Student loan repayment

davegib20

Hi,

There is something thats been bothering me about my Student loan and i could do with some advice. I hope someone can help me.

I finished University over 3 years ago and earn above the repayment threshold yet there has been no deduction from my wages at any time. After about a year I contacted the Student Loans Company and they informed me that the inland revenue will contact me about the details as the payments are set up by them, however, still no repayment.

I have just read the article about repaying your student loan early and it ended with some pretty serious warnings about not supplying details for repayment. The penalties are not something I would wish to receive.

Unfortunately, I am guilty of trying to ignore it but I have come to realise thats not such a good idea. Do I contact them again to set up the repayments or will they slap me with triple interest or a single immediate payment for the total? Thats what worries me about contacting them but I know it needs to get sorted. Maybe I have just answered my own query but any advice on what I should do would be greatly appreciated.

Thanks in Advance

stev1664

maybe you should get written comfirmation from your employer to make sure that its the inland revennue and not them, this will help your defence in case you're against any penalty. You can also go to the inland revennue website, they might have some clarification on there..

woohoo_postingid

Try contacting the Student Loans company again. Ask them to send you a repayment plan. They should be more than willing to oblige

depurple1

davegib20 wrote:

Hi,

There is something thats been bothering me about my Student loan and i could do with some advice. I hope someone can help me.

I finished University over 3 years ago and earn above the repayment threshold yet there has been no deduction from my wages at any time. After about a year I contacted the Student Loans Company and they informed me that the inland revenue will contact me about the details as the payments are set up by them, however, still no repayment.

I have just read the article about repaying your student loan early and it ended with some pretty serious warnings about not supplying details for repayment. The penalties are not something I would wish to receive.

Unfortunately, I am guilty of trying to ignore it but I have come to realise thats not such a good idea. Do I contact them again to set up the repayments or will they slap me with triple interest or a single immediate payment for the total? Thats what worries me about contacting them but I know it needs to get sorted. Maybe I have just answered my own query but any advice on what I should do would be greatly appreciated.

Thanks in Advance

I am in exactly the same position as you. I finished uni in 2003, and when I contacted the student loan company, they told me they couldn't kick start the repayments and I had to wait for the Inland Revenue to start taking the money. But they haven't.

I don't know whether to contact them either, I'm trying to save up some money in the meantime so I can pay it back if necessary. I'm not deliberately witholding money, and I did contact them to ask about payment, but they told me to do nothing.

I think the IR are a bit behind on their paperwork. They contacted me about a tax issue that happened about 3 years ago. Upon checking, I found that my parents' accountant had done a small oops, so their company owes some back tax. I sent all the information back to them. That was about 6 months ago, and they still haven't asked for the money yet.