Student loan...shouldnt be paying it back i reckon!!

pbright

Hello,

My student loan states that i should be earning £15,000 a year before i have to start paying it back. Well i work casually and over the past 2months i have earned very well and have started paying as much as £24.00 a week back to my loan on my weekly check. However this is a rare spell, and my hours will be much much less in the coming monthsd and almost non existent in winter. I will not earn £15,000 this year, their might even be a possibility i earn less than £10,00 due to the nature of my job. So i could reall really do with the money my student loan company are taking out...i guess they are taking it out as they times my weekly paychecks by 52. Is their anything i can do to get them to stop taking payments????????


Thanks for any help

[Deleted User]

So, you never envisage earning over 15k? ever? You don't feel that you should pay back the money you've borrowed?

You could try phoning them and deferring payments.. but its the tax office that take it, not the student loans agency

smaJ

So, you never envisage earning over 15k? ever? You don't feel that you should pay back the money you've borrowed?

You could try phoning them and deferring payments.. but its the tax office that take it, not the student loans agency

Ringo,

I don't think this is what the OP is saying. Their income fluctuates month on month. this means that looking at a specific month in isolation it would appear that they are earning over the repayment threshold. However other in other months their earnings will be far short.

they are simply asking not to have to pay the loan back in their "rich months" to save for the "rainy months (literally!!)"

As for your query, i dont have a solid answer (as i am in the process of accumulating the debt at the moment, not paying it back).

I would recommend giving the student loan people a call and seeing what they can do.

sorry i can be of no more help!!

James

dearbarbie

yeah, i thought that your repayments were supposed to start the April after graduation as well...my housemate is a teacher and her payments only started coming out the other month, she graduated last year.

*edit* sorry, i assumed you were still a student. if you're not and you graduated last year, your payments should be coming out whether you like it or not. I'd rather save £25/month for something else too but that's the way it is!!

RichyRich

There was something about this but I cant remember what it was. Sorry. I think that it is worked out on average, like you say, if you earn £15k/52 in a given week then they take it, but maybe you can ask for it back?

The only sure answer is to ring the SLC. Let me know how you get on

Rich

dmg24

So do you not plan to work in the winter at all?

Ytaya

As I understand it, you can claim back any payments you shouldn't have made at the end of the tax year, when they can see what you earned over the whole year. You need to get in touch with the Student Loans People, who'll be able to tell you the procedure.

melancholly

it'll be the same process as having tax taken off - if you earn under the tax free allowance for the entire year, then you shouldn't pay it. however, they work it out as how much you have to earn each week and if you go over, you get taxed. i filled out a form last year to claim it back before waiting til april, so i'd imagine that if it's possible with tax it should be with a student loan. SLC should be able to help!

diesel9181

this used to happen with me if my work didnt pay me one week then i got paid double the next week (it looked like i was earning more than i was). i called the student loans company who said i would get it back at the end of teh year if i had paid too much. i never bothered tho, i will have to pay them at some point. but you will get it back if you ask (maybe not til end of year tho?)