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Student Loan (pre-1998) interest query
drjones69
Posts: 27 Forumite
Good afternoon all,
I'm looking at settling my student loan account, the debt is (as I understand things) now statute barred (no contact, no payment, no acknowledge and no court action in 6 years) - not something I'm proud of, but my life took a bit of a nose dive - and now it's back on track I'm looking to honouring various commitments which I previously ran away from.
Whilst I do believe the debt to be statute barred, it is my preference to pay off the debt in full (2 reasons, primarily - a case of a personal desire to honour that agreement, and secondly the SLC made a large number of !!!!-ups the worst of which being a refusal to pay me a loan for my final year - which had (shall we say) a detrimental affect on the outcome! I'd like to keep open the option of taking action against the SLC in the future, and am of the opinion being able to show a full settlement will benefit this move).
Anyway - onto the actual question, and hopefully it's a simple one - I'd like to calculate the actual figure owing on the debt, I have interest rates for each of the years, I just need to know if pre-1998 loans have interest applied simply or compound (I can hazard a guess!) - just realised the actual question took up a lot less space than my rambling!
Any assistance gratefully received.
Regards,
Ryan
I'm looking at settling my student loan account, the debt is (as I understand things) now statute barred (no contact, no payment, no acknowledge and no court action in 6 years) - not something I'm proud of, but my life took a bit of a nose dive - and now it's back on track I'm looking to honouring various commitments which I previously ran away from.
Whilst I do believe the debt to be statute barred, it is my preference to pay off the debt in full (2 reasons, primarily - a case of a personal desire to honour that agreement, and secondly the SLC made a large number of !!!!-ups the worst of which being a refusal to pay me a loan for my final year - which had (shall we say) a detrimental affect on the outcome! I'd like to keep open the option of taking action against the SLC in the future, and am of the opinion being able to show a full settlement will benefit this move).
Anyway - onto the actual question, and hopefully it's a simple one - I'd like to calculate the actual figure owing on the debt, I have interest rates for each of the years, I just need to know if pre-1998 loans have interest applied simply or compound (I can hazard a guess!) - just realised the actual question took up a lot less space than my rambling!
Any assistance gratefully received.
Regards,
Ryan
0
Comments
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You don't have to pay this if your income is below a certain level. Last year it was something like £2000 a month gross pay.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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I think this is great, well done for having morals.
What I'd suggest is that you give SLC a call, or send them a letter explaining the situation, I assume they'll be receptive and will probably treat you well. You also never know, they might already have written it off...
Best of luck anyway0
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