Student loans company "sold debt" to Thesis Servicing Ltd

ooglewoogle

Hi all, interesting thread!

I have loans for the years '94, '95 and '96....still being deferred. All of these are now with Thesis.

I have just turned my house upside down looking for the terms of these loans...which I can't seem to find anywhere. Does anyone have a copy from pre-'98 handy that they can scan/pdf/link to/or summarise?

I also am confused about the 3.8% interest specified on the statement I received from Thesis the other day. Is it documented in our original agreement that it should go to -0.4% like other posters have indicated?

This lot sounds like a shower of rapscallions...and to think I thought it was bad enough trying to deal with the SLC!

scarlet_shoegal

Thesis are supposed to have taken over the admin side of the loans only - they can't actually change the original terms and conditions which means the interest rate should be exactly the same as that of SLC. The only power they do seem to have is how they structure your repayments, (for example, they won't accept a lump sum instead of 12 monthly amounts) but they have to work to the same deferrment threshold and match the previous March's inflation rate to calculate the new interest.
All pre '98 loans were supposed to go to -0.4% in September of this year so if they're still charging 3.8% it's definitely time for a phonecall or a strongly worded letter methinks!
Ooglewoogle, I couldn't have put it better, 'rapscallions' indeed!

robredz

I had to finish work in November 2008, and was paying SLC, I deferred with them, as I went on ESA. I was informed Thesis were now dealing with it in January 2009, in a phone call asking for payment of arrears on the deferral, i.e the three months payments missed in November, December, and January which were not owed as the account is deferred. I have told them and am writing to inform them that their actions are tantamount to harassment. They still sent monthly statements and keep phoning about paying the accruing arrears, they appeared to think that there was no deferral. I contacted the SLC who promised to tell Thesis that the account was subject to deferral. Yesterday I received a new deferral form from the SLC, so will fill it in send it off and see what happens. Perhaps we could try a possible class action against Thesis if they are overcharging on interest and unilaterally trying to change t&c's in breach of the regulations.

ooglewoogle

scarlet_shoegal wrote: »

All pre '98 loans were supposed to go to -0.4% in September of this year so if they're still charging 3.8% it's definitely time for a phonecall or a strongly worded letter

Thanks SS! I checked again on the statement I received from them yesterday and I see that the 3.8% was from the period 01-09-2008 to 31-08-2009. From what you say, I should now be on the -0.4% rate from the 1st of this month. Will have to try and find out from them, else I'll not know until next years statement!:rolleyes:

scarlet_shoegal

I'm glad they seem to have got something right Ooglewoogle! I'd still go ahead and check though - I'm not convinced by anything until I see it in writing!

crusty_toenail

My student loan is now being administered by Thesis.

I have 4 loans (for each year in uni) and only 3 went to Thesis and 1 stayed with the SLC. I did send 2 deferment letters - 1 to the SLC and 1 to Thesis. Thesis said they never received my letter and sent me out a 'missed payment' letter.

I don't really care who administers the loan as long as the terms do not get changed and the company receive my deferement letter every year - which Im going to send Recorded Delivery from now on!!!!

Foxxx

I'm a bit mystified by Thesis Servicing. I received a letter from them regarding my student loans from 94, 95 and 96 which I paid off in full a few years ago. They say they have taken over my loans and I have a migrated balance of £29.36.

How can I have any balance if I paid all these loans off?!!

When exactly did Thesis take over from SLC?

I rang them to tell them there was no loan anymore and they said I have to write to them so they can investigate this. They said it is an admin fee.
Has anyone else had this happen to them? It sounds very dodgy to me, I wonder how many people have received this letter for old loans and have just paid it?

I keep records for 2-3 years before shredding so I don't have my old loan statements showing it was paid off in full anymore. Don't suppose SLC will have these either. Only thing I'd have if bank keeps records going back that far is all my direct debits to SLC and the final balance payment when I paid off the last bit in full.

Should I just ignore it? It's only a small amount but its the principle of it. I shouldn't owe anyone anything!

Poolie

SLC have sold loans to different people over a number of different years.

Why you paid the loan off did you pay the amount written on the statement or did you actually contact SLC for a settlement figure as this would cause a difference which would have been gaining interest.

You should keep all paperwork for at least a minimum of 6 years especially tax paperwork.

SLC should be able to provide copies but may charge you for it which they would be entitled to do.

If you ignore this amount it will be past to a debt handling company who will chase you down for it.

Foxxx

Poolie wrote: »

SLC have sold loans to different people over a number of different years.

Why you paid the loan off did you pay the amount written on the statement or did you actually contact SLC for a settlement figure as this would cause a difference which would have been gaining interest.

You should keep all paperwork for at least a minimum of 6 years especially tax paperwork.

SLC should be able to provide copies but may charge you for it which they would be entitled to do.

If you ignore this amount it will be past to a debt handling company who will chase you down for it.

Thanks for the reply

When I paid it off we contacted the SLC for a settlement figure. So it was calculated correctly to take into account the interest and I paid what they stated.

Thesis confirmed to me that this amount I supposedly owe is an admin fee and is not gaining interest. There is no loan left to pay.

6 years, I was told 2 years was enough for some things! I do keep all my tax paperwork so have all that going back for years. I don't keep bills and bank statements for more than 2-3 years. Generally you can access old statements from the bank online so no point keeping it. I paid off the student loan about 5.5 years ago so no I haven't kept it. It was settled and if I did still owe anything on it which I didn't they could have taken it through my direct debit but my balance was zero.

This is why I'm curious as to when Thesis took over my non-existant student loan because this is the first correspondance I have had from them and it seems that this admin fee was applied in 2008. Way after I paid off the loan!!

If they want to spend their time and money chasing something I surely don't owe then let them! I wonder if this is a common thing with old loans? or just me?!

Poolie

Well the loan has not been closed due to this admin charge which has been applied to the account. Best to contact Thesis and ask them directly.

Student Loans can now be added to your credit file if you do not get it sorted.