Will finish paying student loan soon - how do I stop PAYE deductions once I have?

mr_fishbulb

Apologies if this has been asked before (sure it has) but I can't find the answer through searching. Got my Student Loan in 1998 and I make repayments through PAYE (comes off my payslip each month).

I should have paid it off in full some time this tax year - hopefully before Christmas I've been using the online calculator on the student loan site where you can enter your monthly payments and it looks like my calculations are correct.

Seeing as I have only just received my student loan statement for tax year 07/08, they seem to be a little behind with their figures. How do I stop the monthly payments from being deducted from my payslip, given that it may take a long time for HMRC and SLC to consolidate?

Poolie

Hi Mr Fishbulb

Best thing to do it to give Student Loans a call as they have a predictor which will work out when your last payment is due. You will need to have your P60 for tax year 07/08 and 08/09 handy incase any details are missing (if you had more than 1 job make sure you have details of the repayments). Also you will need your payslips from April 2009 till present.

As long as you are not expecting a large payment such as a bonus it should be fairly easy if they stay the same.

If you don't call you will need to send all your payslips in while the work out if you have pay it off. Then send the notice to your employer via HMRC (who has 42 days to action the request) and then claim the refund from SLC so that is going to take a few months.

Best to give them a call.

mr_fishbulb

Thanks Poolie - I'll grab all the paperwork tonight.

Poolie

Best to call between 9 to 5 as the lines are not open after 5pm if i remember correctly unless they have changed them

marklee

I have to say, I can't believe how utterly hopeless the whole process is for stopping payments. July is my 'last month' - I called the SLC at the start of the month, they agreed, and said they would send notification to my employer. I called my employer's payroll team yesterday to see if they had received notification from HRMC... "nope" was the answer.

Called the SLC company and they hadn't even notified HMRC yet... so now I will need to go through the process of reclaiming August and maybe (?) September payments, simply because the SLC can't pull their finger out.

The whole process is baffling, and almost seems geared towards generating more work for people in the SLC.

Idiophreak

Came across this while looking for a similar answer...just in case anyone else googles it...If you're due to finish paying your student loan in under 2 years you can now switch from paying through PAYE to paying direct debit. It's a bit of a hassle and takes a couple of phone calls, but at least it saves you overpaying and having to claim back...(new style student loans)