Repaying Student Loans 2009/10 guide discussion

HAMMYLIV

Poolie wrote: »

As it says it is an interim statement, it means there is more information to follow. As you say you changed jobs or stopped working from August 2009 so there will be 2 records required for SLC before they issue your final statement. SLC will not entertain looking into missing repayments for 2009/2010 at present as they are receiving new repayments all the time.

If you have copies of your payslips you could write in requesting a below threshold refund and claim the £500 back. It will mess up your statements a bit and the interest but this will sort itself out later. If you do write in remember to confirm your bank details for fast payment.

I would love to speak to someone at SLC but I have phoned twice now and both times been on hold for 50minutes - still haven't got through to anyone. Is there an alternative number to Tel: 0141 306 2000 ?


The statment from the Student Loan Company explicitly says that my contributions from HRMC from April 09- April 10 = 0. My contributions should have been on this statement and credited to my account. I am happy for the payments I have made to go towards paying off my student loan, but they are no where to be seen - and I am clearly being charged interest on money that should have been credited to my account.

Poolie

HAMMYLIV wrote: »

I would love to speak to someone at SLC but I have phoned twice now and both times been on hold for 50minutes - still haven't got through to anyone. Is there an alternative number to Tel: 0141 306 2000 ?


The statment from the Student Loan Company explicitly says that my contributions from HRMC from April 09- April 10 = 0. My contributions should have been on this statement and credited to my account. I am happy for the payments I have made to go towards paying off my student loan, but they are no where to be seen - and I am clearly being charged interest on money that should have been credited to my account.

You can try the 0141 number but this is only to the switch board. The top of your statement says "Interim Annual Statement" this means that there are additional files expected from HMRC for your account. Until you get the "Final Annual Statement" then there is no point trying to contact SLC. Once the payments are received and assigned to your account your interest will be backdated and adjusted so don't worry about the interest calculation.

If you haven't received the final annual statement by 2nd week of November then I would start to contact SLC. They are going to be extremely busy with people going to university at this time of year.

***trumpeter***

I just got through to the SLC on 0141 243 3660. Perhaps I was lucky, but it only took a minute to get through to a real (and helpful) person.

Best wishes, Neil

ruthiejane

Can anyone tell me what they would do in my situation?

I started a 4 year university course in 1992 at age 18 and took our the full amount of loan each year. I then taught for three years and in my final year of teaching repaid the loan for one year.

Since then (10 years) I have deferred the repayments each year as I have not been earning enough to have to repay the loans. I am unlikely to ever earn more than the threshold.

The last statement I have (Sept 2009) shows I owe £3338. I have enough in savings to repay the whole amount.

As I understand the situation, until the end of this month the amount I owe is gradually decreasing, but from 1st September I will be acruing interest at 4.4%. However, I think when I reach the age of 50 in 14 years time the debt will be wiped out anyway unless my earning significantly increase between now and then.

Have I understood correctly? The debt will be wiped out when I reach the age of 50? From 1st September the debt will be accruing interest at a higher rate than I can earn on my savings?

Poolie

You correct Ruthiejane. Your loans will be cleared when your 50 and you will be paying 4.4% for the next year.

emmalogan3

Hi, my partner and I have been overseas in working and travelling since graduating in 2007 and 2008. We heard that if you are abroad for 5 years the whole loan is wiped clean. Is this a myth or truth? Neither of us have earned enough to qualify for the repayment threshold, but not sent income assessment forms as yet either. Any advise?!

Any help and advise greatly received

Emma.

Oldernotwiser

emmalogan3 wrote: »

Hi, my partner and I have been overseas in working and travelling since graduating in 2007 and 2008. We heard that if you are abroad for 5 years the whole loan is wiped clean. Is this a myth or truth? Neither of us have earned enough to qualify for the repayment threshold, but not sent income assessment forms as yet either. Any advise?!

Any help and advise greatly received

Emma.

An urban myth. You can also be fined quite substantially for not notifying them that you are abroad. (Over £200 per month).

From Martin's factsheet,


"There are severe penalties if you move overseas and don't tell the SLC, or chose not to repay your loan by not providing the information it requests to be able to deduct repayments from your salary. These include applying repayments based on an income equal to twice the UK average earnings, and even - in the most extreme cases - demanding you repay the total loan in one go."

skybluesi

Hi,

I've got an income related loan and pay back the standard 9% above £15k per year through PAYE. They also take 9% of any bonus I might get during the year as this is presumably classed as income.

I'm being made redundant at the end of the month and my question is whether my redundancy payout will be treated as income or not and hence 9% of it diverted to the SLC?

From a tax/NI point of view I know the first £30k of redundancy payouts are tax free, anyone know if this is the same for student loans?

Thanks

mjsc

I've recently lost my job (few months) and the SLC have contacted me asking me how i support myself.

I actually live with my partner at the moment while i look for work and cannot claim ANY benefits because she earns enough for the both of us according to the people at the benefits office.

My question is: Should I tell them i'm living with my partner, because i don't expect my partner to pay the loan payments.

They are asking for proof for how i'm supporting myself and i'm not sure what to do. Might they demand to see my partner's income details

Do husbands have to pay their wives student loans if the wife has children and becomes a stay at home mum?

Poolie

skybluesi wrote: »

Hi,

I've got an income related loan and pay back the standard 9% above £15k per year through PAYE. They also take 9% of any bonus I might get during the year as this is presumably classed as income.

I'm being made redundant at the end of the month and my question is whether my redundancy payout will be treated as income or not and hence 9% of it diverted to the SLC?

From a tax/NI point of view I know the first £30k of redundancy payouts are tax free, anyone know if this is the same for student loans?

Thanks

If your redundancy is greater than £30k then it will be subject to SLC deductions as these are paid if you have to pay NI.