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Student Loan Company
Ok first post, can anyone help with this as in my head this is strange. Whilst at college/university I took out 2 student loans,
1998/99 £1850
1999/00 £2875.
I have been paying off my loans now for about 7 years but haven't heard from them for the past 2 or so.
Phoned them today and was told the balances are as follows,
1998/99 £82
1999/00 £3775.
Thought this is a bit strange since for the past 3 1/2 years i've been paying on average £90 a month if not more since my salary has changed and i'm now paying £106 on basic wage.
I was then told that they have not had any money on either account for 22 months.
So easy solution would be get P60's sent in confirming payment and this would be deducted. Not so.
Seemingly my first loan did not have my middle name in the application but the second loan did so they can't combine them.
The solution they have come up with is I'll just have to massively overpay the first loan then when they think I have overpayed enough to clear the second, they'll transfer the balance.
Now it may just be me but this means i'm paying interest on a full balance that is never going to reduce month-month/year-year.
So in my head I should have cleared the first loan 2 years ago and payed well in excess of £2000 to the second loan that have not been deducted meaning even with interest added on I should clear the loan in a couple of months.
Have I missed something here or am I being completely done for intrest?
1998/99 £1850
1999/00 £2875.
I have been paying off my loans now for about 7 years but haven't heard from them for the past 2 or so.
Phoned them today and was told the balances are as follows,
1998/99 £82
1999/00 £3775.
Thought this is a bit strange since for the past 3 1/2 years i've been paying on average £90 a month if not more since my salary has changed and i'm now paying £106 on basic wage.
I was then told that they have not had any money on either account for 22 months.
So easy solution would be get P60's sent in confirming payment and this would be deducted. Not so.
Seemingly my first loan did not have my middle name in the application but the second loan did so they can't combine them.
The solution they have come up with is I'll just have to massively overpay the first loan then when they think I have overpayed enough to clear the second, they'll transfer the balance.
Now it may just be me but this means i'm paying interest on a full balance that is never going to reduce month-month/year-year.
So in my head I should have cleared the first loan 2 years ago and payed well in excess of £2000 to the second loan that have not been deducted meaning even with interest added on I should clear the loan in a couple of months.
Have I missed something here or am I being completely done for intrest?
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