Student Loan Statements

CarolinaChiquita

Not sure if this is in the right place so feel free to move it if it isn't!!

I graduated in Summer 2002 and loan repayment started to come out of my wages in December 2002. I rang the SLC to query this and they stated that it was my employers doing (fair enough) I asked them if the payments were being taken off my loan total and they said they were so I said I'll leave it then as I didn't mind paying a few months early.

I have had statements since then every year and on each one I get the total and the interest. There are no details of any amount that I have paid since December 2002 - Is this right or is something funny going on?

I rang to enquire about this, I think in 2004 and the person I spoke to said that if HM Customs/Inland Rev or whoever haven't informed them in time of how much I have paid then it won't appear on my statement - but surely it should appear on my next?

The amount has pretty much stayed stable at £8,500 mark and I don't know if I'm just paying my interest or if I'm paying and it isn't being taken from my loan amount. I'm going to ring them on Monday but just wondered what everyone else's statements are like!

dribsndrabs

My statements were once erratic with no record of money being paid to pay off my student loan. Luckily, I kept most of my wages which detailed the amount I payed. Inland revenue had no record of this (doh!) even though they took my money and neither did the SLC. I had to photocopy everything and send it off to SLC. It took further pushing and letters for SLC to get the money from Inland Revenue - all the while, my interest rates were going up as they were based on a higher total. All in all - I've given up even thinking about paying off the student loans - the money I put in from my wages alone do not pay off the amount going on from the interest. So my advice in your situation OP - be firm with SLC and get the name/time of call etc and record all your dealings with them. In my experience they tend to forget an important call you had with them only yesterday!!!

Sillychuckie

I wish they just had an online view of your current statement amount including interest paid.
It would also be good if there was a button where you could enter your bank details and choose to pay off extra.
If the money taken from your earnings doesnt even cover the interest on the loan, how in gods name will you ever pay it off?

pcyam

you can make voluntarily payments when ever you like and can use either our credit/debit card. Whereas your deductions from your salary is paid into your account at the end of the tax year, voluntarily payments are deducted from your student account straightaway.

bighonestjohn

I haven't started any work yet so not paying off any of my student loan, but how do you know that money is coming out of you wages? is it listed separately on the payslip?

CarolinaChiquita

Hi Bighonestjohn - Yes it is itemised on your payslip so you know how much you have paid.

A quick update - I rang the SLC - Even though my first payment was in November 2002 (shouldn't have even started paying the bloody thing until April 2003!!!!) none of what I have paid has gone against my loan. I have had to get my wageslips, copy them and then send them (recorded!!) to the SLC so that they can start an investigation. I have no doubt that I will have to chase them lots to get anywhere with it either!!

regularsaver1

i am just thinking =- i pay my student loan via work every month, but have not received a statement in quite a while - like 1-2 years

do you know who i call?

i graduated same time as you and didnt pay for 1st year
i complained year or so ago bewcause all the money i was paying each month was kept by inland revenue until it was paid as a lump sum to the student loans, - all the time interst being charged. inland revenue apologised

CarolinaChiquita

dribsndrabs wrote:

My statements were once erratic with no record of money being paid to pay off my student loan. Luckily, I kept most of my wages which detailed the amount I payed. Inland revenue had no record of this (doh!) even though they took my money and neither did the SLC. I had to photocopy everything and send it off to SLC. It took further pushing and letters for SLC to get the money from Inland Revenue - all the while, my interest rates were going up as they were based on a higher total. All in all - I've given up even thinking about paying off the student loans - the money I put in from my wages alone do not pay off the amount going on from the interest. So my advice in your situation OP - be firm with SLC and get the name/time of call etc and record all your dealings with them. In my experience they tend to forget an important call you had with them only yesterday!!!

Thats the thing as well - I rang the Inland Revenue to ask just where my money has been going since 2002 - and according to them they aren't the ones that take the money?? I was under the impression that my employers gave the IR my money and they then pass this on the the SLC. The woman at IR said that this had never been the case. I give up.

The SLC woman said that my interest would be recalculated to what it should be had they received all of the payments but seeing as I'm a maths durd I have no way of knowing if this will be done or not.

I plan to ring them on thursday to see if they have received my letter or not!

CarolinaChiquita

regularsaver1 wrote:

i am just thinking =- i pay my student loan via work every month, but have not received a statement in quite a while - like 1-2 years

do you know who i call?

i graduated same time as you and didnt pay for 1st year
i complained year or so ago bewcause all the money i was paying each month was kept by inland revenue until it was paid as a lump sum to the student loans, - all the time interst being charged.

I just rang the number on my statement but their website says that it is 0800 40 50 10 (http://www.slc.co.uk/noframe/index.html)

Hope this helps!

regularsaver1

I'll have to find an old statement as i'll need my reference number - thanks for your help

CarolinaChiquita

Just a quick bump - I rang them on Friday and they couldn't tell me if they had received my payslips or not yet and advised me to ring this Friday coming instead. I hope this is easily sorted - I am going through with buying a house as well at the moment and this is hassle I can do without!

I'll ring them again tomorrow and see what they say (I can't see it taking a week to update a system to say something has been received! I sent it recorded so I know it has been delivered!!!!)