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Student Loan Error
tigerbob85
Posts: 12 Forumite
in Loans
Hi all - long time lurker, sporadic poster. I am hoping I can tap into the experience of you all if possible please!
My partner graduated from university 6 years ago with a student loan debt of £5,200 (provided via the Students Loan Company).
Last year, she suspected that she was close to repaying the loan in full, and phoned the Student Loan Company to check the balance. The operator at the end of the line stated that she had overpaid by £200, and that a cheque would be sent as repayment within 6 months of the end of the 2013 tax year. She instructed her employer to stop repayments also, as advised.
Today my partner phoned up to check where the payment is, and was told by the operator this time that due to a human error, he calculated that she still has c. £3,000 left to pay, plus interest! The operator agreed to look into and rectify the situation, and advised in the meantime that she complains.
We have done our own calculations also, and estimate that the actual outstanding balance is closer to £800, so obviously some work to be done to get to the bottom of the situation.
My questions for you are as follows:
1) Has anybody else had this issue, and if so what (if any) was the outcome?
2) Do you know who we actually complain to with regards to the Student Loan Company? We were told by the financial ombudsman that they do not come under that authority, and we can't find any sort of formal channel anywhere.
Quite a stressful situation as we believed we have no other debts and are saving for a mortgage!
Any help appreciated, cheers.
My partner graduated from university 6 years ago with a student loan debt of £5,200 (provided via the Students Loan Company).
Last year, she suspected that she was close to repaying the loan in full, and phoned the Student Loan Company to check the balance. The operator at the end of the line stated that she had overpaid by £200, and that a cheque would be sent as repayment within 6 months of the end of the 2013 tax year. She instructed her employer to stop repayments also, as advised.
Today my partner phoned up to check where the payment is, and was told by the operator this time that due to a human error, he calculated that she still has c. £3,000 left to pay, plus interest! The operator agreed to look into and rectify the situation, and advised in the meantime that she complains.
We have done our own calculations also, and estimate that the actual outstanding balance is closer to £800, so obviously some work to be done to get to the bottom of the situation.
My questions for you are as follows:
1) Has anybody else had this issue, and if so what (if any) was the outcome?
2) Do you know who we actually complain to with regards to the Student Loan Company? We were told by the financial ombudsman that they do not come under that authority, and we can't find any sort of formal channel anywhere.
Quite a stressful situation as we believed we have no other debts and are saving for a mortgage!
Any help appreciated, cheers.
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Comments
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The best thing to do is to wait for them to provide their figures and then reconcile them against your own payments. If they differ, then raise a complaint and ask them to investigate it.0
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