bacs reversal of student loan

alexbutler

hi, this may seem a daft question but i have little knowledge of the banking system and my rights.

yesterday my student loan company depositted 2200 pounds into the wrong account, the one i was wanting to use was the savings with no overdraft, instead they have deposited it into a current account at natwest which has recently been closed and sent to they're referral accounts. I went to the bank to ask where the money had gone as my card was swallowed in the wall, they gave me a number to ring which was theyre referrals department. when i rang thi snumber they said they had taken 900 pounds which they said i owed them from charges and would send me a cheque with the rest that the loan company had paid in within 10 working days. Also the student loan company said because the money had gone into my old account that they cant reverse the bacs payment from yesterday.

my question is is there any way i can reverse the payment so half my loan isnt swallowed up from them and having to wait 2 weeks for a cheque, i rely on my loan to pay for my long trip into uni each day and now have the problem of not enough money for my rent and no money for 3 weeks to travel.


thanks for your time, alex.

Morn

Ouch,

I think the best thing that you can do is get onto the student loans company and ask them to reverse the payment.

Did you inform them of the change of account ??

Lokolo

Obviously you forgot to change the bank details of where it went.

There is nothing you can do, but next time don't owe any money and make sure everythings in order before you start you academic year

WhySoHard_2

Damn!! That is bad news.
What does referral account mean?

Mikeyorks

alexbutler wrote: »

my question is is there any way i can reverse the payment

Afraid not - a BACS reversal can only be initiated by the people making the payment - not the recipient.

But if you had timeously advised SLC of the correct account - and they have got it wrong - they should be prepared to initiate a reversal ....... provided you get at them tomorrow.

alexbutler

i have spent the best part of yesterday on the phone to a manager at the SLC, they have acknowledged that they sent it to a wrong account as on the forms i sent in and on their screens the correct bank account was there but they have send it to the account from last years forms, although from speaking to the manager she tried her best to cover it up as their fault and said that they have destroyed my application as "data protection" when it was entered onto their system and have no access to what bank account I wrote on the application. rather suspicious considering their a public company... So many people have similar problems with the SLC and they are so hard to get any help from and spin you round in circles, there is no option either to email them in writing.

thanks for your helpful comments people

best regards alex butler