Student Loan Sale and refund

seanpearce78

I received a letter the other day from the Student Loans Company (SLC), it told me that my loan has been transferred. But it also informed me that some letters that the sent me may be interpreted as not being compliant with the consumer credit act, they have reduced my loan by just over £500 (which is great news).

1. Has this happened to anyone else?
2. I find it hard to believe that this is a good will gesture, how did they arrive at the figure.
3. If they have broken the Act, does that invalidate the loan? Should I be pushing for it to be written off?

Your thoughts would be appreciated.

fermi

1. Yes, other people have had that. https://forums.moneysavingexpert.com/discussion/4910495

2. Refund of interest/charges during the period they were non-compliant on the letters/notices sent our.

3. No, as like the recent example where banks did much the same, it doesn't invalidate the loan. Just means they were not entitled to charge interest and make certain charges during the period the correct notices were not sent out, hence the refund. Failure to send those notices correctly doesn't invalidate the whole loan though.