Post-98 Student Loan - Interest / Missed payments

spookylee

Hi All,

First post, so be gentle!

I'm looking for some advice / guidance on the following issue.

I have a Post-98 loan, which I began paying off in 2002, albeit slowly at first.

For some reason my 02/03, 04/05 paymnets were completely missed, and some others were incorrect.
After much trouble with the SLC and HMRC they said they had sorted it, and issued an updated statement, which is still wrong (02/03 payments are still missing) and I think the interest adjustment they made is incorrect.

I set about making a spreadsheet calculator that would work out the interest accrued each month and generate a new total for the year.

My first 2 years are fine, but after that I cannot get the total interest to balance. I'm £20 / £30 out either way.

I have been taking the opening balance (rolling monthly) anc using the "Daily interest rate", and the days in that calender month to work out the interest.

As I said previously, the first 2 years are bob on withthe statements.

I can't use the quoted APR, as the tax year and interest periods are not the same
(Apr-Mar) vs (Sept-Aug) and I don't know how to calcualte the true APR.

So...questions.

How can I get the APR rate for the year? Taking into account the chaniging interest month by month
Does anyone know of any good online calculators that deal with Student Loan interest
Can I attach a file to posts, so you guys can see what I am doing (wrong)

kind regards

MrsManda

Have you been using the annual interest rates as listed on the repayments website?

spookylee

Well, sort of. I've been using the daily rate, as the tax year and the periods of interest are not the same.

The loan is subject to x months at y interest, then another x months at a differing rate

Poolie

If payments are missing for 2002/2003 you need to speak to SLC again and show what is missing. National Insurance Number and PAYE and employer name will be very important. Usually on a P45 or P60.

If you have missing payments then the interest accrual will be wrong.

Are the other tax years ok.

FOr the interest rate you have to apply this over the year sept - aug.

Repayments are calculated over the April - March period. Divide by 12 and then take it to 23 decimal places. Then multiply by 12 and anything left is added to the first repayment.

THe interest rate does not change monthly as it is charged over the whole year and charged at a daily rate.

There are no calculators available and you won't be able to post files. You could try using studentrepyamentportal.co.uk if you have your artid (customer reference number) and passwords.