Introduction

I'd like to document the correspondence of my dealings with Erudio, aka Arrow Global / CarVal Investors in the hope it will help others; my student loans are from 92-95.

Mission Objective

To get written confirmation of deferment, as has been the case since loans were originated via SLC.

Salvo #1

First contact was a big wad of paperwork as documented in other threads, asking for bank details, eye colour, inside leg measurement et al....and a signature! I ignored this first contact.

They phoned and I requested any further correspondence to be in writing..

.they sent a second wad of paperwork, the same as the first; this accounts for three trees chopped down thus far for their thud of paper through the letterbox.

This also had a cover letter saying I was in arrears for ~£200....huh?

Salvo #2

I ignored their paperwork and instead scanned the original SLC document I had, with a signature and no more, I did not divulge any bank info on this form.

I then copied my bank statements for the last three months into a PDF

(I redacted all personal info from the statements) and along with the SLC doc, sent them via email:

Dear Sir/Madam,

Please find attached a signed deferment form and three months of bank statements. My customer reference number: xxxx

Regards

John Doe

Salvo #3

They replied two days later via return email:

Please be advised that the information that you provided is currently being processed and you will receive a letter in due course.

Salvo #4

Almost two weeks later, they sent an email:

Please be advised that the bank statements you sent were unreadable , could you please resend them again so that we may continue to process your deferral application.

I resent my statements as a PNG picture on the same day as their email.

This email from over a month ago, was the last correspondence I have received.

Salvo #5

Today I received a letter stating another notice of arrears, this time it's gone up to ~£400.

No mention of the deferment nor any other confirmation of the process thus far.

It seems they are just sending generic letters with the computer regurgitating random amounts to scare the peeps; their goal is to get payment...any payment so they have your bank details.

Salvo #6

Removed.

Will update as and when they reply...

--------------------------------------

Edit: I'm removed the email I sent in salvo #6 , as I'd prefer to wait for their response before publicly posting info; you never know who's reading these forums.

He who is prudent and lies in wait for an enemy who is not, will be victorious. - Sun Tzu, The Art of War

dx100uk said:

GREAT WORK

well done

Txs dx - I think it was one of your posts buried deep in another thread that inspired my verbiage.

TBH I think the bottom line here is its everyone for themselves.

we see on all internet forums p'haps less than 0.1% of people now under arrows dreadful tactics.

much like what happened with link/thesis

the advantage there was that it was not directly gov't pushed shall we say.

arrows are in that respect very diff

the gov't sold the debts on

arrows magic'd up the Erudio name to buy them.

so theres no way the gov't is going to get [re] involved in whatever arrows do with these 'debts'

arrows will make millions out of it

and 90% of it will be ploughed back into setting up more computers & staff

to send out threat-o-grams for all the debts, not only SLC, that their 'group' think people owe money on.

those like you that stand up, will simply I think be left alone.

I don't think you'll ever see one of these ever make court.

they'll be making enough money out of the millions that are already paying or are blindly

going to pay them.

dx

Yep, it's a numbers game.

They buy debt for 10p in the pound and then hope to break-even by inveigling the unaware. If they manage to coerce just 10% into their payment system, they can break-even and continue their harassment towards the other 90% ad infinitum at no cost.

It's quite an acerbic biz model; imagine what it will be like when the next generation of £10k p/a loans start defaulting and people with geography degrees end up working in poundland en masse, whilst the parliamentary legislators all got their oxbridge education for free; the irony is palpable.

I've been battling Erudio for almost a year by only sending them my old SLC forms and three months of bank statements; this was always good enough for SLC who deferred expeditiously, however Erudio seem intent on getting people to sign their new DAF forms.

Here's my enquiry:

and

Their response:

Any opinion on the legality of this request/demand?

I have that response letter too!

And the FOS responded in a similar fashion.

Both provide no real legal basis for a DAF to be completed in order to be deferred.

I have asked the FOS to ask erudio to quote me relevant section of the loan agreement which seeks a DAF completion.

Ain't gonna happen!

Oh and Erudio will have a new DAF in Feb and have changed their stance on having a DD in place.

I Am in work so will post up the new developments later!

changed their stance on having a DD in place

That's why I don't want to fill their DAF form, I don't trust them with my bank details, too many stories of them taking monies from accounts even if you're eligible for deferment.

I look forward to your further info, thanks in advance.

Jon, take control of the situation.

I would write/email them a letter stating that you will NOT be signing any of their forms, you will only be signing the original creditor forms and nothing else. Legally this is all you need do.

Add a paragraph that you have found them totally unreasonable and will not be responding to any of their future lies/threats

I would also remind them that as you have no signed contract with them there is bugger all then can do, bar continuing to threaten!

"Jog On Eurido"

two threads merged

please keep to one thread

dx

NEW FAQS on Erudio webby:

Quote:

When will the new Deferment Application Form be ready?

The New Deferment Application Form will be ready by the end of February. We realise that the deferment process is complex and it is important that we provide the best service possible. Having listened to feedback from our customers and third parties, we’ve updated the form and guide so that they are easier to understand and clearly explain what information is needed and why.

As part of the changes we’ve made, we will no longer require customers to provide additional consent for listing with credit reference agencies. The new form will still feature a Direct Debit Mandate request but this will be optional rather than compulsory. However, in case the deferment application is unsuccessful, we do think it is still best for customers to complete this to ensure they can make a repayment and thus protect themselves from their account going into arrears.

Until the new form is in circulation you may receive the current Deferment Application Form which we will now accept without the Direct Debit Mandate completed. Equally, we will be happy to accept signed forms with the following wording crossed out: "ACCORDINGLY THEREFORE BY SUBMITTING THIS APPLICATION YOU CONFIRM THAT YOU CONSENT FOR ERUDIO TO PERFORM RELEVANT CHECKS AT CREDIT REFERENCE AND FRAUD PREVENTION AGENCIES."

Because of these changes, anyone due to receive a Deferment Application Form after 1st of February will have the option of requesting a new form instead of using the current version, which will be issued when it becomes available. Due to the way the deferment process works (forms are sent out well in advance of deferment) these customers will still have time to complete and return the new form for it to be assessed.

Quote:

What should I do if I want to use the new Deferment Application Form?

The new application form will be ready for use from the end of February. Anyone due to receive a Deferment Application Form from 1st February will have the option of requesting a new form instead of using the current version. To make these customers aware of this we will be writing to them and informing them of this option.

Equally, in the interim, we are happy to process forms without the Direct Debit Mandate completed and/or with the wording "ACCORDINGLY THEREFORE BY SUBMITTING THIS APPLICATION YOU CONFIRM THAT YOU CONSENT FOR ERUDIO TO PERFORM RELEVANT CHECKS AT CREDIT REFERENCE AND FRAUD PREVENTION AGENCIES."

ruddy spoofers go their fingers burned aw what a shame poor arrows

dx

dx,

i know i have sang your praises on other threads but,

you deserve every credit for the change of tact in their deferment form.

I remember you leading the fight back while many other sites were bowing to, Eurido's threats.

Even the bloomin BBC.

You are a Legend Sir .......madame? ;-)

most call me it or other names too unpolite to post

Wow - result! Fantastic

I posted this up on MSE few days back, some light relief with an important message

My thoughts on the new DAF and Erudio:

Quote:

When will the new Deferment Application Form be ready?

The New Deferment Application Form will be ready by the end of February. We realise that the deferment process is complex (it's not really! The SLC used ONE A4 sheet doubled sided AND I was usually deferred in two weeks!)and it is important that we provide the best service possible (LOL - facking kidding me!). Having listened to feedback from our customers and third parties (been told off by Regulators, checked with our army of lawyers), we’ve updated the form and guide so that they are easier to understand and clearly explain what information is needed and why (hmmm).

As part of the changes we’ve made, we will no longer require customers to provide additional consent for listing with credit reference agencies. (I am still unsure if this means they feel they don't need consent confirmed and that clause 16 or the original agreement ALLOWs the ruin of our credit ratings. Or that they are backing down on the whole CRA reporting fearing the SH*T Storm it will provoke around student loans. THINK carefully now ARROW GLOBAL + FACELESS CABAL of investors there is a gold mine of BILLIONS of £££loans to be bought up in the future - Don't sh*t where you can feast) The new form will still feature a Direct Debit Mandate (if you are in deferral why not make this crystal clear that a DD is not needed?) request but this will be optional rather than compulsory. However, in case the deferment application is unsuccessful, we do think it is still best for customers prisoners to complete this to ensure they can make a repayment and thus protect themselves from their account going into arrears. (Keep complaining to every legal body folks, lets make these chancers back down on all their Bullsh*t)

Until the new form is in circulation you may receive the current Deferment Application Form which we will now accept without the Direct Debit Mandate completed. Equally, we will be happy to accept signed forms with the following wording crossed out: "ACCORDINGLY THEREFORE BY SUBMITTING THIS APPLICATION YOU CONFIRM THAT YOU CONSENT FOR ERUDIO TO PERFORM RELEVANT CHECKS AT CREDIT REFERENCE AND FRAUD PREVENTION AGENCIES." (Again our legal team told us this Sh*t ain't gonna fly.)

Because of these changes, anyone due to receive a Deferment Application Form after 1st of February will have the option of requesting a new form instead of using the current version, which will be issued when it becomes available. Due to the way the deferment process works (forms are sent out well in advance of deferment (mostly?! PMSL!)) these customers will still have time to complete and return the new form for it to be assessed (or lost, or binned and denied all knowledge of.)

Only by complaining and fighting did these chancers back down on ANYTHING. KEEP FIGHTING PEOPLE!

Thanks for the update Pluthero.

Here's my reply after they sent me Section 11 info from post #6 to justify their DAFt form:

Any opinion on the legality of this request/demand?

Hi JonCorzine

Just read your post,

don't know if anyone's mentioned to you yet,

but Erudio are at it with the response they've given you.

The quote in their letter is from the 1997 Regulations, which were replaced by the 1998 Regs.

The important difference is that the 1997 regs required us to "satisfy the lender" that income's below the threshold

(so Erudio could argue they require the DAF).

But the 1998 regs only say we must "show" the lender,

so proof of income's enough to do that,

no DAF needed.

HTH

I don't how the wording is different in the 1998 act, can you elaborate?

9. Each year the lender will tell the borrower the new deferment level for the period between 1st September and the following 31st August. The borrower can defer making repayments of the loan if—

 

(a)the lender has not already asked him to repay the loan in full, and

 

(b)he can show—

 

(i)that his gross income for the relevant month is not more than the deferment level, and

 

(ii)if the lender asks, that his gross average monthly income during the 3 months immediately following the relevant month will not or is unlikely to be more than the deferment level.

Latest reply below.

They are now claiming they can remove any right to defer and age limitation expiration.

Funnily enough, they claim they may pass it onto an 'external DCA', is that Geoff in the cubicle next to Erudio's Susan handling current claims?

Why would a DCA pass the debt onto another DCA @ 10p in the pound?

I've sent my original SLC form & three months of bank statements, yet they are ignoring this and have put account in arrears for ~£1,000 saying I need to pay.

willy waving again!

dx

Don't worry Jon erudio are up in court soon over having to complete a DAF and indeed have backed down on the need to complete one by a lawyer!

Original loan terms apply and if erudio did not like the terms they should not have bought the loans:-)

What if I phone them and explain that I delayed sending the first DAF form because it was too intrusive

and ask them to wipe my arrears and then I'll sign the new DAF form?

I'm wary of doing it now because as soon as I sign the new form with DD details, they'll take the arrears of ~£1k from my account,

even though the delay was only approx 6 weeks.

It seems they've come up with an arrears amount to pay off the debt they bought with a small profit and then they'll happily defer it.

either use a blank copy of the old SLC form

or

sit tight

it appears that arrows are going to wipe arrears that have been caused by their 'spurious and unlawful' DAF demands

dx

it appears that arrows are going to wipe arrears that have been caused by their 'spurious and unlawful' DAF demands

Do you have a link for that gem of info? Sounds too good to be true.

Received another letter today saying I owe ~£1,000 in arrears and it needs to be paid back in 7 days; they ask me to phone and set up a DD of ~£100 per month.

Letter states it's "a serious matter and non-payment may affect your ability to obtain credit both now and in the future, as info may be registered with credit reference agencies regarding the conduct of your account".

if if if may may may.