Loan to Erudio about to paid off but worrying about interest rate in Portal?

[emmy1979]

have had numerous issues with Erudio, as is pretty usual with this shower regarding their distribution of paperwork.

 

My physically abusive ex husband withheld my post for a year in 2014-15, when I left him so my account went into arrears, as I couldn't defer as I didn't know it had been sold.eventually sorted it out via the police

 

paid Erudio £100 a month (whilst in deferment) towards arrears

then my income went over the deferment threshold

have been paying the contractual amount (that they set) of £139.48 for 20 months.

 

I phoned on 08/10/18 to ask if I could change my DD to 1st of month and the man on the phone said no as it would be breaking my contract.

 

Today I received an aggressively worded letter dated 09/10/18 from them terminating my account and demanding £3055.87 by 07/11/18 to pay off the arrears.

 

The remaining balance is £3905.33. Citing 'You have broken the terms of your agreement because you failed to pay your repayments on time and in accordance with the terms of the agreement.'

 

Why would they pursue this two years later, after accepting a repayment plan?

I have already paid £2236.59 .

 

This year I am below the deferment threshold.

Should I ignore?

 

I want to actually take this further and see if I can look at if taking them on and argue that they entered into a new contract by accepting and setting the contractual payment amount and by not issuing a further default notice and that they have not followed process as they have jumped straight to demand in full.

 

Surely they would be hard pushed to get a judge to agree with them that I am not doing enough to settle my debt when I am not taking up the option to defer even though I am now under the threshold and I have maintained monthly repayments?

 

I am also mentioning unfair treatment as they are refusing to give a reason why they have suddenly made this decision.

Edited October 18, 2018 by dx100uk
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[dx100uk]

You only owe money when over the threshold

Work out what you owed and thus paid.

 

Then send in using the old slc deferment forms ones to cover any other period

 

Check your credit file too

S

[emmy1979]

I've just checked my credit file. Only checked in two weeks ago as I'm in the process of getting a mortgage.

 

It was Good. Now Fair. 92 points down.

[dx100uk]

but is this due to erudio?

[emmy1979]

It can't be due to anything else. I have no other credit. My mortgage hasn't gone through yet...I can't understand because I haven't missed any payments. Last one went out on 10 October.

[dx100uk]

doubt it arrows

they do this all the time

just get those forms in

 

lots of threads here to read.

[emmy1979]

But the other threads and all other places in the internet are about deferment. I can't find anything from anyone who has been engaged in paying and they've terminated the contract?

[dx100uk]

don't worry about what they have said

it just to spoof you.

 

dx

[emmy1979]

Okay. I'll do that, send in deferment forms for the missed period and then show proof of what I paid.

 

Thanks.

[dx100uk]

don't need to show what you've paid they know that.

all you need to do is ensure you've only paid for the period when you needed too.

else if you've paid for when it should have been deferred then I can see you can demand that moneyback as you didn't owe it.

 

that know doubt will not happen and will be added to your complaint about them to the FOS

as I can see that's the way this will go just like every other wrongful default/termination issue here.

 

get reading as many thread here in the SLC forum as you can

the more you read

the stronger we become.

[emmy1979]

Hi DX, sorry to bother you again. I just wanted to know if you think this is a good idea? I work for local government and sit near the legal / contracts department and asked my friend what she thinks. She said to send Erudio a letter saying on the lines of:

 

"On X November 2010 [the company] notified me I could continue to pay X per month.) and at the end say "These actions amounted to a waiver of any alleged breach of contract on my part and as such, under our current contract, [Company] is not permitted to terminate the contract".

 

She also said that:

 

The problem is the loan contract may well specify:

 

a) no waivers (although this could be argued)

b) that it has the right to call in the loan at any time.

 

Just wondered what your thoughts are on this? Or if I need to withhold entering into a dialogue with them about contract?

 

Thanks for all your help so far. I'll donate to the page as it has helped reassure me quite a lot.

[dx100uk]

estopple but I wouldn't worry about it

 

erudio will say something totally diff in their next missive anyway.

[emmy1979]

Hi just an update,

went to pull all my paperwork from storage yesterday (currently homeless so all my stuff in storage).

 

I'm a social worker so I never get rid of paperwork, it's in my bones to keep everything and every letter I ever got from Erudio is there,

 

the first is dated 27/11/15 saying some interesting things about being unable to send statutory notices.

 

My last deferment was dated 1st March 2014. Think this will strengthen my case with FOS as I can pretty much prove that they let 'arrears of £2517.20 build up before contacting me and these arrears built up between 01/03/15 and 27/11/15.

Also got proof that my first payment to them was dated May 2016.

 

Just thought I'd update where I am in my complaint.

Not heard a thing from Erudio.

Edited October 21, 2018 by dx100uk
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[emmy1979]

I ended up getting a promotion and going over the deferment threshold so have been paying my contractual amount.

 

I now have approx £200 left to pay.

2 payments left.

I will cancel my DD with great pleasure.

 

Just worrying they might try it on as the Interest Rate on my overall balance on the portal says 0%.

When I look at the detail of my 3 loans, one is overpaid by thousands but the first two are still showing as default and in debit

- received Notice of Sums of Arrears through the post for these two loans but I have been paying them down so ignored and thought their admin is wonky.

 

Should I be worried?

 

TIA.

Edited January 6, 2022 by dx100uk
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[dx100uk]

you need to look at things as a whole sum.

 

overpayment by £1000's on one loan should be used to settle the others.

 

forget about any interest.

 

what do you totally owe ?

what have you totally paid?

 

thats the crux.

 

dx

 

 

 

[emmy1979]

Thanks. I was hoping that is what you would say.