Student loan repayments not showing

TRCarrick

Well, I started paying back my student loan through PAYE last year, the HMRC contacted the company and started taking reductions from my wages in April 2009. I was lead to believe that you receive an annual statement after the tax year where your deductions are taken off the loan and the loan is ammended. Unfortunately I never received a statement and the account balance remains unchanged at £1862.

I called the SLC up and the advisor said HMRC send the data to the SLC in May/June time. However nothing changed so I rang again today yet I get the same "wait a few monthes" answer. I'm getting extremely concerned that the SLC will never receive my money (I've heard a few horrow stories) and wondering if sending a copy of my P60 will help matters. I don't want to have to keep paying HMRC for years after the amount should have been paid off.

Its a shame I have to have money taken from my pay instead of me paying them directly, which is what I'd prefer. I took out the loan in 2004.

Am I getting worried over nothing? Has anyone been in this sort of situation? Any help would be appreciated, thanks.

pigtails_21

Just to let you know that I usually get my statement in August/September time. I'm expecting it in the next 4-6 weeks, so I wouldn't worry about it. The statement should detail payments deducted between April 09 - end of March 2010. Check the figure ties up with what you have repaid.

I think (and I'm no-where near there yet), that when they anticipate you are near finishing repaying the loan, that they stop the deductions from your wages, and have you set up a direct debit, so there should be no danger of you overpaying.

dave_phoenix

i'm in a similar situation really... will wait until August time for the statement.

I have got proof from all my wage slips and P60 that I have paid so if I were you I would keep all these copies just in case.

kalaika

In my experience, statements from SLC have never arrived at a set time each year. Sometimes I've received one a few months after the tax year ends, sometimes a looooooong time after. Just last week (July 2010) I received a 'revised interim statement' from them for the year to April 2009, which contained two adjustments relating to 2005 and 2009. Why, I'm still trying to work out.

I know this might not help much, but you're not alone in finding them difficult to get a straight answer out of.

hellokitty08

I just got a statement and my mum had a mare because it says I havent paid anything back for April 09-Mar 10.

Any ideas on how I sort this, as far as I know I have been paying student loan back for at least 5 years.

I really dont relish the idea of phoning the slc expecially at this time of year, but realise that I probably dont have any other option. I think this is the first statement I have had in three years.

Poolie

TRCarrick - Your employer takes teh money from your salary each month this is past to HMRC. After the end of the tax year once your employer has done the end of year return, HMRC split of that is the part from all the taxes and sends it to SLC with the amount and your national insurance number. During the month, SLC loads a number of these files into the system and at the end of the month the interest is recalculated and the new balance generated. At this point the statement run is also generated. These are printed and sample checked before being sent out. So it can depend on how quickly your employer gets the return done and how quickly slc load the file once they get it from HMRC.

The online system is a snap shot of the live system usually taken a few days after the end of month processing has completed, it doesn't know about your repayments apart from what you tell it.


Kalaika - Check you P60's and payslips for 2005. An interim annual statement usually means SLC have been told there may be further funds due to be deducted from your loan. Until the complete notification comes from HMRC then you won't get the final annual statement.

HelloKitty08 - Does the statement say "interim annual statement" or "final annual statement" at the top. Did you change jobs during the tax year? You don't have to call, you could send a copy of your payslips or P60 to SLC and ask them to update your account. They won't entertain chasing your enquiry with HMRC at this time due to the number of payments they are still receiving.