Should I Pay Off My Student Loan? 2008/09 article discussion

power100

Poolie wrote: »

power100 if you self employed you should tick the box that says you have a student loan post 1998 on the tax return. HMRC will then calculate how much student loan is due along with your tax and NI. Paying off a lump sum is fine but be warned that you will be still expected to make the payment to HMRC.

If you don't tick the box and the system detects it then you will receive a revised notice from HMRC regarding your payment.

I am fortunate enough to work in a sector that does not require tax returns to be filed or indeed any tax paid at all. However I may need to look into any tax repercussions when I do pay it back.

Poolie

power100 if you are not taxed through the UK tax system through either PAYE or Self Assessment then you should be declared overseas. Without any more information it will be difficult to say how Student Loans will assess your repayments

melancholly

power100 wrote: »

I am fortunate enough to work in a sector that does not require tax returns to be filed or indeed any tax paid at all. However I may need to look into any tax repercussions when I do pay it back.

are you a professional gambler?! just trying to think what other (legal!) sector doesn't pay any tax!

power100

melancholly wrote: »

are you a professional gambler?! just trying to think what other (legal!) sector doesn't pay any tax!

Yes as my posts on these boards would indicate which, I believe, means that I do not have to pay student loan repayments back regardless of income. There was a court case involving this which found in favour of the ex student.

limpwaster

limpwaster wrote: »

I havent changed address since I was a few months old I am however moving soon, so I will inform them then and see what happens I guess...

limpwaster wrote: »

hi,
I've got a bit of a dilemma regarding student loan repayments.
I started on a foundation degree in 2003 for two years and had around £3k a year student loan. Afterwards i worked for my sponsor company for a year, and returned to uni for a year 2005 and finished it 2006, again getting a 3k student loan.
I received a statement december in 2007 saying I owed around 10k, and I was due to enter repayment in april 2007.
I started my current job in September 2006 a few months after finishing uni, but to this day nothing has been taken from my wages....
I earn around 24k a year so should be making payments, but I thought it was done automatically? Should I tell the student loan company, or is this their mistake? I would obviously rather not pay it but I also dont want to get hit with a big bill.
I have had no correspondence from student loans company since dec 2007, is this normal or have they forgotten me?

What are my options?

Many thanks,
Tom

Just to update, I moved about 6 weeks ago and informed student loans. So far received no letters and had no money taken from my salary :j

hopelesscase!

My son has dropped out of uni, is currently searching for employment and is receiving jobseekers allowance, but he is getting demanding and now threatening letters from SLC, despite having explained his current situation, Can anyone please tell me where he stands on this? Thanks...

Chris2685

How long ago did he drop out?

hopelesscase!

He dropped out only recently, is that going to make a difference? He`s not living at home either, so he has rent to pay! Quite a large mess tbh. would appreciate any advice, realistically how can he pay it back yet? V cross with him but that won`t pay the loan back!

Chris2685

If he dropped out before uni started I think he has to repay it in full straight away (he shouldn't have spent any of it!). If it is after uni began, he should be able to repay in the same way as everyone else as far as I know.

Maybe your best bet will be to ring the SLC and try and setup some kind of repayment scheme with them?

I am guessing he got the money, !!!!ed it up the wall and then quit uni pretty soon after?

hopelesscase!

Well, not exactly, he used it for renting a v nice flat instead of living at home!
Anyway....thanks for the replies. whoever said they`re off your hands when they leave home?