Erudio Student Loans: Reader has cash wrongly taken from account by debt collector

  • @simonnread

The row about deferred student loans grows as it emerges that 45,000 former students from the 1990s have been contacted by Erudio Student Loans, the debt collector that bought the loans from the government last autumn.

Former students fear the company will pass on details of deferred loans to credit reference agencies, leaving a black mark, although Experian suggests the move could improve people’s ratings as it shows a long-term loan experience.

There have also been accusations that the company has changed the terms and conditions of the loans, although it denies that.

For one i reader, the experience with Erudio has proved to be a nightmare. To her surprise she had money taken from her account last week even though her loan is deferred. When contacted by i, the company admitted its mistake and agreed to refund the cash.

Yesterday, while she was still waiting for her refund, another direct debit was taken out of her account. “If it has happened to me, I’m sure there will be lots of other payments they will have taken from other people, who may not have noticed,” she pointed out.

The company has again promised to sort this out but the question remains: how many other former students have been unfairly hit by this company taking cash that it shouldn’t?