Not Repaying Student Loan

chipsnbeans

Hello,

I graduated from a four year engineering course in 2008. Since then I have had a number of different jobs both temporary and permanent all earning over the repayment threshold; however, I have not made any student loan repayments. I have been in my current position for approaching a year and am likely to remain there for at least the next three years until I am chartered so it is about time I sorted out the student loan.

According to statements which have been getting sent to a family member the balance is £18691.51.

Although morally questionable, could I get away with not paying as I have not been chased even though I have been earning over the threshold since 2008?

As I understand it I can arrange repayments by contacting my payroll department but should I approach the situation differently considering I not been paying for so long e.g. non-payment penalty etc? Also, if I was to begin repayments I would need to request a breakdown from the SLC as the balance seems on the high side.

Thanks in advance

geoffken

Why in gods good name do you think you SHOULD NOT pay it

chipsnbeans

'Why in god's name' are you getting on a high horse.

Please do not turn this into an unnecessary moral debate as my original post alluded to fact that non-payment would be morally questionable. I am merely seeking the facts relating to my situation.

silvercar

The balance will include interest.

At some point they will catch up with you, you may as well come clean now while you are in a position to do so. The longer you leave it the more interest you will pay.

chipsnbeans

Thanks for your reply.

Yes, the interest is definately a factor as well as the increased amount that will be taken as my earnings increase if I put it off for much longer.

Anyone have any experience of approching the SLC at this stage or know of the likelyhood of them taking further steps to collect the balance?

mountainofdebt

chipsnbeans wrote: »

'Why in god's name' are you getting on a high horse.

Please do not turn this into an unnecessary moral debate as my original post alluded to fact that non-payment would be morally questionable. I am merely seeking the facts relating to my situation.

I don't understand why you would even say that it was morally questionable. You owe the money, it needs to be paid back end of.

Sounds as if you moving around has resulted in the SLC not catching up with you - probably because of the delay in HMRC informing them where you are.

What I don't understand, if it wasn't a deliberate attempt to try and get out of paying back the loan, why you haven't informed SLC of your address rather than all correspondence sent to a family member.....but there again I am sure there is a logical reason for it.

melancholly

i'd say get in touch asap. the longer you leave it, the worse it will get. i'm a little unsure how it hasn't caught up on you already tbh, especially if you've worked in places with PAYE.