Repaying Student Loans 2009/10 guide discussion

Poolie

fulhamnonny wrote: »

Poolie,

I last had a statement from the SLC I think around the end of 2009.
The statements I usually get from the SLC is as you say a detail of the payments made.

I know from the last statement I have, which shows how much I've paid up until the end of the tax year in 2009. I can only guess I still have 2-3 years of paying it off before it's clear.

I was briefly not working for almost 3 months only quite recently - between the end of Sept 10 to the start of Dec 10.

I've been making the extra payments for over a year and in mid Nov 10, finished paying in, what should have been taken out of my wages for the 6 month period nothing was being taken.

In the past year I've changed jobs 3 times, and i've always checked my payslips to make sure student loan deductions are being made, as I want to clear it! If not, I usually mention something to the payroll team for the companies I've worked for and made another extra payment to cover the amount that should have been taken from my wages.

It sounds like you haven't had a statemnet for tax year 2009/10 yet. If that is the case, you could contact SLC and ask if they have any repayments for yourself for tax year 09/10. Make sure you have your P60 if you received one. Otherwise all your payslips may be required. SLC should be able to get you an accurate balance with the information.

It sounds like you have done everything correctly. It could be an issue with HMRC sending the money forward to SLC. Best to contact SLC and they can always raise a query with HMRC for it to be investigate. Do not worry as SLC can take the information from you over the phone but won't be able to issue you a statement till the electronic file is received. It may mean future statements may be inaccurate till the 09/10 repayments are sorted out.

rickbluenose

I have recently (about 6 months ago) changed jobs...my new employer didn't ask me if I had a student loan and presumably didn't notify the SLA or anyone that I still owed anything. The SLA recently sent a letter to my parents address saying that I should inform them about my employment situation or they may fine me. Has anyone been in this same situation and been fined? I have been putting off contacting them because the threatened fine of £100 is probably less than the monthly loan repayment. I am worried that they could backdate the payments since I joined the company - does anyone have any advice?

Poolie

Bascially when you changed jobs you should have told your new employer even if they didn't ask. It is SLC not SLA.

SLC will send out paperwork to try and find out where you are working if HMRC tell them they haven't been told to take deductions from a new employer.

Complete the form and have done with it. If they fine you it will be added to your loan and will only incur interest along with the remainder of your loan.

They will continue to send you letters and then attempt to call you till they get a response.

helen_melon

Hi there. I took out a 3 year student loan in 1998 and still have £10,000 to repay. I believe that my employer takes out monthly payments from my wages, stores the payments in their bank account for the year, then pays it to the SLC at the end of the financial year? If this is the case, then my employer gets the interest on my money instead of me! Is there anyway that:
1. I can save the money myself throughout the year and give my employer one lump sum at the end of the year, so I can keep my own interest?
2. Set up direct debits with the SLC so it doesnt have to go through my employer?
Any advice would be really useful! Thank you!

MrsManda

helen_melon wrote: »

Hi there. I took out a 3 year student loan in 1998 and still have £10,000 to repay. I believe that my employer takes out monthly payments from my wages, stores the payments in their bank account for the year, then pays it to the SLC at the end of the financial year? If this is the case, then my employer gets the interest on my money instead of me! Is there anyway that:
1. I can save the money myself throughout the year and give my employer one lump sum at the end of the year, so I can keep my own interest?
2. Set up direct debits with the SLC so it doesnt have to go through my employer?
Any advice would be really useful! Thank you!

I think this is incorrect, presuming you pay your student loan repayments through the PAYE system, the money is sent to the HMRC alongside the tax you pay. At the end of the year the HMRC gives the SLC a statement of what you've paid, the interest on your loans is calculated and then you get your final statement.
You cannot pay by Direct Debit unless you are due to fully pay off your student loan within the next two years.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,5010888&_dad=portal&_schema=PORTAL

angel_snowfey

good luck!

melancholly

MrsManda wrote: »

I think this is incorrect, presuming you pay your student loan repayments through the PAYE system, the money is sent to the HMRC alongside the tax you pay. At the end of the year the HMRC gives the SLC a statement of what you've paid, the interest on your loans is calculated and then you get your final statement.

please can someone make this fact a sticky!!! please!

richiew2k

Hi All,

Definately been interesting reading all the different situations, im hoping someone could give information on my current situation.

I work in IT and have recently made the jump from perm to contract based work and im using giant as my umbrella company to deal with the Tax/NI etc.

How would this affect my student loan because its a 6 month contact will HMRC still take the 9% above 1250 a month im earning?

Do i need to inform giant the umbrella company or ring SLC? Or just ignore for a few months and see what happens?

Thoughts would be appreciated

lizziedrip32

I don't know whether anyone is in the same position as me. I got a student loan pre-1998, I've never earned enough to pay it off but was chased for the money in spite of deferring a number of times. I've paid some back after getting fed up of being contacted after a deferment went wrong about ten years ago.In the last 4 years I haven't been able to pay anything at all because I've either been not working at all, or earning very little as a freelance due to a health issue. I'm very confused because I've been so many different pieces of advice by the company. I can still defer, I can't. I want to pay it off but I just don't know what to do. I'm not on benefits and am being mainly supported by my husband at the moment. Any advice would be appreciated.....

amiehall

richiew2k wrote: »

Hi All,

Definately been interesting reading all the different situations, im hoping someone could give information on my current situation.

I work in IT and have recently made the jump from perm to contract based work and im using giant as my umbrella company to deal with the Tax/NI etc.

How would this affect my student loan because its a 6 month contact will HMRC still take the 9% above 1250 a month im earning?

Do i need to inform giant the umbrella company or ring SLC? Or just ignore for a few months and see what happens?

Thoughts would be appreciated

I find that with mine each pay period is treated in isolation. My income is fairly variable month to month and earnings aren't spread evenly over the year. I'm paid biweekly and in any period where my earnings are over £550ish a repayment is taken at 9% of the sum above. If they're not, no payment is taken.

No allowance is given for the period at the start of the tax year when I was unemployed or for any weeks where my earnings slip for any reason. If overall, your earnings for the tax year don't reach £15000 then you can ask to have repayments refunded, if they do, no repayments are refundable I'm afraid even if, as described above, you haven't been given the full £15000 allowance.

Hope this helps.