Student Loan | 5 years after graduating

myoung1982

Hi All

I wonder if anybody could give me some advice please regarding my student loan issues/problems.

It all began 5 years ago when I graduated from uni and promptly starting working. When I started work I was already earning above the threshold for monthly repayments to Student Loans to begin...however, this did not happen. I spoke to my employer regarding this and also the Student Loans Company to try to get this sorted. I gave Student Loans all my relevant details : my payroll number, Address of employer and the PAYE refernence and the SLC instructed me they would be sending some details to my employers within the next 42 days, however nothing happened!

I have email records of dealings with my employer and a date on which i spoke to the Student Loans Company.

So, to cut a long story short, no repayments have ever come out, until now! This months pay has shown £120 has flown off to the SLC. Yet I have not had one letter to state that repayments would start or any correspondence whatsoever.

What should I do? I read on the student loans money saving expert section that the employer could be fined up to £3000. Am i likely to get in trouble with the SLC for not beginning repayments sooner?

Is there a way to possibly reclaim the interest that has accrued over the last few years due to not repaying any of the SLC?

Many thanks for any help.

Matt

pippitypip_2

Matt,

I'm no expert and I'm sure someone will come along in a mo, but I'm pretty sure you are in the clear and just will be paying it back from now on.

If you gave all your details to SLC and they're only just taking it now - that's their problem. There is no case for them to ask for backdated payments; and no case for you to reclaim interest either though I'm afraid.

I'm pretty confident this is the case, but I'm sure someone will correct me if I'm wrong!

hth,
pippitypip

whitfreak

Well it looks like you've done the correct things in telling your employer and SLC. So they wouldnt have a leg to stand on if they did try and fine you for it. Your employer may have issues though as it means that they've been doing you PAYE wrong for 4 years...

As to the extra interest this has effectively cost you. In a fair world their would be away of being compensated for this. But I honestly have no idea if that is possible.

Blacksheep1979

this is a fair world and the op has earned interest on the money they wouldn't otherwise have had - they've also noticed they've not been paying and could have put the cash to one side in an ISA or high interest account...