Help needed with stupid Student Loans repayment

nik_k

Hope I have posted this query in the right forum - seemed to be probably the most relevant

My wife has a CCJ (issued in 2001) for non payment of her Student Loan. As part of the CCJ she was asked to repay the balance of the SL by means of monthly instalments. She has been doing this now for the past 5 or 6 years.

Unbelievably the monthly repayments requested at the time of the CCJ, on an outstanding balance of approx £3600, were only £5 per month!!! :rotfl:

As of today, the balance outstanding is £3583, and she is still paying back £5 per month. It doesn't take a great calculation to work out that it's going to take her at least 716 months, or basically 60 years, to repay the whole amount!!!

I personally think it's laughable that the court imposed such low monthly repayments on such a comparatively large debt. Did they never realise the stupidity of asking for £5 a month over 65 years??? Bearing this in mind, and the likely admin cost of administering such pathetic monthly receipts, does anyone reckon there is any chance of getting the balance written off? It's not exactly a strain on our finances to continue with the repayments, but it's just the principle of being tied into payments for the next 60 years!

pania

Hiya there,

I guess this could only be answered by speaking to the company that provided the student loan. It is clear that they are still charging interest and 6 years worth of £5 payments has equated to a very small amount!
They maybe persuaded to settle for a lower figure, which if you have the means you could pay upfront, or they may be prepared to negotiate if you increase the payment slightly. bottom line give them a call!!!

hope this helps.

misspoppy

I'm sorry I really don't see your point, personally I think you should pay more. It sounds to me that your wife went to uni at least 8+ years ago and therefore has no excuse for not paying, back then they allowed you to defer if you were earning less than £18k which was a huge salary, all you had to do was sign the form each year. I've no idea what your financial position is but I can't believe you think you should have it written off because you won't pay more and it will be something your wife will have to pay her whole working life.

angelavdavis

nik_k wrote: »

Hope I have posted this query in the right forum - seemed to be probably the most relevant

My wife has a CCJ (issued in 2001) for non payment of her Student Loan. As part of the CCJ she was asked to repay the balance of the SL by means of monthly instalments. She has been doing this now for the past 5 or 6 years.

Unbelievably the monthly repayments requested at the time of the CCJ, on an outstanding balance of approx £3600, were only £5 per month!!! :rotfl:

As of today, the balance outstanding is £3583, and she is still paying back £5 per month. It doesn't take a great calculation to work out that it's going to take her at least 716 months, or basically 60 years, to repay the whole amount!!!

I personally think it's laughable that the court imposed such low monthly repayments on such a comparatively large debt. Did they never realise the stupidity of asking for £5 a month over 65 years??? Bearing this in mind, and the likely admin cost of administering such pathetic monthly receipts, does anyone reckon there is any chance of getting the balance written off? It's not exactly a strain on our finances to continue with the repayments, but it's just the principle of being tied into payments for the next 60 years!

If your wife is capable of paying more, why doesn't she increase the payments, reduce the term of the payments and feel good about the fact that she has paid back what she owes!?!