Repaying Student Loans 2009/10 guide discussion

Poolie

Miss_jane - You say you have no income, so is your husband support you both during this time? If so, provide a letter from your husband saying he is supporting you during your maternity leave. He doesn't need to provide any figures or payslips.

therivierakid

Does anyone know if it's possible to check the remaining balance on loans with Honours Student Loans online? I have one loan (from 1999) with SLC and I can get to that one through their site. But is it possible to see my loans from 97 and 98 with HSL?

Ta!

Poolie

I don't believe they have an online site so you may need to give them a call.

ijgs

I'm in a bit of a (self-inflicted, granted) bind. I took out a loan in 1995 and as the years passed failed to keep in touch with the SLC - no malicious intent on my part, just life getting in the way and having the organisational skills of a crushed slug. Mea Culpa, yep I know I should have kept in touch but I didn't.

I've just been contacted, 15 years and a couple of house moves later, by a company called Link Financial Outsourcing (who've taken over the account from Thesis Servicing), demanding the outstanding £2135-odd immediately and in full. My initial reaction was less than rational, but I've calmed down a lot since Friday!

Now, I appreciate the debt is mine to service and I also appreciate that I can't defer the payment because I failed to keep in proper touch with the relevant parties. I have absolutely no problem with that. My problem is firstly, I don't have a spare £2000 kicking around, so I can't pay the whole debt. Secondly, this collection company are saying that they can't take incremental payments and are being rather pushy.

I'm more than happy to make payments and will pay what I can to service the debt as quickly as possible - as I said, I admit I was stupid with money when I was younger and have largely clawed my way to financial sensibility (indeed, I thought I'd got it all sorted until I received this letter!).

I just want to check that I'm not being improperly hassled here. Do I have any right to request/expect the ability to make payments over more time here, or should I just accept that I've been a fool and find some way to pay up and move on? Finally, if paying up is the only option (and fair enough if that's the case) what's the best way to lay my hands on £2135 in a hurry?

woodfox

Are student loans paid back from gross or net salary? I.e before or after tax reductions. Thanks.

MrsManda

woodfox wrote: »

Are student loans paid back from gross or net salary? I.e before or after tax reductions. Thanks.

The repayments are based on your gross income so you start paying back 9% of everything earned over £15,000 gross.

bobblebob

My mate has never paid his student loan through PAYE, despite earning over £15000 (and £1250 monthly) since starting 5 years ago. How can that happen?

Poolie

bobblebob wrote: »

My mate has never paid his student loan through PAYE, despite earning over £15000 (and £1250 monthly) since starting 5 years ago. How can that happen?

This can be an issue with the tax records at HMRC. He should contact SLC as it his responsiblity if he knows he's over the threshold to find out why the repayments are not beng taken. He is liable to a demand for full payment in the future if he fails to do so. Also, the interest will be applied to the total amount outstanding so leaving it 5 years is doing him more harm than good.

bobblebob

Will tell him thanks. Dunno what kind of issue then can have for 5 years mind

MrEmptyMoneyBag

I got my first loan in 09/10 and will get more loans for the next 3 years as I am studying at university; I will finish with around 22k in debt. I am unsure about the interest charges, can someone explain them to me or direct me to information on them. Thanks for the help