Some Erudio customers will be receiving letters in the coming months relating to additional CCA remediation activity on their account. 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 SLC relating to accounts that were in arrears prior to Erudio taking over management of the loans.
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).
Over the last year we have been working hard to rectify this issue. This involved sending corrected documentation and removing interest which had been applied to all of the accounts affected. If your account was affected, last year you will have received this documentation from us and the interest incurred during the period of non compliance will have been deducted from your account balances, which will have included any outstanding arrears.
Regrettably, as a consequence of the work we needed to undertake to rectify the historical communications issue, we were unable to send subsequent CCA communications where required. However, please be assured that while we were resolving the initial issue and making the necessary balance adjustments, we ceased charging interest to affected customer accounts.
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.
Our FAQs page (see CCA Remediation section) has more information on this.
If you have any concerns about your account(s), please call us on 0333 003 7188.