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FAQs

Recently asked questions

On 1st April 2014, the Financial Conduct Authority (FCA) took over regulation of the financial services industry from the Office of Fair Trading (OFT). Since this date Erudio Student Loans Limited (Erudio) has been working with the FCA on the authorisation process and was, until 18 August 2016, operating under an interim permission.

The customer accounts owned by Erudio are administered on its behalf by the Arrow Global Group (Arrow Global). Arrow Global Limited, which is part of Arrow Global Group, received full FCA authorisation on 18 August 2016. During the authorisation process the FCA concluded that Erudio fell under the exclusion in article 60l of the Regulated Activities Order and the exemption in article 55 of the Exemptions Order. As a result of this, Erudio is exempt from the requirement to obtain FCA authorisation in its own right and, from 18th August 2016, Erudio now operates under Arrow Global Limited’s FCA authorisation.

From 1 September 2017 to 31 August 2018 the interest rate will be 3.1%.

The interest rate changes from 1 September 2017 for the next 12 months always corresponds with the published Retail Price Index (RPI) from the previous March. RPI was 3.1% in March 2017 and this will be the interest rate charged on loans from 1 September 2017 to 31 August 2018.

From 1 September 2017 to 31 August 2018 the deferment threshold will be a gross annual income of £29,219 (equivalent to £2,434.91 a month).

The Education (Student Loans) Regulations 1998 defines the threshold as 85% of the lender's estimate of the average earnings of all full-time employees in Great Britain for the January when the level will apply. The Department for Education (DfE) make this calculation, which is based on figures published by the Office for National Statistics.

Based on this calculation, DfE has informed Erudio Student Loans that from 1 September 2017 to 31 August 2018 the deferment threshold will be a gross annual income of £29,219 (equivalent to £2,434.91 a month).

As is the case for all deferments reviewed by the Student Loans Company, deferment applications will be assessed by Erudio Student Loans on the threshold applicable on the date the Deferment Application Form is received.

For those borrowers who have both mortgage style (MS) and income contingent repayment (ICR - PGCE) loans (NB this is only for customers who have completed a PGCE course) to repay, the Student Loans Company (SLC) and Erudio can offer a moratorium whereby if a borrower earns above the MS deferment threshold (for this academic year the threshold is £29,219 per annum) they must repay their MS loan, but they can suspend repayments on their ICR loan but you need to notify SLC. They can choose to repay both, if they wish to do so, and this is the default position if no preference is made at the outset of repayment.

If your income is below the MS loan threshold (currently £29,219 per annum) but above your ICR loan threshold you can choose which loan you want to repay first. If you choose to repay the MS loan you need to notify SLC that you have elected to do this and won’t be making repayments on your ICR loan. If you decide to repay your ICR loan first, you will need to complete a deferment application form for your Erudio account. For more information visit www.studentloanrepayment.co.uk


In September 2014, we sent our customers annual statements outlining the status of their Erudio Student Loans account(s). We have since become aware that a number of customers were sent annual statements which listed an incorrect monthly repayment amount.


We would like to take this opportunity to apologise for any inconvenience or confusion this may have caused. As the vast majority of customers affected were in deferment, they will have been unaffected as no repayments were being made. However, we will still be writing to these customers to provide updated information but no money will be collected as long as they remain in deferment.


For the very small number of customers who had alternative agreements in place, we will be writing to them separately to confirm the correct repayment amounts and making refunds as appropriate.

As part of the sale from the Student Loans Company to Erudio Student Loans, we reviewed the communications that had been sent to customers in line with the Consumer Credit Act (CCA). Our review identified that some of these communications may not have complied with all the requirements prescribed by the CCA.

To remedy this, we need to reissue you with all of the relevant information required to comply with the CCA regulations. We have also applied a reduction to your account balance, by removing interest and fees that potentially should not have been added to your loan during the period of potential non-compliance.

Online portal

To register on the customer portal, please visit ‘My account’ option where you will be able to register for an online portal account.

The customer portal will enable customers to make online repayments, review their balance at each loan level, update personal details, view transactions, as well as allowing people to make repayments on behalf of others.

Yes, please see the ‘Applying for deferment online’ FAQs section below.

We accept payments from credit cards and debit cards. However, please note that we do not encourage customers to make repayments with credit cards and you may be charged a handling fee and interest by your card provider.

If you are having problems making repayments on the portal, please contact us on 0333 003 7188 and our customer service team will be able to help you.

If you have forgotten your details, you can use the forgotten password or forgotten answers to memorable questions process.

If you cannot remember any of your details please contact us by calling 0333 003 7188.

A cookie is a small piece of data sent from our website and stored in your web browser while you are browsing our website. Every time you load our website the cookie allows our server to recognise your browser and your previous activity.

To view our cookie policy, click here

If you are having problems making repayments on the portal, please contact us on 0333 003 7188 and our customer service team will be able to help you.

All Erudio customers, with the exception of those that have multiple accounts relating to different academic institutions will be able to register for an online account.

Deferment applications for shared accounts are processed by the Student Loans Company, therefore, we are unable to offer this functionality.

At present we are unable to consolidate customers with multiple account’s relating to different academic institutions, however, developments to the site are on going to enable access in the future.

For more information please contact us on 0333 003 7188 or email customerservices@erudiostudentloans.co.uk to discuss your account with one of our customer service representatives.

If your computer crashes before completing the repayment process then no payment will be taken and you should recommence the payment process.

If your computer crashes after the secure verification page then the payment will be processed. Customers who have any questions or queries please contact us on 0333 003 7188 or email customerservices@erudiostudentloans.co.uk

Applying for deferment online

In order to defer your repayments you need to complete and return the Deferment Application Form (DAF) to Erudio Student Loans and provide proof of your income or means of financial support.

You can complete an online DAF by requesting your account details from one of our customer service representatives and then registering for the customer portal. Alternatively, if you have already requested a manual DAF, your account details will have been provided.

To register on the customer portal, please visit our registration page where you will be asked to enter your account details and personal information to verify that you are the account holder.

Yes - Erudio has recently updated its Deferment Application Form to a simplified version as of March 2017.

Customers will be able to begin the online process at their leisure, however, as with the manual form, they will not be able to submit either the manual or online form until 12 weeks before their deferment period finishes. This is to ensure all information submitted is up to date.

The online form asks exactly the same questions as the manual form. The benefit of completing the form online is that once it is completed and you have pressed submit, Erudio will have received the online form instantly, rather than waiting for it to arrive via the postal service. 

When your current deferment period expires you will be required to make monthly repayments as per the terms and conditions of your loan agreement.

If you believe you are still eligible for deferment, we urge you to return a completed Deferment Application Form to us within the next 7 days. Please note that your regular installments will remain due until your account has been successfully deferred.

Your deferment will not be renewed automatically. You need to reapply for deferment every 12 months.

Customers are required to tick a checkbox in order to verify the information provided and is in line with the Student Loans Company (SLC) terms and conditions requiring all Deferment Application Forms to be signed. The signature is not intended to provide any additional consent above the original terms and conditions of your loan(s).

Yes - To apply for deferment you need to fill in the Erudio Student Loans Deferment Application Form.

By law, and under the terms of your loan agreement, you are entitled to apply for deferment if your income is below the relevant threshold (currently £29,219 gross annual income). To enable us to process your application, you will need to provide satisfactory evidence that your income is below this threshold. Where appropriate, we will ask you to verify certain pieces of information and, if necessary, we will make checks about the evidence you have provided.

 

The form enables Erudio Student Loans to manage all deferment applications in a fair and consistent manner and maintain a high quality of customer service. It also allows us to process your deferment application effectively and ensures we consider all relevant income when assessing your application.

Yes – Once you have started to fill out the form, you can save your progress and return to complete it at a later time and date. However, once you have started to upload any evidence, you must take the application through to completion.

Yes – Once you have completed the form you will be prompted to upload any supporting evidence in relation to your application. Please note that if you do not upload all of the evidence required your application will be classed as incomplete and you will be contacted by letter and asked to supply the missing evidence.

Migration of accounts

Capita’s administration of Erudio Student Loans came to an end in December 2015. As part of our work to ensure the on-going administration of Erudio customer accounts, we have to a new customer service platform.

The new system has been in operation within Arrow Global Group for a year and we are confident in its suitability. The new customer service platform has a number of additional features the old platform couldn’t provide and will improve the overall customer experience.

No, all customer information will be transferred as part of the migration process. The deferment process will be unchanged.

No – payments will be taken in the same way as before. Customers with a Direct Debit Mandate in place will have received a letter confirming the name of the entity guaranteeing Direct Debit payments has changed from Erudio Student Loans Limited to Erudio Customer Management Limited. This merely reflects the change in the servicing company looking after the bank accounts. Accounts remain unchanged and as before will still be owned by Erudio Student Loans Limited.

Customers paying by standing order will also continue to pay into the same account as before and again don’t need to make any changes.

Arrow Global Group is one of the original investors in Erudio Student Loans and is one of Europe’s leading purchasers and managers of consumer loans. The new customer service platform to which Erudio Student Loans customer accounts has been migrated to is owned and operated by Arrow Global Group.

Any changes will be small. Customer accounts will continue to be serviced in exactly the same way as before. The deferment process will remain the same.

The changes include a new PO Box number and international dial number. All customer correspondence will be updated to reflect these.

Applying for deferment

The Education (Student Loans) Regulations 1998 defines the threshold as 85% of the lender's estimate of the average earnings of all full-time employees in Great Britain for the January when the level will apply. The Department for Education (DfE) make this calculation, which is based on figures published by the Office for National Statistics.

Based on this calculation, DfE has informed Erudio Student Loans that from 1 September 2017 to 31 August 2018 the deferment threshold will be a gross annual income of £29,219 (equivalent to £2,434.91 a month).

As is the case for all deferments reviewed by the Student Loans Company, deferment applications will be assessed by Erudio Student Loans on the threshold applicable on the date the Deferment Application Form is received.

From 1 September 2017 to 31 August 2018 the deferment threshold will be a gross annual income of £29,219 (equivalent to £2,434.91 a month).

In order to defer your repayments you need to complete and return the Deferment Application Form (DAF) to Erudio Student Loans and provide proof of your income or means of financial support. You can request a DAF and a copy of the How to Guide by emailing deferment@erudiostudentloans.co.uk or by calling 0333 003 7188.

If you do not provide the required information then we may be unable to process your deferment application. If your application is incomplete we will write to you to inform you about this and ask for the missing information.

Yes - To apply for deferment you need to fill in the Erudio Student Loans Deferment Application Form.

By law, and under the terms of your loan agreement, you are entitled to apply for deferment if your income is below the relevant threshold (currently £29,219 gross annual income). To enable us to process your application, you will need to provide satisfactory evidence that your income is below this threshold. Where appropriate, we will ask you to verify certain pieces of information and, if necessary, we will make checks about the evidence you have provided.

 

When your current deferment period expires you will be required to make monthly repayments as per the terms and conditions of your loan agreement.

If you believe you are still eligible for deferment, we urge you to return a completed Deferment Application Form to us within the next 7 days. Please note that your regular installments will remain due until your account has been successfully deferred.

Your deferment will not be renewed automatically. You need to reapply for deferment every 12 months.

That is correct. The exact rules vary according to your circumstances and when you took out your loan(s). If you want more information on this please contact our Helpline on 0333 003 7188 and we can provide you with more details.

If we wrote to you to confirm receipt of your Deferment Application Form and to advise that we required further information to support the application process, you need to return the form with the missing details.

If you do not return the form or additional information in time you will be required to make monthly repayments as per the terms and conditions of your contract.

If you returned the information more than seven days ago and haven't heard from us you should contact us immediately on 0333 003 7188 so that we can discuss this matter further.

As you should already have been advised in a Notice of Assignment, your account(s) have been sold to Erudio Student Loans by the Student Loans Company. While the terms and conditions have not changed and the UK Government will continue to set the threshold income for deferment, Erudio Student Loans will be managing your account and administering the deferment process.

The terms and conditions have not changed and the legal requirements to successfully apply for deferment remain the same as in previous years. Some of the sections of the Erudio Student Loans application form require you to provide more detail, so that a better assessment of eligibility for deferment can be made. Once your application has been completed we will inform you of the outcome and let you know if any further information is required.

The deferment threshold continues to be set each year by the UK Government in accordance with the Education (Student Loans) Regulations 1998, and is currently the responsibility of the Department for Education. That threshold is gross annual income of £29,219 (equivalent to £2,434.91 per month) for the year 1 September 2017 to 31 August 2018.

If you complete the form and provide the required evidence that your gross income is below that threshold, your application will be processed quickly and efficiently and your deferral application should be accepted.

The form enables Erudio Student Loans to manage all deferment applications in a fair and consistent manner. It is essential that you provide the information we have asked for in the form. This enables us to process your deferral application effectively and to maintain a high quality of customer service.

We require all customers to complete and sign a Deferment Application Form (DAF) in order to ensure consistency and treat all customers equally and fairly. This is in line with the Student Loans Company (SLC) terms and conditions which required all DAFs to be signed and therefore our policy remains in line with that of the SLC. A signature is required to verify the information provided and is not intended to provide any additional consent above the original terms and conditions.

Making repayments

You can repay your transferred loan account(s) in full at any time. For information about a settlement figure or to repay your loan(s) in full, please contact Erudio Student Loans using the details shown on the Contact Us page.

No. Any loan(s) you repay through your employer or HM Revenue & Customs are called income contingent repayment (ICR) loans and are unaffected by this sale, so you'll continue to repay them in this way. If you have queries regarding your ICR loan(s), you should contact the Student Loans Company: http://www.slc.co.uk/contact/customer-enquiries.aspx

If you stop repaying without an agreed deferment, we’ll always try to contact you to discuss your situation.

Where possible, we’ll always try to agree with you how to make repayments of the outstanding balance so that your account is up to date as quickly as possible. If you need to set up a repayment arrangement, we’ll always try to ensure it’s tailored to your own circumstances.

However, until and unless you make a repayment that you owe, or a deferment is agreed, we may also register that repayment has not been made with credit reference agencies and this that your account is in arrears or an arrangement. This may impact on your ability to obtain credit in the future. In cases of genuine hardship you should contact our Helpline on 0333 003 7188 to discuss your situation as soon as possible so we can tailor the right approach for you.

Direct debits

As you should already have been advised in a Notice of Assignment, your account(s) have been sold to Erudio Student Loans by the Student Loans Company. This transfer included your Direct Debit Mandate, which is standard practice for such a transfer. When we collect a Direct Debit from you, 'ESL' appear on your bank statement, instead of 'SLC'.

Yes, a copy can be provided to you. To request this, you will need to pay the sum of £1.00 and submit a written request to us at Erudio Student Loans Ltd, PO Box 1055, Camberley, GU15 9PA.

If you are paying by cheque, please make it payable to Erudio Student Loans.

Information sharing

We may pass details of your loan to credit reference agencies (CRAs) where your account was opened before 1998 in accordance with the terms and conditions of the loan. Where your account was opened in or after 1998 then we may pass details of your loan to CRAs where (i) your account is in or has been in arrears with Erudio Student Loans or (ii) your account is in default or (iii) you have agreed that we may do this. Where your account is in deferral it will be treated in the same way as any other form of loan, which is in a payment holiday and will not be treated as a default.

Your deferment application will not impact how we report to the CRAs on a monthly basis.

• For loan agreements signed before or during 1997, we have permission to report details of the loan to CRAs every month, including if you are in deferment
• For loan agreements signed during 1998 and onwards;
   o We have permission to report details of the loan to CRAs every month, but only if the loan is in arrears or defaulted; or
   o You have specifically agreed for us to report details of the loan to CRAs, in writing, separately to this form.

If your application for deferment is successful and your account(s) meets one or more of the conditions as stated above, your account will be listed at the CRAs as in a payment holiday. This will confirm to the CRAs that we have agreed to temporarily stop your monthly repayments. If your account does not meet any of the conditions stated above, it will not be listed at the CRAs.

The signing and submission of your Deferment Application Form to Erudio Student Loans does not change your terms and conditions in any way in relation to any recording of information about your account.

 

No, your loan agreement is not changing. The owner of the loans has always been permitted to use CRAs for the purposes of data validation and to share details of all loan accounts opened before 1998 and of those opened in or after 1998 that are, or have been in breach of their agreement by being in arrears or default. This is set out in section 16 (‘Disclosure of Information’) of loan agreements signed before 1998, and in section 12 (‘Disclosure of Information’) of loan agreements signed after 1997.

The Student Loans Company has previously registered defaults with CRAs and the terms and conditions have always permitted the Student Loans Company to share data in the way detailed above. Where we are permitted to disclose this information in line with the terms and conditions of your loan agreement(s), details about the status of your account will show whether your account is up to date, in deferment, in arrears or in default.

Yes, a copy can be provided to you. To request this, you will need to pay the sum of £1.00 and submit a written request to us at Erudio Student Loans Ltd, PO Box 1055, Camberley, GU15 9PA.

If you are paying by cheque, please make it payable to Erudio Student Loans.

Fair treatment

We aim to treat borrowers fairly at all times. However, we recognise that sometimes things can go wrong. If you have any concerns, please contact us on 0333 003 7188 to make us aware of what your concerns are and we will try to resolve the issue as quickly as possible.

If we can't resolve your issue, you can refer your complaint to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or call 0800 023 4567, an independent authority for settling complaints between businesses and their customers. However, if you do not address the problem with us first you will not be entitled to complain to the Financial Ombudsman Service.

Default process

This means that you have missed a repayment or repayments due on your Erudio Student Loans account. If your account is in arrears, we would encourage you to make a repayment to bring your account back up to date as soon as you can. This is important because information about outstanding arrears may be registered with Credit Reference Agencies (CRAs) and your account may be registered as in default. This may affect your ability to obtain credit for things such as a home loan or even a mobile phone, both now and in the future.

If you are experiencing financial difficulties please contact us on 0333 003 7188 so that we can discuss the options available to you.

If you miss a contractual monthly payment (in part or full), we will attempt to contact you by letter or telephone to inform you that your loan account has fallen into arrears and you are required to make a payment to bring your account back up to date.

We are required by the Consumer Credit Act to send standardised letters to customers who are in arrears. The first of which is a Notice of Sums in Arrears which will be sent to you if you miss the last two consecutive contractual payments or if the shortfall on your account is no less than the sum of the last two consecutive contractual payments. Further Notices of Sums in Arrears will be issued at six monthly intervals if your account continues to remain in arrears.

If you do not pay the equivalent of at least one contractual payment or if you don’t contact us to agree an alternative payment arrangement within 31 days of us issuing the Notice of Sums in Arrears, we will send you a Notice of Default. This letter gives notice of our intention to default your account with the Credit Reference Agencies and to warn you that failure to act could lead to termination of your loan agreement which means you could lose your statutory rights. You would also need to contact us immediately to arrange payment or to discuss your financial circumstances with us.

If there has been no response to the Notice of Default within the time period specified in the Notice of Default, you will receive a Termination Notice, which states your loan agreement will be terminated in seven days, and that we are requesting the full amount of your loan in seven days.

As part of any collections process, our specialist in-house teams (including Capquest, which is an Arrow Global Group company) or our panel of specialist third party collectors may also try to contact you.

We are required by the Consumer Credit Act to send standardised letters to customers who are in arrears. The first of which is a Notice of Sums in Arrears which will be sent to you if you miss the last two consecutive contractual payments or if the shortfall on your account is no less than the sum of the last two consecutive contractual payments. Further Notices of Sums in Arrears will be issued at six monthly intervals if your account continues to remain in arrears.

The Notice of Sums in Arrears should contain the Financial Conduct Authority (FCA) Arrears Information Sheet. This contains some important and helpful information.  You can find the FCA Arrears Information sheet at the following link:

http://www.fca.org.uk/static/documents/information-sheets/information-sheet-arrears.pdf

If we issue a NOSIA and you do not clear your arrears or if you don’t contact us to agree an alternative repayment arrangement, we may send you a Notice of Default. The Notice of Default gives notice of our intention to default your account with the credit reference agencies and to warn you that failure to act could lead to your loan being immediately repayable in full which means you could lose your statutory rights. Upon receiving this you would need to contact us immediately to arrange repayment or to discuss your financial circumstances.

If there has been no response to the Notice of Default, you will receive a Demand in Full letter, which states your loan agreement is repayable in full immediately, and that the full outstanding value of your loan is now due.

A Notice of Default follows letters already sent to you advising you that your account is in arrears and asking for repayment.

It is designed to inform you about what will happen to your account if you do not repay the amount you currently owe within the given time we have set, or if you have not contacted us to set up an alternative repayment plan.

If you do not take action within the time specified in the Notice of Default, you will be sent a Demand in Full letter stating that your loan agreement is repayable in full immediately which means that:

• Your whole outstanding loan amount will immediately be payable in full;
• You can no longer defer your loan;
• Your loan will no longer be cancelled when you reach 50 years of age (if your most recent loan agreement was signed prior to your 40th birthday);
• Your loan will no longer be cancelled when you reach 60 years of age (if your most recent loan agreement was signed after your 40th birthday); and
• Your loan will no longer be cancelled after it has been outstanding for 25 years.

Your Default Notice will also contain a copy of the Financial Conduct Authority (FCA) Default Information Sheet. This contains some important and helpful information to help you understand the situation. You can find the FCA Information sheet at the following link:

http://www.fca.org.uk/static/documents/information-sheets/information-sheet-default.pdf

If you can’t afford to pay, please contact us on 0333 003 7188 and we can help devise an affordable repayment plan.

 

A Demand in Full letter (referred to under the Consumer Credit Act as a Notice of Termination) is a formal letter stating that due to lack of repayment, the full outstanding amount of your loan is now due.

This will also mean that:

You can no longer defer your loan;
• Your loan will no longer be cancelled when you reach 50 years of age (if your most recent loan agreement was signed prior to your 40th birthday);
• Your loan will no longer be cancelled when you reach 60 years of age (if your most recent loan agreement was signed after your 40th birthday);
• Your loan will no longer be cancelled after it has been outstanding for 25 years.

If you can’t afford to pay, please contact us on 0333 003 7188 and we can help devise an affordable repayment plan.

 

Please do not ignore any letters. They are important and require immediate attention. Non-repayment of your loan(s) may result in us taking steps to default your account requiring full and immediate repayment of your loan. It is therefore very important that you deal with this matter now, as information regarding any outstanding arrears may be registered with credit reference agencies. This may affect your ability to obtain credit for things such as a home loan or even a mobile phone, both now and in the future.

It could also mean that the full outstanding amount of your loan becomes due, and you will not be eligible to defer your loan.

If you can’t afford to pay, please contact us on 0333 003 7188 and we can help devise an affordable repayment plan.

 

We will make multiple attempts to contact customers who are in arrears via letter and telephone, as well as issuing at least one Notice of Sums in Arrears and a Notice of Default letter.

We will have sent letters to the address we have registered to your account and we work hard to ensure our records are up to date, however, it is your responsibility to keep us up to date with your correct address.

To update us with the right contact details, please contact us on 0845 217 1134, and we can update your account with the right details, as well as discuss your current repayment plan.

We send letters to the address we have registered to your account. If you have recently changed address or your phone number (or know that either of these details will be changing very soon), please phone us on 0333 003 7188, and we can update your account accordingly, and discuss your current repayment plan.

Please note, it is a condition of your loan agreement(s) that you keep us informed of your current contact details. It’s hugely important we know how best to contact you in case we need to discuss your loan(s) at any time.

You can repay your loan amount in full at any time. For information about a settlement figure or to repay your loan(s) in full, please contact us on 0333 003 7188.

We understand that due to a range of circumstances, you might not be in a position to pay all of what you owe. If you are eligible to apply for deferment and can evidence that your gross annual income is less than £29,126, you should contact us to request a deferment application form. Please refer to the Deferment section of our website for further information, or contact us on 0333 003 7188 as soon as possible. If you are not eligible to apply for deferment we can help devise an affordable repayment plan.

The Consumer Credit Act 1974 (as amended) is an Act of Parliament, which sets out the rights and obligations regarding credit related issues.

Non-repayment or default on your loan could impact your ability to get credit – both now and in the future. If you do not make payments that you owe, or if you default, we may pass details of your loan to credit reference agencies in accordance with the terms and conditions of your loan agreement.

A non-payment or default on your credit file could make it very difficult and/or more expensive to obtain credit. This includes securing a mortgage, or in some instances, even applying for a mobile phone contract.

If you want more information about which payments you have missed, please get in touch with us on 0333 003 7188. We will then be able to discuss a repayment plan with you.

If you pay less than the agreed amount, it is likely to take you longer and may cost more to pay off your loan under the agreement(s), as interest will be added to the unpaid amount. This information may also be shared with Credit Reference Agencies.

If you are experiencing financial difficulties and are struggling to meet your regular repayments, please contact us to discuss an affordable repayment plan. If you are eligible to apply for deferment and can evidence that your gross annual income is less than £29,126, you should contact us to request a Deferment Application Form.

CRA default listing

Under the original terms and conditions of the loans, notification to CRAs of default is provided for. This is standard industry practice for responsible lenders and follows other providers who have notified defaulted student loans accounts to CRAs in the past.

We will write to you before notifying the credit reference agencies that your account is in default. As per the terms and conditions of your loan, having been unable to contact you regarding your loan(s) or having been unable to agree a repayment plan, and aligned to the principles of responsible lending, once your account has gone into default, we have permission to report this information to the CRAs. As per the requirements under the Consumer Credit Act, we have previously issued you with regulatory letters outlining the result of your account falling into default.

We would have previously issued you with a Notice of Default (NOD) and if no corrective action was taken, we would follow this up with a Demand in Full letter which effectively terminates the loan conditions and calls in the full balance.

We regularly send letters to the address we have registered to your account and we work hard to ensure our records are up to date. However, it is a condition of your loan agreement that you keep us up to date with your correct address and contact information.

To update us with the right contact details, please contact us on 0333 003 7188, and we can update your account with the right details, as well as to discuss your current repayment plan.


If your account is in default you will have 28 days, from the date of the letter informing you of the intention to register the default with CRAs, before this action is taken.

If you believe that making a payment in full is affordable to you, doing so within the 28 days from the date of the letter informing you of the intention to register the default with CRAs, will result in your account being closed and no default will be reported with the CRAs.

Please note, however, that we do not encourage you to make any payments which are unaffordable. We are happy to discuss payment options which are affordable and in line with your financial situation.

To discuss your repayment options please contact us on 0333 003 7188.

The Consumer Credit Act 1974 (as amended) is an Act of Parliament, which sets out the rights and obligations regarding credit related issues.

Registration of default with CRAs may have a negative impact on your credit profile and may affect your ability to obtain credit in the future. As such, we would encourage you to avoid this position and contact us to discuss your circumstances as soon as possible.

CCA remediation

During our acquisition of student loans from the Student Loans Company (SLC), we identified a potential issue relating to communications that had historically been sent to customers by the SLC. Our review identified that some of these communications may not have complied with all of the requirements prescribed by the Consumer Credit Act 1974 (as amended) (CCA).

Although we have now rectified these original issues, as a consequence of the work we needed to undertake, we were unable to send subsequent CCA communications where required, until such time that the initial issue had been resolved and balance adjustments made.

Having reviewed all accounts in light of these historic issues, we are now in a position to resume our normal processes. We have therefore begun writing to our customers who have (or had) arrears on their loan(s) since 1st March 2014 (when Erudio took over the management of the loans but was completing the initial remediation activity) to ensure they have had all the required CCA notifications.

We are also writing to customers who are not (or who have not been) in arrears to confirm when interest will be reactivated on their account.

Although we have been sending arrears letters during the period in question, because we haven’t been able to send CCA required documentation (a Notice Of Sums In Arrears) we froze all interest charges in favour of our customers until all the required remediation activity was complete.

Now all the required remediation activity has been completed, we have started applying interest to customers’ loans again as per the original terms and conditions.

The Notice Of Sums In Arrears (NOSIAs) we are issuing as part of this remediation activity apply to customers who have (or had) arrears from the period from 1st March 2014 and also had historic arrears communications from SLC that were potentially non-compliant.

Some of the customers affected will have now brought their accounts back up to date and won’t have any outstanding arrears. However, to ensure you have received all the CCA literature required, we have issued historic NOSIAs you should have received.

You can contact Erudio Student Loans on 0333 003 7188 to check if there are any outstanding arrears on your account.

In order to ensure your loan account(s) are compliant with the CCA, we need to issue you with the relevant CCA documentation that wasn't previously issued to you.
 
If you are currently deferred from making repayments, you do not need to take any further action.

Customers who have an account(s) currently going through the remediation process will be unable to register for an online account until the process has been completed.

For more information please contact us on 0333 003 7188 or email customerservices@erudiostudentloans.co.uk to discuss your account with one of our customer service representatives.

FCA Authorisation

On 1st April 2014, the Financial Conduct Authority (FCA) took over regulation of the financial services industry from the Office of Fair Trading (OFT). Since this date Erudio Student Loans Limited (Erudio) has been working with the FCA on the authorisation process and was, until 18 August 2016, operating under an interim permission.

The customer accounts owned by Erudio are administered on its behalf by the Arrow Global Group (Arrow Global). Arrow Global Limited, which is part of Arrow Global Group, received full FCA authorisation on 18 August 2016. During the authorisation process the FCA concluded that Erudio fell under the exclusion in article 60l of the Regulated Activities Order and the exemption in article 55 of the Exemptions Order. As a result of this, Erudio is exempt from the requirement to obtain FCA authorisation in its own right and, from 18th August 2016, Erudio now operates under Arrow Global Limited’s FCA authorisation.

Arrow Global Limited has been an investor in Erudio since 2013 and is a leading purchaser and manager of debt across Europe. For further information on Arrow Global, please visit www.arrowglobal.net

This change does not affect your account or change any of the terms and conditions of your loan agreement. Erudio, as a business, is committed to maintaining the very highest standards of integrity and professionalism. Treating our customers fairly is at the heart of what we do and our data analysis allows us to ensure that every customer is offered the most suitable solution for their circumstances.

Since Erudio now operates under Arrow Global Limited’s FCA authorisation, it no longer has a FCA reference number. As a result of this, Erudio no longer appears on the Financial Services Register as an individually authorised firm and Arrow Global Limited’s reference number should be used should you wish to contact the FCA regarding Erudio. Arrow Global Limited’s FCA reference number is 718754.

The changes referred to above do not result in any change to the terms of your loan agreement, therefore Erudio will not be sending its customers a separate letter outlining these changes.

Any other questions

A shared borrower is someone who has a student loan(s) with Erudio Student Loans, and also has a student loan(s) with another company, such as, Honours Student Loans or Thesis Loan Servicing. This does not apply if you have an Income Contingent Repayment loan, which are administered by the SLC.

The earnings threshold, as set by the UK Government, for determining whether you qualify for deferment is exactly the same as all other borrowers. If you have already deferred the repayment of your student loan for the next 12 months, a new Deferment Application Form will be sent out to you eight weeks before the end of the deferment period for you to return.

Once you have completed and returned the form, you will be contacted with written confirmation about the outcome of your application. You only need to complete one Deferment Application Form unless you have historically had multiple deferment periods to cover different sets of loans whilst your accounts were still being managed by the SLC.

If you have not previously applied for a deferment, or your deferment period has expired, it is your responsibility to contact one of your loan servicers (such as Erudio Student Loans, Honours Student Loans or Thesis Loan Servicing) to request a new Deferment Application Form. You should notify your other loan servicers that you have submitted an application to your other provider. The outcome of your deferment application will be communicated to all of your loan servicers.

Please note deferment can only be applied for in relation to Mortgage Style student loans. If you hold any Income Contingent Repayment student loans (ICR), as well as a mortgage style loan, your deferment application is only in relation to your mortgage style loan. Please contact the Student Loans Company if you need any further information about the repayment terms of your ICR loan.

In order to update your personal details, you must notify all of your loan servicers separately.

Deferment Application Forms are sent out eight weeks before the end of the deferment period, however, we recommend that you return your form as soon as possible to allow Erudio to process it in case we need to request additional information from you to complete your application.

No. You will only be able to view your Income Contingent Repayment loans from the online account you have with the Student Loans Company. Please contact Erudio Student Loans if you have any questions regarding the loan(s) in your letter.

CarVal Investors and Arrow Global are investors in Erudio Student Loans. All deferment applications and customer servicing (including managing day to day questions about your loan account(s) and collection of repayments) is being managed by Erudio Student Loans.

If you have another mortgage style loan account(s) please continue to direct all queries regarding these to the current owner, either Honours Student Loans or Thesis Servicing. If you have any other type of student loan, please continue to direct any queries to the Student Loans Company.

Our Customer Portal

Login or register to our Customer Portal today, this will allow you to do the following online:

  • Make a repayment
  • Apply for deferment
  • View your balance
  • View your transactions
  • Update your contact details
Erudio Student Loans Limited is registered in England and Wales with company number 8605918. Its registered office is c/o Wilmington Trust Sp Services (London) Limited, Third Floor, 1 King’s Arms Yard, London, EC2R 7AF.
Your account is administered by Arrow Global Limited (“AGL”) for Erudio Student Loans Limited. AGL is part of the Arrow Global Group and is authorised and regulated by the Financial Conduct Authority for certain credit-related regulated activities. AGL is registered on the Financial Services Register under registration number 718754. AGL is registered in England and Wales with company number 05606545 and its registered office is at Belvedere, 12 Booth Street, Manchester M2 4AW.