Student loan sold to Eruido

[Janmarie35]

Still having issues with these people.

 

They are now demanding I pay over £2,100 + in arrears.

 

I applied for the CCA 2 months before I was due to renew my deferment back in March 2014.

 

Finally after a year of ignoring all my letters, and me receiving threatening letters and phone calls from them they sent my CCA..

 

However now they say that because I am in arrears [from May 2014]

I have lost the right to defer,

lost the right to age related cancellation and

lost the right to payment by installments.

 

Surely while the account was in dispute there should NOT have been any payments due or am I totally wrong here

 

I really need your help with this.

 

JMG

[WindySock]

Just waiting for a CCA is not a dispute that prevents you being liable to make payments under the agreement. A court may not have been able to technically enforce the agreement while you waited, but everything else about the agreement continued to run and be valid. If you refused to pay or defer then arrears would have rightly built up.

 

If you are in arrears, as you are, then they can call in the loan in full if they choose, and they can then refuse your age write off at 60.

 

As you were 40 when your last loan was taken out then it would have been 60 not 50 for the age related write off, which now can't happen anyway as it sounds as if they have demanded payment in full due to your refusal to pay meaning you can not not get out of arrears.

 

15. If the borrower does not make a repayment under the agreement when it is due, the lender may ask him to repay the loan in full immediately. The lender may do this even if the borrower’s obligation to make other repayments is currently deferred.

 

So if they have done that due to your arrears, then you have lost the right to defer as.

 

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.

 

As you are behind with payments you have also lost the right to the age related write off.

 

12. The lender will cancel the borrower’s liability to repay the loan if the borrower—

 

(a)dies,

 

(b) is not behind on any repayments under any agreement for a student loan and—

 

(i)was under the age of 40 when his last agreement for a student loan was made and he reaches the age of 50 or when the last agreement for a student loan has been outstanding for not less than 25 years, whichever is the sooner, or

 

(ii)was aged 40 or older when his last agreement for a student loan was made and he reaches the age of 60, or

 

©if the borrower can show the lender that he gets a disability related benefit and because of his disability is permanently unfit for work.

[WindySock]

Whether Erudio have the guts to ever do anything legal wise to come after the arrears is another matter though. So far they are all bluff and BS on that score.

[dx100uk]

how does this all sit with the unfitness to work clause?

 

 

dx

[WindySock]

how does this all sit with the unfitness to work clause?

 

 

dx

 

hmm. I had missed the post earlier where they said they were on long term disability.

 

Part © of the write off T&Cs is:

 

©if the borrower can show the lender that he gets a disability related benefit and because of his disability is permanently unfit for work.

 

as does not seem to be negated should you be behind in payments as part (b) would be.

 

So if they can show that © applies it seems a write off on those grounds could still be on the cards?

 

Worth exploring if so, as that would put an end to things.

[Janmarie35]

I have read the comments given in reply to my last post and I am confused and quite upset!

 

Not having any legal knowledge, I like many others relied on the people in the know posting on this website, to advise accordingly.

 

On numerous occasions I was advised not to communicate with Erudio until they honored my CCA request.

 

I was advised not to send in a deferment form and to just sit tight.

 

I was also informed that while the CCA was outstanding my account would be frozen.

 

Now I am told that wasn't the case and not only have i lost the right to defer

and have it cancelled when i reach 60 but i could also be liable to pay the full amount owed?

 

How many other people will find themselves in the same predicament ?

 

My last hope it seems is going down the disability route

I am currently in consultation with my GP and Health Workers to see how I can achieve this.

 

JMG

[dx100uk]

since you first started the thread more than a year ago

and more recently returned - a lot has moved on

including Erudio being investigated and carpeted by the FOS and

which is still on going , the FCA.

 

 

post 28 bar far sums up the best option.

 

 

pers I'd let it run.

 

 

as indicated earlier

 

 

your loan is just one of two hundred and fifty thoussand sold to Erudio,

indeed every student loan taken between 1990 and 1998 was sold to Erudio.

 

 

This total debt was £890 million pounds worth, but was sold to Erudio for £160 million.

 

Now £890 million pounds worth was from over 250, 000 loans, so be assured,

this letter was sent to over one hundred thousand people at least.

 

 

I assume the number could be higher than this, as this number works out at an average of 2.5 loans per person

 

 

don't fall for their scheming tactics.

[WindySock]

I have read the comments given in reply to my last post and I am confused and quite upset!

 

Not having any legal knowledge, I like many others relied on the people in the know posting on this website, to advise accordingly.

 

On numerous occasions I was advised not to communicate with Erudio until they honored my CCA request.

 

I was advised not to send in a deferment form and to just sit tight.

 

I was also informed that while the CCA was outstanding my account would be frozen.

 

Now I am told that wasn't the case and not only have i lost the right to defer

and have it cancelled when i reach 60 but i could also be liable to pay the full amount owed?

 

How many other people will find themselves in the same predicament ?

 

My last hope it seems is going down the disability route

I am currently in consultation with my GP and Health Workers to see how I can achieve this.

 

JMG

 

Yes, a lot that was just plain wrong or misguided.

 

Lack of a CCA supplied under a s77 request.

 

* Does not put the account on hold or freeze it

* Is not a 'dispute' under and terms that regulators will recognise as a valid one.

* Does stop your obligations under the agreement from continuing

* Does not stop valid arrears from building up if you refuse to pay

* Does not stop other provisions of the contract such as the need to defer from continuing to apply

* Does not prevent interest or valid charges continuing to accrue

* Does not prevent the creditor exercising their rights under the contract, such as the right default or call in the whole loan under the T&Cs

 

Plus as non compliance with a s77 request only makes the agreement temporarily unenforceable by a court until a copy is supplied, then when once is supplied even that protection goes away.

 

There was never very much doubt whether they could supply a CCA as SLC did keep many of them, and the form and historical content of these agreements is very well known, in fact a matter of public record, so it would be a not very difficult task to reconstitute ones sufficient to comply with a s77 request.

 

Unless something very odd happened, it was more than likely they would turn up at some point.

 

That does not necessarily mean that they will try to use the courts to enforce now. They have not tried yet outside of historical claims that the SLC etc already had obtained before the loans were sold.

 

It it however a gamble

 

It could be that in coming months they will launch court claims against many that have shot themselves somewhat in the foot by doing what you have.

 

It could be they they will just give up those as a bad job and just concentrate on those who look easier victims.

 

I can't say for 100% certainly, and nether can anyone else here.

[jacobjones]

Janmarie

 

Yes, there has been an enormous amount of false info on here.

 

 

You should not be relying on an internet forum for legal advice.

That said, I've learned a lot from here and think I have it pretty figured out.

 

This is how I'm dealing with it;

 

Applied for deferral in September 2014.

They said I wasn't eligible, I said I was.

Continued back and forth with emails - no ground given by either side.

 

 

I requested CCA end of January 2015.

End of February 2015, they sent my notes to some complaints office who once again said I wasn't eligible for deferment,

at which point they said they would send my CCA to me.

 

 

It has now been 4 months since requesting CCA and nothing has come.

I have not heard from them for over six weeks.

I am hoping that they don't have my agreements, which means the case is in lock down forever.

 

 

However, if the agreements do show up, my next step is too complain to the ombudsman, which should drag it out another six months.

If the ombudsman goes against me, I will disagree with the decision and tell them to take me to court and see if they actually do it.

 

 

In the mean time, I have been putting away a bit of cash each month to cover the debt on the off chance that it comes to that (highly unlikely).

 

I am prepared to stretch this out as long as legally possible, but in the end, if the agreements turn up, and they are prepared to take me to court,

I'll probably pay up. However, I'm wondering how much they are willing to invest in one case, when there are plenty of others who aren't prepared to put up a fight.

 

My advice is to drag it out as long as legally possible and hope they've lost your agreements.

Edited May 17, 2015 by jacobjones