Overpaid Student Loan - HELP!

BetterWithMoney

Hi all,

Yesterday I rang the Student Loans Company Ltd, to discover my Student Loan was paid of in June 2009. They have subsequently continued to take money off me every month. They have told me that to get the money back, i have to fax my P60 and Pay Slips to them and they will deal with it thereafter.

Can anyone riddle me this:

- What is the quickest way to ensure repayment?
- Is there anywhere i can get a generic covering note?
- Can I ask for the interest back for that time? If so, how much?
- Can I claim for any unnecessary overdraft fees incurred during this period?
- How long, legally do they have to respond to my fax?

Any help, would be really appreciated!

pippitypip_2

Call them, get a fax number and fax payslips and p60. Work out exactly how much you're owed and request it back in the covering letter. Give your bank details and it's possible to get it back within about 2 weeks.

Make sure you confirm receipt (by phone) of the fax, as sometimes they can't scan the paperwork in if it's not clear enough.

I'm pretty sure they will not pay interest and will not pay for any fees.

hth,
pippitypip

BetterWithMoney

Thanks Pip!

Really appreciate that. Since discovering my loan to SLC, many people have shared similar stories.

I can't believe the press don't make more of a story of this. I mean, it's stealing, isn't it?!

[Deleted User]

didnt you realise that you were paying month after month for something that you had paid off?
as for getting interest forget it they wont pay,and ditto for bank charges i should imagine,after all how could they the countrys apparently broke !

slummymummyof3

You lucky thing for having paid it off - I will be 93 by the time I pay it off (as that will probably be the retirement age due to the national debt!)

pippitypip_2

woodbine wrote: »

didnt you realise that you were paying month after month for something that you had paid off?
as for getting interest forget it they wont pay,and ditto for bank charges i should imagine,after all how could they the countrys apparently broke !

As you only get statements a year behind; it's actually very difficult to work out when it's been fully paid off.

Bearing in mind it's not like a traditional type of loan where you pay same amount each month and know the date the last payment will be made when you sign up for it. Payments fluctuate according to your salary..

BetterWithMoney - glad to have helped - hope you get your refund quickly. I was on the phone every day for about 2 weeks but got there in the end!

pippitypip

BetterWithMoney

Woodbine - I didn't notice, no! I suppose they rely on people like me who don't pay much attention to their pay slips?

Pip - I rang this morn, and got a more specific fax number to send my P60 and all relevant payslips too. Spoke to a girl on the phone, confirmed receipt of fax and amount owed. She said it would be actioned shortly, and shouldn't take longer than a fortnight.

I'll keep anyone interested posted!

JasX

Ouch, wish you the best of luck but I remember getting my payment back was a nightmare last year.

-First had to fax off all my payslips
-Then it turned out the stop notice hadn't reached my employer's payroll so they were still deducting (had to chase this with some Inland Revenue 'stop notice department' getting them to fax it to payroll directly in the end)
-sent off more payslips showing extra deductions
-Then because they owed me over a certain threshold i needed a letter from my employer on headed paper confirming the deductions shown on my payslip has actually been made.
-then it transpires although i'd been overpaying all year on PAYE because of the order they'd applied a previous years self assessment payment the full refund had to be repaid via the IRs self assessment scheme
-then Inland Revenue had a problem and sent the money back to student loans
-eventually after lots of badgering I got my refund 4 months later after a managed to persuade someone sensible from the IR to tell SLC to pay me the refund I was due directly.

You will get your money back eventually... but unless they've substantially improved their end expect some administrative hoops

BetterWithMoney

Thanks Jas. They seemed to think it was a simple process. But maybe they're just conning me? Time will tell.

I have informed my payroll, but they claim that they cannot do anything - it all has to be activated by Student Loans. NIGHTMAARE!

pippitypip_2

BetterWithMoney wrote: »

Thanks Jas. They seemed to think it was a simple process. But maybe they're just conning me? Time will tell.

I have informed my payroll, but they claim that they cannot do anything - it all has to be activated by Student Loans. NIGHTMAARE!

You will undoubtedly run into the same problems Jas has if your payroll haven't received the stop notice yet. - Sorry to be the bearer of bad news!

Same thing happened to me and involved endless chasing on all fronts!

Best of luck!
pippitypip

BetterWithMoney

Thanks guys. It's really nice to have found this place and to discuss money issues.

I'm often depressed about having £2k debt and being rubbish with money, then i look on here and realise my problems are so minor in the grand scheme...