Switching to direct debit - student loan company

ludohowes_2

Hi

Just tried calling the SLC but they're closed on bank holidays apparently :mad:

Has anyone done the switching to DD facility with them, when they have been approaching the end of paying off their loan?

I want to do this as based on my normal monthly payments through PAYE I only have about 14/15 months left to pay.

However, just wondered how long it takes to set up, and how long it took for your employer to be notified of the change? One would assume it would have to be pretty immediate if the direct debit gets set up to come out the following month from when you call?

Reason I ask is I know that in my June pay packet (28th), I am due a bonus. This has happened twice this year as I get them quarterly, and on top of tax and NI, I have been pillaged for my student loan...a £1000 bonus turned into only £530 of cash . So much for all my hard work and efforts!

The bonus at the end of June is likely to be more, at least £1250 - £1500, and I really dont want this getting SLC'd on top of the tax and NI!

Keeping my fingers crossed that if I call again tomorrow we can have this sorted by that pay date and I'll have the £80 DD's set up instead!! But just concerned that it'll take a while, the money will still come out and I'll have to call SLC again as my DD amounts will be incorrect due to the large chunk unaccounted for!

Any advice/experience with this would be much appreciated!