Govt sells old style SLC loans to Erudio [Arrow global DCA]

[Pluthero]

Yeah, they have been given EXPLICIT permissions by the GOVT/BIS to change the procedures of deferment, chasing people in arrears etc and that such permissions were an intregal part of the SELL OFF terms. SEE clause 10.2.2 of the sell off doc below. This flies in face of BIS/GOVT/FOS mantra of there have been no changes to your terms and conditions somewhat...

 

I wrote this to the FCA:

 

I would like to make the FCA aware of some information regarding the Govt/BIS sell off of my student loans. Under the sales agreement BIS have given ERUDIO the right to change the terms and conditions of deferment and collection. See section 10.2.2 of the sell off, here is the relevant clause:

 

https://www.dropbox.com/s/nplvr6tjoyeoz1q/CLAUSE%2010.2.2.JPG?dl=0

 

Sale and purchase DOC LINK:

https://www.dropbox.com/s/pjzix1oh1awpi0z/Sale%20and%20Purchase%20Agreement.pdf?dl=0

 

Now the GOVT/BIS assured me at the time of assignment that the Terms and Conditions of my loans would not change as indeed the NOA from ESL did as well. This is a lie. They have actually written into the sale terms an agreement that 'ESL are allowed to use 'procedures .....materially different than those of the SLC....in order to increase the purchasers return [maximise profits]....'

 

I believe that assigned debt terms and conditions cannot be changed without consent?

 

Also you can see the effects these 'materially different procedures' or what are in reality changes to the terms and conditions, have had on honest deferrers with the FOS complaints data over ERUDIO'S behaviour : http://www.ombudsman-complaints-data.org.uk/ A Horrendous record I am sure you will agree.

 

How much suffering and lies do 250,000 ex students have to endure before some legal body makes ESL behave in a responsible manner?

 

Thanks again for your time on this etc

 

Everyone please complain to the FCA and indeed the FOS over this.

[brassnecked]

Looks like the assurances to Students affected was all lies and deception, from HMG that Transfer Agreement in the link is pretty damning imho.

[plong979]

Here's an update regarding FOI request into the retracted parts of the sales document.

 

http://informationrights.decisions.tribunals.gov.uk//DBFiles/Decision/i2037/Patterson,%20Anne-Jane%20EA-2016-0103%20(10.07.17).PDF