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EY (Ernst & Young) Graduate Loan Legal Issue


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Hi All,

 

Need some help, sorry if this is not in the right section.

 

In September 2015, i started on the Graduate scheme with EY (Ernst & Young) as an IT Risk Consultant.

 

 

As part of your starting package you are offered a £7,000 interest free personal loan, which is provided for by EY.

This loan as far as i can tell is unregulated, i.e not covered by the consumer credit act.

I took the loan which i used to consolidate every last penny of debt

i had as it was interest free and i thought it was a clever.

 

However as a new graduate i found out i had to sit and pass my Chartered Accountancy exams to keep my job,

even though i was in IT based role, but thats a different argument of mine.

 

 

Well 2 months later and i failed my exams and as a result i lost my job.

 

My entire last months salary was deducted from my loan and i was left with a balance of £4113.

At this point i was left unemployed with no income and unable to claim benefits as my partner earns too much,

however to make it clear too much means we are scraping by every month with no disposable income.

 

EY have since sent me countless emails asking for repayment in full.

I have responded explaining my circumstances countless times

and even gave them a repayment plan which i did plan on honouring.

 

 

"As a gesture of goodwill" they offered me the chance to repay the loan over a 6 month period

which equates to £685 per month,

which even if i were still on a good salary would be unreasonable and would leave me without basic living money.

 

EY have now said that as i have refused to pay them what i owe,

they have now passed it onto their solicitors of which i will be liable for all legal cost.

 

Can anyone offer me any advice on how to deal with this mob?

Because the loan is unregulated it appears that they can do whatever they want

and use their financial strength over me to bully me with lawyers

as i obviously cannot afford one myself.

 

 

So i am all ears for any advice.

 

J

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Hi TF ....this is not ideally placed in the Financial Legal Issues until an actual claim is received..will move you temporarily to the Student Loans forum ..see if you get responses.

 

http://www.huffingtonpost.co.uk/2016/01/07/ernst-and-young-removes-degree-classification-entry-criteria_n_7932590.html

 

Regards

 

Andy

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Did you send an I&E to Ernst & Young with your payment proposals? If not send them a final offer with a credible I & E that doesn't have a maxed out Sky TV subscription in there Sky Broadband and telephone should be OK as those services are deemed essential these days as in phone and Broadband/or dialup for internet. To argue BB phone or dialup internet is not essential would be silly as DWP does most things online these days.

 

Sounds like E & Y are being a bit intrasnigent rather than helpful, it might come back and bite them if they do claim, and you follow Caggers advice in the event of a claim, as a credible I & E to the court might give them a much lower payment at Judgment in the event of a claim.

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!

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HI Brassnecked,

 

I sure did send them an I&E, even showed them what assets i owned (which is practically none). However they continue to be as stubborn as a soggy cardboard box and refuse to budge with this loan repayment. I do have a solicitors appointment today to give me some advice on the situation. Because the loan is unregulated it is a Civil matter. What is annoying though i do not have money to fight it, i have to wait and see what their solicitors do before i can ask for legal aid.

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I feel that if you provide evidence of attempts to pay and E&Y are shown to be intransigent in the event of a claim, they might not come out as well as they think they will, yes you will have a CCJ but you are more likely to have affordable payments as a result.

 

Other Caggers will be able to give better advice, i'm sure.

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!

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  • 2 years later...

thread is +2.5yrs old

no good you posting here

 

start a new thread

of your own please

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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