Martin Lewis hopes Government sale of student loans won't have same "damaging impact" as before

MONEYSAVINGEXPERT.COM

Cutting your costs, fighting your corner

For immediate release Monday 6 February 2017

Martin Lewis, founder of MoneySavingExpert.com, who has campaigned tirelessly on behalf of students, says: “The sale of the pre-1998 student loan book has had a near-disastrous effect on many. While they are not allowed to change the terms and conditions there’s still a huge variety of operational systems that can and did change and these are what caused the misery when Erudio took over.

“Issues such as wrong deferment forms, wrong processing of deferment forms and most crucially for the first-time student, loans being put onto credit reports, caused much distress, pain and worry for many of the people with those loans.

“I’ve had meetings with the Department for Education on this and while I do have concerns over the sale of the next loan book, they are at least making the right signals that the same mistakes won’t be made again. I hope it won’t have the same damaging impact as the sale of the last tranche – but it is a question of ‘watch this space’ to see if their rhetoric is matched by their delivery.”

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About MoneySavingExpert.com: MoneySavingExpert.com is dedicated to cutting consumers’ bills and fighting their corner. The free-to-use consumer finance help resource aims to show people how to save money on anything and everything, and campaigns for financial justice. Set up in 2003 for just £100, its free-to-use, ethical stance quickly made it the UK’s biggest independent money website, according to internet ranking site Alexa.com, and the number one ‘Business and Finance – Business Information’ site, according to Hitwise. It has more than 12 million people opted-in to receive the weekly Martin’s Money Tips email, and more than 14 million unique monthly site users who visit more than 24 million times a month. In September 2012, it joined the MoneySupermarket.com Group PLC.

About Martin Lewis: Martin Lewis OBE, Money Saving Expert, is the journalist and consumer campaigner who created MoneySavingExpert.com, the UK’s biggest money website. He’s the UK’s most internet-searched man, Citizens Advice’s Consumer Champion of the Year, and has spearheaded major financial justice campaigns including bank charges reclaiming (over six million template letters downloaded) and PPI reclaiming (over five million) and a successful large-scale campaign to get financial education in schools. He has his own prime-time ITV programme, The Martin Lewis Money Show, as well as regular slots as resident expert on Good Morning Britain, This Morning and Radio 5 Live, among others.He was appointed OBE in the Queen’s Birthday Honours in June 2014.