wipe out student loans?

adski100

Hi all, i have just been contacted by park lane services who have told me that i am eligible to write off my student loan (excess of £25,000) due to the Student loans company not adhering to a certain credit consumer act, apparently there needed to be a third party advising me on my finances when taking out the loan in 2002. it seems too good to be true, it would cost £595 to cover admin, however they are willing to send me a contract guaranteeing my loan will be wiped out. just wandered if anyone else has come across this and if so if they were successfull. i am wary of cons but £26,000 is a hell of a lot of debt to get rid of. any suggestions...?
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Poolie

It is too good to be true. Student Loans from 2002 are not covered by the consumer credit act but by the higher education act and regulations made under. I would be questioning where they got your details. I would ask them about data protection and mention information commissioner

vaporate

Not to crap on anyones parade but this smells like a con.

Anyhow, a student loan is not really a 'debt'.

If the student loan debt by the student loan company (not a bank) all you have, then consider yourself debt free.

claire0788

Not really a debt ? Of course it is a debt, if you borrow a money its a debt.

Also to the person who started the thread, if it sounds too good to be true then it probably is. I wouldnt go for it.

vaporate

claire0788 wrote: »

Not really a debt ? Of course it is a debt, if you borrow a money its a debt.

Also to the person who started the thread, if it sounds too good to be true then it probably is. I wouldnt go for it.

Student loans are income assessed.

If you never earn 15k or more, you never pay a penny back. When you do earn 15k or more, its usually 20-60 a month depending on how much more you earn over 15K.

Hardly on the same level as a bank loan, credit cards.

I have a student loan and consider myself debt free. :j

p.s OP, AVOID this offer as it IS a con.

Pitlanepiglet

vaporate wrote: »

Student loans are income assessed.

But not outgoings assessed, wait until the time where you are your family's sole earner but can't meet your household outgoings. With newer (99 on) student loans there is no ability to defer and the payments will just be taken, even if you can't afford them. Not a debt? It is in my book!

vaporate

Pitlanepiglet wrote: »

But not outgoings assessed, wait until the time where you are your family's sole earner but can't meet your household outgoings. With newer (99 on) student loans there is no ability to defer and the payments will just be taken, even if you can't afford them. Not a debt? It is in my book!

I took my loan from 2005.

Basically, they take, i think it was either 7 or 9% of whatever is over 15k.

example, my sister earns around 23k a year and pays around 60 a month, she just quit her job and now earns 17k a year, and will pay less too.

bank loan will ask for what is agreed for by signature every month no matter what.

So I'm sitting pretty in comparison.

p.s No guarantee I want a family of my own lol, my brother has a kid and it looks way too stressful for my liking.:eek:

Pitlanepiglet

vaporate wrote: »

I took my loan from 2005.

Basically, they take, i think it was either 7 or 9% of whatever is over 15k.

example, my sister earns around 23k a year and pays around 60 a month, she just quit her job and now earns 17k a year, and will pay less too.

bank loan will ask for what is agreed for by signature every month no matter what.

So I'm sitting pretty in comparison.

p.s No guarantee I want a family of my own lol, my brother has a kid and it looks way too stressful for my liking.:eek:

I don't have children, I still have a family to support....if you have kids at least you kick into tax credits.

With a bank loan you can at least tell them that you can't afford to pay, there is no ability to do that with this style of student loans. The only way to stop paying is to stop earning.

There really is no point saying that student loans aren't debt, it might be cheap debt, it may not have to be disclosed on a credit check but it is still money you have borrowed that you have to pay back and it is taken from your pay check with no reference to whether you can afford to pay.

Dave101t

it couldnt be more of a con if an ex con with a forehead branded saying 'dont trust me, ill con you' conned his way int your proprty offering to con...sorry cancel all your debts.
and student loan isnt classed as a debt because non-payment wont affect your credit report.
its still a kind of debt, but see my signature for more info.

vaporate

Pitlanepiglet wrote: »

I don't have children, I still have a family to support....if you have kids at least you kick into tax credits.

With a bank loan you can at least tell them that you can't afford to pay, there is no ability to do that with this style of student loans. The only way to stop paying is to stop earning.

There really is no point saying that student loans aren't debt, it might be cheap debt, it may not have to be disclosed on a credit check but it is still money you have borrowed that you have to pay back and it is taken from your pay check with no reference to whether you can afford to pay.

Well, the amount they take every month is chicken feed.

It's a damned if you do, damned if you don't. degree/no degree.

I signed up to the terms. If it was anything like a bank loan, well lol I wouldn't take the loan.

[Deleted User]

Baldrick has a cunning plan...oops that should be conning plan...