Clear Student Loan

Axial

I have a student loan (with the SLC from 2001-2004), which after the payments this year will total around £3800. I wish to clear this as its attracting higher interest rate than the bulk of my savings accounts.

If I were to ask them for a settlement figure now, I guess this wouldn't include anything paid since April 2014 (as they dont recieve any data until my employer sends another P60), or would they take into account my figures from payslips?

Or would the best way be pay say, £3000 on my card, then phone them shortly after the new tax year for settlement to clear the balance?...at that point as well it should flag to them that it would be cleared that year in PAYE payments.

Thanks for any guidance, as dont want to me messing around with overpayments etc

silvercar

Phone them for a settlement figure. If you have your payslips to hand they will take these into account when making the calculation.

If you are paying through PAYE, they may not be able to notify hmrc and they in turn notify your payroll to stop next month's payment, so see if they will accept you paying an amount less than the expected amount from your pay.

They will refund any overpayment, but as you say, best to minimise this. I would make the phone calls as soon as possible so at least you will start the new tax year all clear.

Axial

Thats great, thanks for your help on this.

Its good that they will take data over the phone, pity there isnt a way for them to be updated in real time, rather than yearly