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Student Loan Company

 
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RenewableCandy



Joined: 12 Sep 2007
Posts: 12441
Location: York

PostPosted: Fri Sep 18, 2015 10:24 pm    Post subject: Student Loan Company Reply with quote

Anyone have any thoughts on this? Like, is it actually better borrowing the money elsewhere?

Or, does anyone know who owns it? Or what their prospects are given the number of students who renege, deliberately or otherwise, on their debts?

Not much to do with PO I'll admit, except that the ability to pay back loans of any sort depends on a growing economy which in turn depends on...oh crap where's the Prozac?..
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Little John



Joined: 08 Mar 2008
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Location: UK

PostPosted: Fri Sep 18, 2015 11:04 pm    Post subject: Reply with quote

The loans will never actually be fully paid back for all the reasons related to why all of the debt overhang in society will never be paid back; predicated, as it is, on continued growth. However, what these debts will do is make slaves of all who have them since people will be compelled to keep paying whatever can be screwed out of them for the duration of their lives. In that regard, expect the goalposts of earnings to keep getting moved vis-a-vis the threshold for when repayment commences.

Last edited by Little John on Sun Sep 20, 2015 1:55 pm; edited 1 time in total
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biffvernon



Joined: 24 Nov 2005
Posts: 18552
Location: Lincolnshire

PostPosted: Sat Sep 19, 2015 8:00 am    Post subject: Reply with quote

Student loans are great - you don't have to pay them back. (Unless you get a well paid job.)

Daft idea of course, but great for the canny individual.
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RenewableCandy



Joined: 12 Sep 2007
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Location: York

PostPosted: Sun Sep 20, 2015 1:13 pm    Post subject: Reply with quote

I had a look at the webshite yestern and lo, the goalposts have already been moved: from £21k last time I looked, down to £17k.

Also the interest rate's higher than a lot of alternatives available these days.
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Snail



Joined: 14 Apr 2011
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PostPosted: Sun Sep 20, 2015 3:46 pm    Post subject: Reply with quote

Past student loans have already been sold as a bundle to erudio. They've already made it harder to defer and I expect this to continue. There's a massive thread on it on moneysavingexpert.

In my opinion, selling this off is tantamount to fraud. How my student loan was SOLD to me in the late 1990s now doesn't match reality.

What I should have done was just ignore all loan correspondence in the past with SLC, instead of deferring it each by year. It would have probably been written off. Now I'm likely to be increasingly hassled by erudio or other private companies. I'm still tempted to do this as there's not a lot can be done about it now.

Afaik, there are plans to sell current and future student loans. I've read this somewhere and also heard it on TV or radio.


IMO, getting a student loan if you don't have to is madness. Who knows what laws will be changed in the future. Or what company will own your debt. Or how debtors are treated.

Why should lazy people in debt get access to welfare / NHS might be a future catchphrase.
Who knows?
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RenewableCandy



Joined: 12 Sep 2007
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PostPosted: Tue Sep 22, 2015 9:49 pm    Post subject: Reply with quote

Thanks Snail: that last line's a real eye-opener! Now you mention it, I can well imagine that happening!
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kenneal - lagger
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PostPosted: Wed Sep 23, 2015 2:19 am    Post subject: Reply with quote

I thought that under the Consumer Credit Act a company can't change the terms of its loan unless the borrower consents.
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Snail



Joined: 14 Apr 2011
Posts: 693

PostPosted: Wed Sep 23, 2015 12:38 pm    Post subject: Reply with quote

From a recent comment in the mse thread:

"Under the sales agreement BIS have given ERUDIO the right to change the terms and conditions of deferment and collection"

and

"Now the GOVT/BIS assured me at the time of assignment that the Terms and Conditions of my loans would not change as indeed the NOA from ESL did as well. This is a lie. They have actually written into the sale terms an agreement that 'ESL are allowed to use 'procedures .....materially different than those of the SLC....in order to increase the purchasers return [maximise profits]....'

I believe that assigned debt terms and conditions cannot be changed without consent?

Also you can see the effects of these 'materially different procedures' have had on honest deferrers with the FOS complaints DATA: http://www.ombudsman-complaints-data.org.uk/ A Horrendous record I am sure you will agree.

How much suffering and lies do 250,000 ex students have to endure before some legal body makes ESL behave in a responsible manner?"
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Snail



Joined: 14 Apr 2011
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PostPosted: Wed Sep 23, 2015 12:46 pm    Post subject: Reply with quote

Just looking again at that mse thread reminds me that its not clear who owns erudio and from what country. Seems to be a number of intermediary companies involved.
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biffvernon



Joined: 24 Nov 2005
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PostPosted: Wed Sep 23, 2015 1:14 pm    Post subject: Reply with quote

Probably safe to assume it's George Osborne's mother-in-law or some such.
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biffvernon



Joined: 24 Nov 2005
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PostPosted: Thu Sep 24, 2015 2:15 pm    Post subject: Reply with quote

Corbyn has something to say about student loans, about 10 minutes in (though the first ten minutes are good too).

https://www.youtube.com/watch?v=mPLs2m3E0p0
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