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Erudio - preparing for repayment/loan maturity


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Hello, I'm new to the forum and after reading many posts about Erudio feel I need to fore-arm myself.

 

I have old style student loans (98/99/00 but I was deferred so started in 97 and is a pre-98 style loan).

I've never paid anything as I've never earnt enough and am due to defer again this year - just waiting for the pack which normally comes in March. However I expect not to be able to defer on income grounds next year.

 

As of my deferment last year, the loan maturity date is after the 25yr cut off (Sept 2025, maturity date with another deferment will be March 2027).

I understand that this means once I start paying next year I will only have to pay until the cut off - is this correct?

 

Until the last year I was receiving those letters for partial payment, which didn't seem worth it until my income was likely to be higher, as it now probably will be.

 

However I did not receive a letter last year. I am putting it down to covid as other forums have shown people getting these right up until the time-limit of their loans.

 

Though I am anxious that I'm looking at paying £6000-8000 instead of the £1500 partial payment offer if they don't send another letter this year!

 

In looking at the previous threads, there is talk of applying for deferment directly to SLC rather than Erudio which if that was ever an option I certainly didn't know about it. I have always kept up with deferments and have never paid anything towards the loan. So my question is, is there anything I should be doing to protect myself from any issues ahead?

(As an aside, I cannot believe they are allowed to charge 2.6% interest. I remember when it tracked the base rate and the interest ws negative for a while!)

Edited by BankFodder
Restructured in order to make it readable
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AFAIK: your loans should be treated as one. ( they were all for the same qualification? as such)

the maturity date runs from the last loan in the chain

 

keep deferring.

 

dx

 

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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