Uproar over student loan debt collector

[Michael Browne]

Hundreds of thousands of people with student loans outstanding from the 1990s have been sent shock letters from the company that bought the debt from the Government.

 

Erudio Student Loans was set up last year by the debt-recovery specialist Arrow Global. Credit industry insiders say the firm is renowned for “carpet bombing” potential debtors and, since taking over the loan book last November, it has been busy.

 

Several readers with deferred loans have contacted The Independent with fears that they could end up with a credit black mark or be forced to repay their loans, even though they remain on benefits.

 

They suggest that Erudio is trying to get ex-students to sign a note changing the conditions of the loan, allowing the deferral status and account to be reported on credit reports.

 

http://www.independent.co.uk/money/loans-credit/former-students-in-uproar-over-debt-collector-9240014.html

[citizenB]

Aha, I see Arrow Global are behind this ! We have seen one or two caggers posting regarding Erudio.

[dx100uk]

one or two!!

 

there are loads of them in the running threads.

 

in this forum.

 

they cant change the T&C whatever people sign

 

and they certainly cannot use benefits as income

when calculating the total income.

 

its all in the org SLC T&C's.

 

Arrows are trying to pull a fast one.

 

dx

[WarrenBuffet]

I guess every poster regarding Eurido needs to be encouraged to report them the min they receive the "New" deferment form with questions like 'Are you a home owner or do you rent?'

[dx100uk]

as this thread is likely to get lots of viewers

let just recap a few things:

 

YOU DONT have to fill out the ultra intrusive Erudio Deferment form!

 

you can write just a simple letter outlining you circumstances.

 

you COULD use the old style SLC form questions only

 

dx

[fkofilee]

This is just pathetic... AG once again trying to throw their weight around,

A simple letter should suffice.

 

Honestly, id like to see one of these letters that they have sent out...

[sequenci]

One for the FCA for sure.

 

Arrow really are the pits.

[silverfox1961]

One for the FCA for sure.

 

Arrow really are the pits.

 

Agree fully.

 

Until we start seeing the results of this change, we are a bit in the dark.

 

On CAGger was saying that Erudio classed her child care allowance as income which took her over the limit.

 

Nobody should sign any new agreement as then erudio are bound by the original terms and conditions. I suspect it is similar to when credit cards up the rates and you disagree, you can stop using the account and pay off the debt at the old rate.

 

As for marking credit files. If someone 'forgets' to defer by a couple of days, will this mean their credit file gets marked as in arrears?

 

Nothing like what Erudio said in their statement.

 

“This should be good news for people's credit ratings. A well-managed loan should strengthen someone's credit history.”

[WarrenBuffet]

I have just learned that they can 't put any mark on credit records ........only the original creditor can and since slc have now sold these loans/debts then they no longer will have any interest in doing so.

 

As for enforceablility of these debts, many have not received reply for their CCA's in the 12+2 working day limit too.

 

So! are these lemon debts?

[Guest]

 

Arrow really are the pits.

 

also blame the govt. they gave these out under one premise, and now they've sold it without due regard to who!

[dx100uk]

just like they did by selling earlier ones to THESIS [AKA LINK DCA}

 

this is where the money went....

 

http://www.homesandproperty.co.uk/property-news/news/millionaire-debt-collector-digs-deep-south-kensington

[enterprise_seo]

Arrow Global are an unusually aggressive and parasitical debt spiv, even for debt spivs. If they sniff a way they can get round the law without actually breaking the letter of it then they will do it without any consideration for their victims and regardless of how vulnerable their victims are.

 

The FCA should now build on their early promise and swat Arrow Global from the face of the earth. Arrow Global's presence does nothing to contribute to anyone except their owners. Their registered office is in Guernsey so they don't even make a contribution to the UK exchequer.

 

So, please FCA, check out those mountebanks and make the world a better place.

[TheDarkKnight]

I sincerly hope that all those who've received the letters and have had dealings with Arrow Global, complain to the FCA or better still can something be organised through the CAG?