Student loan ending - how not to overpay?

pozalina

I am in the happy position of finishing my student loan next month, but I'm worried that the inland revenue will continue to take out the same amount from my pay check. I have written to the student loan company and told them that my final payment will only be a small amount, and that the deduction should be altered, but I'm worried that they won't take heed.

Does anyone have experience of this? What happened? Should I notify the inland revenue as well?

Ta, P.

worried_and_confused

according to the SLC website

"If your final repayment is expected within the following 52 weeks we will advise the HM Revenue & Customs (previously known as the Inland Revenue) when PAYE deductions should cease. You will then be sent a letter confirming that the HM Revenue & Customs (previously known as the Inland Revenue) has been advised to stop deductions. If it is more than 52 weeks we will still give you the information, but as your circumstances are almost certain to change, you will be advised to contact us again closer to the predicted stop date. You must always inform us immediately if your financial circumstances change for any reason to enable us to recalculate your stop date and avoid under or over repayment."

See here

http://www.slc.co.uk/noframe/lr/sss/repayov.html

Bargain_Rzl

I was on the old (pre-1998) style student loan and I paid it off as a lump sum in 2003 when I was still below the income threshold (saved up and paid it just as I was about to have to tell them I was earning decent money at last! )

I just wanted to say that they were a bit useless about interest incurred once I'd paid it off in full - having been assured that it was fully settled, I got a bill about a week later for about 18p (which I paid straight away :rolleyes:), and another after that for 1p which was the interest on the 18p!!!!! The postage on those two letters, and 15 minutes or so of their call centre staff's time, must have far exceeded the 19p I owed them :rolleyes:

I don't know if anybody else has experienced this?

djtonyb

I finally paid off my student loan last year after being out of uni for 10 years.

I paid my money thro the bank and stopped the DD when the loan finished to stop them collecting anymore.