Old Student Loan debt!!

redpete

ruky_uk wrote: »

Thank you so much for your post. I honestly, really really appreciate it. ...
Thanks for the support.:)

The support that you are so grateful for amounts to advice that you avoid payng debts for long enough so you get away with not paying them at all, and a statement that paying debts = being a mug.

Says as much about you as it does about ronson. Personally I'd rather be called a mug for what I regard as being a responsible citizen than actions that I regard as selfsih, irresponsible and greedy.

ruky_uk

To all u out there stating u cant believe how i am trying to get out of this debt: wake up!!!!

yes i took a loan - yes i knew this had to be paid back. Yes i was told initially that my earnings are not high enough and when they are the deductions will start autonatically.

No i did not contact them BUT neither was i contacted. Now that i have been contacted and because of the length of time it has taken I AM SOOOO NOT SORRY to try and see if this is a statute barred debt. If it isn't then what the hay i will have to pay this back. Boo hoo.....

As for the charges - so sorry my terminology for that was incorrect, i was actually referring to the amount of interest as the debt has actually just gone over double the amount - once they send me the yearly statements they should have been sending as well as a copy of my signed agreement so i know exactly what amount of interest should have been applied i can work the amount out myself.

As for me being 'dim' that may well be the case actually..... put it down to the lower academic standards in this country - all of you with righteous views and great academic abilities that will surpass the UK standards - good on you.

Pls save the spiel regarding tax payers money funding ppl in eduaction etc - i also pay my taxes and quite frankly if the SLC messes up some ones accounts or doesn't collect the money when they should and the person complains/doesnt pay/gets it written off - good on them. There are millions out there ripping the tax payers money starting with our beloved government and banks so no i dont see why we cant do the same!!!

For those who pay all bills and debts on time - good for you. So do i actually - thru PAYE (because they take what is due WHEN it becomes due) towards household bills (as they bill you WHEN it becomes due) towards other credit debts (cos they also bill you WHEN it becomes due)! No haggling or complaints there.

Yes there is contributory negligence on my part - there is also negligence on their part - doesn't make me a criminal (or dim....???!!! lol):eek:

RDG

Heres the rates for student loans since the new system started your agreement wont have a set rate as already explained.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678642&_dad=portal&_schema=PORTAL

PollyOnAMission

ruky_uk wrote: »

To all u out there stating u cant believe how i am trying to get out of this debt: wake up!!!!

yes i took a loan - yes i knew this had to be paid back. Yes i was told initially that my earnings are not high enough and when they are the deductions will start autonatically.

No i did not contact them BUT neither was i contacted. Now that i have been contacted and because of the length of time it has taken I AM SOOOO NOT SORRY to try and see if this is a statute barred debt. If it isn't then what the hay i will have to pay this back. Boo hoo.....

As for the charges - so sorry my terminology for that was incorrect, i was actually referring to the amount of interest as the debt has actually just gone over double the amount - once they send me the yearly statements they should have been sending as well as a copy of my signed agreement so i know exactly what amount of interest should have been applied i can work the amount out myself.

As for me being 'dim' that may well be the case actually..... put it down to the lower academic standards in this country - all of you with righteous views and great academic abilities that will surpass the UK standards - good on you.

Pls save the spiel regarding tax payers money funding ppl in eduaction etc - i also pay my taxes and quite frankly if the SLC messes up some ones accounts or doesn't collect the money when they should and the person complains/doesnt pay/gets it written off - good on them. There are millions out there ripping the tax payers money starting with our beloved government and banks so no i dont see why we cant do the same!!!

For those who pay all bills and debts on time - good for you. So do i actually - thru PAYE (because they take what is due WHEN it becomes due) towards household bills (as they bill you WHEN it becomes due) towards other credit debts (cos they also bill you WHEN it becomes due)! No haggling or complaints there.

Yes there is contributory negligence on my part - there is also negligence on their part - doesn't make me a criminal (or dim....???!!! lol):eek:

Looking at the historical rates on the link posted by RDG, I don't see how the loan amount could have doubled. Are you sure you have the initial and current amounts correct? Have you checked to see how this has increased over your annual statements? I recently signed up to manage mine online and it is really handy so you might want to do that if you haven't already.

ruky_uk

PollyOnAMission wrote: »

Looking at the historical rates on the link posted by RDG, I don't see how the loan amount could have doubled. Are you sure you have the initial and current amounts correct? Have you checked to see how this has increased over your annual statements? I recently signed up to manage mine online and it is really handy so you might want to do that if you haven't already.

waiting to get my statements frm them and will be setting up online so can work out the amounts. Just checked the link for the interest rates - quite glad they are fairly low!! Will work out what they have charged since taking it out but yes the total amount borrowed was £7000 and they said yesterday when i called them that i owe £14401!

PollyOnAMission

That's very strange...

To get to a balance of £14k in 10 years with no payments made, a £7k debt would need an interest rate of over 7% (APR). Although the student loan rate has been variable, the highest it ever reached was 4.8%.

Something isn't right here. Either the initial amount borrowed has been quoted wrongly, the current amount owing is quoted wrongly, the interest has been incorrectly calculated or there have been some additional charges to your account. Definitely check over all your past statements!

From a rough calculation, I don't think you should be owing any more than £8k - £9k now from an initial £7k, assuming there were no mistakes or extra charges.

ruky_uk

PollyOnAMission wrote: »

That's very strange...

To get to a balance of £14k in 10 years with no payments made, a £7k debt would need an interest rate of over 7% (APR). Although the student loan rate has been variable, the highest it ever reached was 4.8%.

Something isn't right here. Either the initial amount borrowed has been quoted wrongly, the current amount owing is quoted wrongly, the interest has been incorrectly calculated or there have been some additional charges to your account. Definitely check over all your past statements!

From a rough calculation, I don't think you should be owing any more than £8k - £9k now from an initial £7k.

Will check when i get some paper work - i requested this yesterday and the lady said it can take 10 days so waiting now.... then the calculator comes out!

Poolie

RDG wrote: »

According to HMRC you can only claim a loan is statute barred after the lender has not attempted to recieve a payment is 6 years.

http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm28384.htm

So no you cant and they probably would have some defence against such claims anyway.

Why do you think the debt shouldnt be repaid? Everyone else who earns over the theshold is paying their debt.

Student Loans do not go to statute barred.

tonkinator

Poolie wrote: »

Student Loans do not go to statute barred.

If they were taken out before 1998 they do.

Since then, they don't.

Poolie

ruky_uk wrote: »

To all u out there stating u cant believe how i am trying to get out of this debt: wake up!!!!

yes i took a loan - yes i knew this had to be paid back. Yes i was told initially that my earnings are not high enough and when they are the deductions will start autonatically.

No i did not contact them BUT neither was i contacted. Now that i have been contacted and because of the length of time it has taken I AM SOOOO NOT SORRY to try and see if this is a statute barred debt. If it isn't then what the hay i will have to pay this back. Boo hoo.....

As for the charges - so sorry my terminology for that was incorrect, i was actually referring to the amount of interest as the debt has actually just gone over double the amount - once they send me the yearly statements they should have been sending as well as a copy of my signed agreement so i know exactly what amount of interest should have been applied i can work the amount out myself.

As for me being 'dim' that may well be the case actually..... put it down to the lower academic standards in this country - all of you with righteous views and great academic abilities that will surpass the UK standards - good on you.

Pls save the spiel regarding tax payers money funding ppl in eduaction etc - i also pay my taxes and quite frankly if the SLC messes up some ones accounts or doesn't collect the money when they should and the person complains/doesnt pay/gets it written off - good on them. There are millions out there ripping the tax payers money starting with our beloved government and banks so no i dont see why we cant do the same!!!

For those who pay all bills and debts on time - good for you. So do i actually - thru PAYE (because they take what is due WHEN it becomes due) towards household bills (as they bill you WHEN it becomes due) towards other credit debts (cos they also bill you WHEN it becomes due)! No haggling or complaints there.

Yes there is contributory negligence on my part - there is also negligence on their part - doesn't make me a criminal (or dim....???!!! lol):eek:

Student loans would have been trying to contact you, but if they had received mail back say you were not at the address a correspondence stop would have been put onto your account. Student Loans post 1998 are made under the Education Act 1996
and associated regulations and therefore not part of the customer credit act so cannot be statute barred.

Some people were affected by an issue at HMRC were the student loan system did not match up with the tax system so notices to start taking repayments were not issued. Also, if a P45 or P46 was not completed then HMRC would never know.

Since 2002 interest rates have been:
Sept 2002 - Aug 2003 - 1.3%
Sept 2003 - Aug 2004 - 3.1%
Sept 2004 - Aug 2005 - 2.6%
Sept 2005 - Aug 2006 - 3.2%
Sept 2006 - Aug 2007 - 2.4%
Sept 2007 - Aug 2008 - 4.8%
Sept 2008 - Dec 2008 - 3.8%
Dec 2008 - Jan 2009 - 3%
Jan 2009 - Feb 2009 - 2.5%
Feb 2009 - Mar 2009 - 2%
Mar 2009 - Aug 2009 - 1.5%
Sept 2009 - Aug 2010 - 0%
Sept 2010 - now - 1.5%

If you speak to SLC and they work with HMRC to confirm it was a system issue, you can SLC to work out what you should have paid during that time and deduct the additional interest which has been charged. This can take a while to do as has to be done all by hand.

Since April 2006, you would not have received a statement as SLC would have been waiting details of deductions from HMRC which obviously never came.