Repaying Student Loans 2009/10 guide discussion

captain_planet

Oldernotwiser wrote: »

You can always try to negotiate with them but, as you've known about the situation for 18 months, they may be less than sympathetic.

I wasn't aware I owed any money, I put on my tax self assessment form that my employer did not pay anything, I thought any contributions came off automatically, sorted by your employer, for some reason they didn't take it off when I got the bonus.

Oldernotwiser

captain_planet wrote: »

I wasn't aware I owed any money, I put on my tax self assessment form that my employer did not pay anything, I thought any contributions came off automatically, sorted by your employer, for some reason they didn't take it off when I got the bonus.

But you knew that your bonus took you over the threshold and you must have seen from payslips etc that there'd been no money deducted.

Anyway, hope you get it sorted.

Anna12

Hi

I am new to this but just wnated some advice, according to my last SL statement just received I have only #400 left to pay but I have been on maternity leave and am considering taking another couple of years out of work to look after my daughter. Should I repay the small amount remaining as I worry that if I don't manage to get back to work for a couple of years by that time the loan will have grown again and it will have been a shame to come so close to gettng rid of this only to have added another few years to my repayment.

Any advice greatly appreciated.

Thanks

Oldernotwiser

Anna12 wrote: »

Hi

I am new to this but just wnated some advice, according to my last SL statement just received I have only #400 left to pay but I have been on maternity leave and am considering taking another couple of years out of work to look after my daughter. Should I repay the small amount remaining as I worry that if I don't manage to get back to work for a couple of years by that time the loan will have grown again and it will have been a shame to come so close to gettng rid of this only to have added another few years to my repayment.

Any advice greatly appreciated.

Thanks

I would think that with a new baby and several years with no income you'd be able to find far better uses for your money. Even if the interest rate shoots up to 5% and you don't go back to work until your child starts school, the amount will only go up to £500; does that really matter?

Poolie

VikkiLee wrote: »

Hi - my loans were sold off by the Student Loans Company to a company called Honours Student Loans. Will I still benefit from the -0.4% interest rate?

You will still benefit as they are sold with the same terms and conditions that you signed up too.

Poolie

meghan_l wrote: »

One thing the guide doesn't cover is the SLC being atrocious at starting repayments. I've been sent forms, confirmed that these have been received, and still my company have not been sent the start notice by HMRC. Why on earth not? Does anyone know how I contact the HMRC to get them to do this? Their website is extremely unhelpful, and when I asked a random helpline for help they just gave me the number of the SLC.

I recognise that I'm not really losing out by not starting repayments, but I'd like to reduce my loan anyhow! Help?

This could be an issue at HMRC with their systems joining up. Best to speak to SLC to see if they can get the repayments started or find out where the issue is.

You can always make voluntary repayments on the www.studentloanrepayment.co.uk website or over the phone (make them by debit card otherwise there is an additional charge)

clowee

Being in the first trance of new style student loans in 1998, I was fortunate enough to discover when I received my 08/09 statement two weeks ago (beginning of Sept) that I only had a few hundred pounds outstanding.
After thinking a moment I fished out my payslips and discovered I had overpayed and had been for months, so I phone the SLC who say, ok we'll send a stop notice to HM Revenue and Customs who will then stop your employer taking payments.
Great you may think, however the short version of events, is that it may take a further 3 months to stop payment by which time I will have in total overpayed by around £800, as I had already racked up quite a bit before I found out.
No problem I will get a refund, but NOT until HM Revenue and Customs have totted up their figures at the end of the financial year.:(
Now baring in mind it took until September to get last years info I am not hopeful I will see any money for a year.
So they have my £800 and can earn interest on it and I can't!!!!!!

So beware all, work out when you are due to repay and keep checking as your salary changes. Phone to stop payments as soon as you think you have repayed don't wait for statements to come through.

If anyone has had experience of this and knows how long it may take to get my overpayment back I would love to hear from you.

Poolie

Clowee - you can send in copies of your payslips to SLC for the current financial year, they will pay you any interest that has accrued. Be warned that you will not receive a statement till the return from HMRC appears next year.

You can phone at any time to get an updated balance (to the latest return) and they can input your payslips into the system to get you an accurate balance. They system can work out when the payments should be stopped and can send that information to HMRC at the correct time so you don't over pay.

jpcarter30

I finished University in 1991 and I cannot even remember when or if I started paying back my student loan. It was a piddling amount (approx £415) and it drifted to the back of my mind. I never heard a word from SLC or anyone else.

You can imagine my surprise then when I open a letter this morning to find a letter from a debt collector company seeking £415 + £160 for their services for the immediate repayment of this money.

What should I do?

Poolie

You need to contact SLC as you should have started paying your loan in 1991 once you finished Uni.

If you were below the deferment threshold then you should have deferred.

They have obviously had to get an agency to trace you from Electrol roll and other means.