overpaying student loan - how long to pay back the over payment?

anna42hmr

called the student loans company last night to settle my loan as by my calculations only had £30 or so left on it. however when i called last night and gave the figures from p60 for last tax year as theyve not received as yet, and for my pay slips for april, may and june, i was advised that it appears i have over paid by over £100.

cant see how that has happened as i have used their online calculator and have checked my own figures and both match that i have £30 outstandin. also I took out my loan in 2000 so am not one of the lucky ones on negative interest.

They have advised me to send of copies of my p60 and pay slips since and will be doing so today, does any one know how long they take to do this??

They have also said they will contact HMRC to advise no more deductions to be made, is that also instant??

Poolie

They will be just starting to receive the previous tax years repayments and you should get a statement shortly to reflect this.

Your loan was 2000 so it won't be negative interest as this was pre 1998 only.

SLC will contact HMRC to stop the repayments. HMRC will issue the paperwork to your employer who has up to 42 days to action this request. So you may have to request a second refund later on.

Refund are generally dealt with fairly quickly about a week or so if you provide bank details they will send them straight to your bank.

The account won't be considered closed till they get the repayment details for the current tax year, this time next year when they will issue you the final statement.

anna42hmr

thanks for the reply

anna42hmr

right well letter with the p60 and payslips and my account number was posted yesterday, will see what they say, still convinced that i still owe them around £30 but will see what they say and if they do do a refund, the last thing i want is for them to say i owe nothing, they cancel the inland revenue deductions then come after me later for the money.

littlemisslogical

I paid mine off three years ago, based on what they told me I owed. I received a cheque this week for my overpayment!

anna42hmr

littlemisslogical wrote: »

I paid mine off three years ago, based on what they told me I owed. I received a cheque this week for my overpayment!

really! seems to be they have a strange process, i understand them being behind as only getting the statements from HMRC once a year but a refund after 3 years is nuts! at least its extra money for you :beer:

anna42hmr

Poolie wrote: »

Refund are generally dealt with fairly quickly about a week or so if you provide bank details they will send them straight to your bank.

.

nothing received as yet or a reply to the letter, i think will give them to the middle of next week and give them a call, or am i being too eager??

anna42hmr

still nothing from the student loans company, have tried calling them a few times but get fed up being stuck in the que, so have posted another letter today, so fingers crossed will hear someting, if not will give them a ring in another week or two