Inland Rev making intrest off Graduates??

ractera

The inland revenue deduct money for my student loan off my monthly wage packet- which is fair enough. HOWEVER I have recieved an email saying that they deduct the money but the student loans company do not recieve the money monthly but at the end of the tax year. Thus I am still paying £25 intrest a month on the loan, the amount of money is only reduced every year and the Inland Revenue are raking in the intrest while they keep my hard earned cash!! I don't know if this is true as the email asked to pass the message on so a petition could be formed (suspiciously like a chain email). Does anyone know if this info is true and if it is what can be done about it?

Harvey's_Dad

ractera wrote:

The inland revenue deduct money for my student loan off my monthly wage packet- which is fair enough.
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Does anyone know if this info is true and if it is what can be done about it?

Hi ractera,

I find the whole concept of student loans particularly objectionable; I feel that it's wrong for the government to make it seem normal to have large debts at such a young age; you have my sympathies - particularly with the other financial pressures on graduates such as the high price of housing and the need to start saving in a pension.

As to whether or not this particular money making scheme by HMRC (Inland Revenue) is true, I'm afraid I have no idea - perhaps someone else knows.

ractera wrote:

... if it is [true] what can be done about it?

If it is true, then your ultimate recourse is of course at the ballet box!

ractera

Thank you for your sympathy! I don't have a problem paying it back and have always known how much debt I would be in but if this is true then it's just too much!!