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Repaying my loan
stockwell_2
Posts: 10 Forumite
This is possibly going to sound silly, and I'm afraid it is - however, I shall describe the position I'm in, and see what you make of it.
I went to uni in 98-01, and had a student loan as part of this for the first 2 academic years of the three year course.
When I graduated I was not earning enough to start paying it back automatically under PAYE as I was only working a 50% hours job, and it wasn't that well paid anyway.
I then moved to a new job, where my employers (as I understand it) should have ensured that my paymnets started. I asked them to do this at the time, and also followed up with several calls to the Student Loans Company following that to which I was always told my employers needed to start doing it.
A good few years down the line and it's still never started being repaid, but to be quite honest, I have been lazy to the problem because the interest I have been paying on it has always been lower than either a) the debts I was in, or now b) thankfully the interest I receive on savings/the interest I pay on my mortgage.
Not sure what I should do from this point. I now have the cash that I could pay it back at this stage, but it would be a shock to the system to suddenly find I had to pay back 6years of repayments in one go, so Ive been reluctant to raise the issue again over the last couple of years.
Anyone know how it would stand if they finally took seriously that I've not been repaying it (despite the fact that Ive asked them on three occasions in the past to look into it). Woudl they just start taking normal contributions or ask for a massive lump sum?
Im keen to do something about this, but also want to know how it all works.
Anyone able to offer any insight?
I went to uni in 98-01, and had a student loan as part of this for the first 2 academic years of the three year course.
When I graduated I was not earning enough to start paying it back automatically under PAYE as I was only working a 50% hours job, and it wasn't that well paid anyway.
I then moved to a new job, where my employers (as I understand it) should have ensured that my paymnets started. I asked them to do this at the time, and also followed up with several calls to the Student Loans Company following that to which I was always told my employers needed to start doing it.
A good few years down the line and it's still never started being repaid, but to be quite honest, I have been lazy to the problem because the interest I have been paying on it has always been lower than either a) the debts I was in, or now b) thankfully the interest I receive on savings/the interest I pay on my mortgage.
Not sure what I should do from this point. I now have the cash that I could pay it back at this stage, but it would be a shock to the system to suddenly find I had to pay back 6years of repayments in one go, so Ive been reluctant to raise the issue again over the last couple of years.
Anyone know how it would stand if they finally took seriously that I've not been repaying it (despite the fact that Ive asked them on three occasions in the past to look into it). Woudl they just start taking normal contributions or ask for a massive lump sum?
Im keen to do something about this, but also want to know how it all works.
Anyone able to offer any insight?
0
Comments
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You should contact the ICR dept. and they'll advise on it.
Although the payments are made through your salary by PAYE, you can make payments at anytime through cheque or card payments, which should help to clear off some of your balance.0 -
? sorry, not sure of the abreviation
Inland Revenue?0 -
Best to pay the loan off as slowly as possible though SolDo Something Amazing - Give Blood0
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