Are final settlements binding?

fees

Hi, i recently contacted the Student Loans company to enquire about a final settlement figure. I was quoted an amount circa £1500 over the phone and paid by debit card. They have since backtracked and stated that the figure quoted was incorrect, and are demanding a further payment of just under £100.

I only agreed to pay a lump sum under the understanding that it would clear all monies owing. Can anyone advise where I stand legally here. Can I demand the money back and resume monthly payments if they don't agree to wipe the amount they say is still owed?

paddyrg

Either way, can you /prove/ their original figure?

McKneff

Do you have anything on paper regarding the f and f figure.

Ask them for a transcript of the telephone call. Fight this all the way.
Go and see the CAB or speak to a higher authority at the place yu owe the money.
Its outrageous they they have done this.

No, you cant ask for the money back.

If someone owed yu money and they paid you, then they said they had made a mistake and can they have it back and pay you weekly,
would yu agree.

fees

They've admitted was their error in letter responding to their demand for further payment. Quote. "I would like to apologise as our records show that the settlement figure you were gven on the date concerned was incorrectly calculated and less than the amount required to settle the account balance." as regards refund of lump sum if they don't wipe the debt. I wasn't in arrears and could have continued to pay off in monthly draws, surely they've obtained this by deception if they then seek further pmt.?

molerat

http://www.kcl.ac.uk/content/1/c6/06/30/11/SLCCOMPLAINTSPPC008290109.pdf

As advised above ask (in writing) for a transcript of the call, keep all paperwork.

telboyo

The fact that you have £100 outstanding is a good thing, by the time your payroll at your company change their records to stop paying sl with your tax you will probably break even. Otherwise it will probably take the rest of your life to recoup the money.

zppp

I think you asked for the balance of the account and imagine that the additional £100 is probably for interest that was accrued but not applied. I'll be honest, unless they wrote to you stating an actual full and final settlement figure, then I think you may be able to argue this. Without it I imagine you have no hope to be honest.

McKneff

Youre lucky that you know about it, this happended to a family member not long ago but they moved and had no idea about the interest after the f&f, was paid, she moved only half a mile away, post wasnt redirected, they didnt try hard to find her, 1.5 years later found a default of about £100 (original amount was £25) paid it immediately but it affected her 1.5 years later when she wanted a mortgage.

She has fought the matter just lately, and won, got her payment back plus compensation, and her default removed, so fight it op,
we can, now and again beat the biggies.

tonycottee

They are fairly incompetent. I finally paid mine in 2007 but they kept taking payments for another 8 months, and so every month I had to send in a copy of my payslip so they could refund me.
Around 2 years after receiving a letter to say that the loan was cleared, I received another letter giving me login details to my online account. I phoned them about to inform them that my account was closed, and they told me that I still owed money. It seems that their "final" statement is only an estimate and doesn't always take into consideration interest.
They hadn't contacted me about it due to it being a small amount (only about £10).