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Mis-sold my student loan!
Comments
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I don't think you can sue for misselling but I think you should be able to.
How many 18yr old school leavers supposed to be able to understand compound interest. I'm furious that i'm paying interest on the interest on my student loan, I certainly didn't undertsand this and the 'salesperson' never pointed it out to me.
You must be joking, you went to uni, you borrowed money, you pay it back, if you dont want to pay interest on the interest pay back more! If you pay off the interest every year and at a bit more you willbe paying off the loan, the more you pay a month, the quicker you pay it back and the less interest you pay back. Not too hard.......but I guess to be fair you probably wernt that interested in the fine detail of how it would be paid back...you should have been and it still remains a good deal, so if you dont like it just pay more back now and screw them out of all that interest they are trying to get out of you:p0 -
My problem with the whole thing is that the government wants to have its cake and eat it . . .
1. Either going to uni means people get better jobs and they will therefore earn more and pay more taxes (so paying for their uni place) or as appears to be the case it doesn't so what is the point of getting 50% of people through uni? (and can it really any more if 50% of people are going to uni?!)
2. The measure of inflation is either RPI or CPI - but it seems to be RPI when we owe them and CPI when they owe us . . .
3. It is either interest free or it isn't - it was marketed as being "interest free" but the statements clearly state interest for the year - I know it is based on the RPI but 4.8% is still interest especially when RPI falls below that level again.
If I need to declare an interest . . . I have a student loan I am slowly paying back. I don't have a problem with the loan for living costs but do think fees should be scrapped . . . as they have in other parts of the UK . . . I can't being to imagine having to pay £3000 as my BIL does now and I think it would really have put me off!
As for being missold I doubt you'd be able to prove this as they do provide so much documentation which sets out exactly what they do etc
MMC:j MFiT Club Member 14 :jMortgage Outstanding 01 April 2007 - £51,051 :eek:
Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
Savings 01 April 2009 - £1,522
Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term0 -
minimoocow wrote: »My problem with the whole thing is that the government wants to have its cake and eat it . . .
1. Either going to uni means people get better jobs and they will therefore earn more and pay more taxes (so paying for their uni place) or as appears to be the case it doesn't so what is the point of getting 50% of people through uni? (and can it really any more if 50% of people are going to uni?!)
Well said :T It's like everything else touched by this government - illogical, not thought through, or just downright dishonest.0 -
minimoocow wrote: »My problem with the whole thing is that the government wants to have its cake and eat it . . .
1. Either going to uni means people get better jobs and they will therefore earn more and pay more taxes (so paying for their uni place) or as appears to be the case it doesn't so what is the point of getting 50% of people through uni? (and can it really any more if 50% of people are going to uni?!)
2. The measure of inflation is either RPI or CPI - but it seems to be RPI when we owe them and CPI when they owe us . . .
3. It is either interest free or it isn't - it was marketed as being "interest free" but the statements clearly state interest for the year - I know it is based on the RPI but 4.8% is still interest especially when RPI falls below that level again.
If I need to declare an interest . . . I have a student loan I am slowly paying back. I don't have a problem with the loan for living costs but do think fees should be scrapped . . . as they have in other parts of the UK . . . I can't being to imagine having to pay £3000 as my BIL does now and I think it would really have put me off!
As for being missold I doubt you'd be able to prove this as they do provide so much documentation which sets out exactly what they do etc
MMC
just to be clear ... state pensions and all state benefits etc are index linked to RPI and not CPI
and also presumably you will be outraged that from september 2008 the student loan is linked to only 3.8% when everyone knows that real inflation is at least 10% and rising...0 -
You DON'T pay interest. You pay back what you borrowed in tersm of inflation.0
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How many 18yr old school leavers supposed to be able to understand compound interest. I'm furious that i'm paying interest on the interest on my student loan, I certainly didn't undertsand this and the 'salesperson' never pointed it out to me.
Any 18 year old who thinks he has the brains to get a decent degree should! It's not rocket science!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Idiophreak wrote: »Finally, I can believe that my degree cost the £1000/year I paid for it, just about - I had, compartitively, quite an intensive course, but the idea of them charging 3k now is insane...I know many people who had 2 hours of contact time / week...
Depends on the course, and the Uni.
I did law at UCL, and in my first year, had 28 hours of teaching a week....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
All of them. It is done in school, a couple of times, between ages 12 and 14.How many 18yr old school leavers supposed to be able to understand compound interest.
So for somebody 18, bright enough for Uni, it should be a doddle.
Edit: Just looked it up. It's all new-fangled now. Whatever Key Stage 4 is, it's here: http://www.edplace.co.uk/worksheets/school/maths/key_stage4/intermediate/calculations/written_methods?worksheet_id=1168
Ofsted rules, under Key Stage 4, item 4a: http://www.alltheschools.com/curriculum/mathematics.htm
Key Stage 4 is ages 14-16.
"Back in my day" we did this a lot earlier! I do remember it from age 12ish.0 -
minimoocow wrote: »As for being missold I doubt you'd be able to prove this as they do provide so much documentation which sets out exactly what they do etc
MMC
i was thinking that too, as the amount of leaftlets i got, not to mention the one that comes with my annual statement every year and then ofcourse the website http://www.studentloanrepayment.co.uk and https://www.slc.co.ukMFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £37,286.86 2025 MFW target £1700, payments to date at April 2025 - £1712.07..0
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