Student Loan Statements

regularsaver1

i called them and they have sent me a copy of 2004 statement - last one they sent out

yet again they mentioned a system error with inland revenue as IR have not send them the funds i paid 05/06 as yet

but they said i could let them know what i paid off my P60

CarolinaChiquita

The whole system just seems inefficient - I rang today and they said that nothing was still showing on the system to say that they had received my payslips but that it could take up to 3 weeks for them to update their systems. How come it takes that long to update a database to say that something is received?

I'll ring again next week and see what they have to say then! Failing that I might copy the payslips again and drive up and hand deliver them!!!!!! :rotfl:

Mikeyorks

CarolinaChiquita wrote:

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. )

You are quite right - 'the woman at IR' ...is not.

Your employer passes the SLC money across to IR monthly .. bundled in with the PAYE / NIC deducted from you and other employees. But the SLC is not separately itemised.

Therefore it is not 'formally' clarified to SLC until the PAYE year end when your total SLC deductions are accurately identifiable from the P14 end of year document which shows total pay / tax / NIC ... and SLC.

BUT ....SLC is paid across to the Student Loan company each month - using an algorithm created and monitored by Govt actuaries.


There's a bit of greyish detail of how the system hangs together, here :-

http://www.hmrc.gov.uk/manuals/cslmanual/cslabo/cslabo02101.htm

regularsaver1

how come SLC has not received my contributions yet for 05/06 even though i pay monthly?

Mikeyorks

regularsaver1 wrote:

how come SLC has not received my contributions yet for 05/06 even though i pay monthly?

As post #14 - they have received an (algorithmic) approximation of your money each month. But they don't know it's yours and can't therefore allocate it to your database record .... until your PAYE end of year details are processed, via HMRC, onto their database,

And yes .. I know employers have to submit EOY data to HMRC by 19th May. But there are over 20M of them, a lot of which are still in paper form .. and they take up to end Sept to clear. Which is partially why HMRC are seeking that all employers must submit such data electronically by 2010.

regularsaver1

i work for a bank - they are probabaly paper based lol

Mikeyorks

regularsaver1 wrote:

i work for a bank - they are probabaly paper based lol

No - having done a bit of work several years ago with Halifax on their cheque processing / image / storage systems, I think they're definitely electronic;)

But it's academic to your original question. As, each month, your PAYE / NI / SLC deductions are simply lumped together with all Halifax employees and paid across to HMRC as a lump sum (except the PAYE / SLC are combined and the NI is separately identified - as HMRC have to pay that across to the NI fund every few days)

It's not until the year end when Halifax submit the EOY fogures for all their employees that HMRC balance the totals deducted to the totals paid. And then start the process of updating your PAYE record and passing out data to the NI and SLC systems for them to update your record on their systems.

Regrettably - takes time and, from what you all say, doesn't sound as though SLC are the best organised in the world? They seem to be a bit slicker at getting the loans out - than they are at accounting for the repayments? Despite most of that work, other than voluntary direct repayments, is done for them by others.

regularsaver1

Thanks for your help

K9cuddles

I remember reading in another SLC that someone send them a copy of there P60 every year and they also reply quickly with a statement and the payments deducted!

mmsparkle

Hi. I've also had trouble with Student Loans Company.

For some reason during my 4 years at university, my loans got split up - some are 'old' style and some are 'new' style. I forget which is which but some are direct debited from my account and some are taken from my wages.

I have actually paid off the loan coming out of my wages, and yet despite many phone calls and letters to SLC the money just keeps coming out. Last I heard, it takes 42 days for the Inland Revenue to stop payments from my wages. 3 months later, it still hasn't happened. Every month I have to photocopy my payslip, send it with cover letter to SLC, who then refunds the amount back to my bank account.

I just can't believe how inefficient they are.
Rant over :-)