Jump to content


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


BRIGADIER2JCS
 Share

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 1769 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Some details about the sale...

 

http://forums.moneysavingexpert.com/showthread.php?t=4923210&page=235#4685

 

More good news - the sale & purchase agreement finally arrived from BIS earlier this evening! What with the dire complaints data, it's not been a good day for BIS/Erudio As mentioned by ICO, there's a lot to get through, but there are a few gems so far in there on credit checks/reporting to CRAs, authorising Erudio to adopt different deferment procedures to maximise returns on loans, ability to change procedures and policies/exercise rights differently, etc. Also states that BIS must approve Erudio's DAF in writing, and we must be given the DAF 8 weeks in advance. And that's just for starters.

 

Part 1

The Sale and Purchase Agreement

Disclosure letter

Shared borrower loan side letter

Master Definitions Schedule

 

Part 2

Transitional Services Agreement (split into 6 files)

Redactions for parts 1 and 2

Link to post
Share on other sites

  • Replies 79
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Can't see how they can change the loan terms. Some on MSE are suggesting government lied and Erudio have been given changes to make it easier for them to collect payments.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

Link to post
Share on other sites

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.

Link to post
Share on other sites

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

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

 

The bailiff: A 12th Century solution re-branded as Enforcement Agents for the 21st Century to seize and sell debtors goods as before Oh so Dickensian!

Link to post
Share on other sites

  • 1 year later...
 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...