Student loan repayment question?

diablo23

Hi im hoping someone can help...

The the online system says the interest calculated to date is 31/03/09 which is to my knowledge the end of the 2008 corporation tax year , so with the 2009 tax year having ended in the March just gone (31/03/2010) should the system have been updated to reflect the payments made in the 09 tax year and thus read interest calculated to 31/03/2010 i.e end of that tax year.

thanks

Diablo

Poolie

Hi Diablo23

The online system is only updated once SLC has received the return from HMRC for the tax year. You are correct that interest calculated up till 31/03/2009 means the 2008/2009 tax year. The 2009/2010 are still being received and applied to the system. Have you received a statement from SLC for the 2009/2010 repayments? If you were not working through the tax year it may take a little longer as SLC will be waiting for HMRC to confirm no deductions and this can take a bit longer.

diablo23

hi thanks for the reply , i have been working through the 09/10 tax year , and have had no statement from the SLC , in fact i very very rarely get any statements from them , seems a silly system that HMRC hold on to all payments until the end of the tax years.

melancholly

diablo23 wrote: »

hi thanks for the reply , i have been working through the 09/10 tax year , and have had no statement from the SLC , in fact i very very rarely get any statements from them , seems a silly system that HMRC hold on to all payments until the end of the tax years.

it is easier for them to deal with it all annually - fwiw, the balance does get calculated monthly for the purposes of paying interest, so you don't lose anything from doing it this way in terms of paying things back.

diablo23

melancholly wrote: »

it is easier for them to deal with it all annually - fwiw, the balance does get calculated monthly for the purposes of paying interest, so you don't lose anything from doing it this way in terms of paying things back.

and then compounded annually i assume?. Makes sense to do it in that way then i suppose , but i am due an updated balance for definite then before i go calling them up?

Poolie

There is no point calling SLC till they have received your payment from 08/09. You should receive a statement shortly after the payment has been posted. You can call them to check if it has been received but they won't investigate missing payments for the moment as they will still have files to post to the system.

diablo23

Poolie wrote: »

There is no point calling SLC till they have received your payment from 08/09. You should receive a statement shortly after the payment has been posted. You can call them to check if it has been received but they won't investigate missing payments for the moment as they will still have files to post to the system.

the 08/09 payment has been accounted for has it not? , its the 09/10 one i was thinking should now or shortly be reflected in the interested calculated to date?

MrsManda

diablo23 wrote: »

the 08/09 payment has been accounted for has it not? , its the 09/10 one i was thinking should now or shortly be reflected in the interested calculated to date?

I believe Poolie meant to say 09/10, not 08/09. As your account is upto date for 08/09, it is likely that they've either not received information from the HMRC about your 09/10 payments yet or they are yet to process them. As poolie said, you'll get a statement once they've recieved the information and processed it.

Make sure the SLC have the correct address for you to ensure you get your statement.

Poolie

Thanks MrsManda. You can always give SLC a call to check if they have received it awaiting for it to be applied to your account, but they won't chase it with HMRC yet.