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Student Loans (pre-1998) query
I've been deferring my loan for... well, a long time. I have just received a letter telling me that my deferment has been refused as my gross income is over the threshold for the first time.
However, it isn't, Well, it is. Let me explain:
The last couple of months I happened to get a fair amount of overtime - this is detailed as such on the payslips I sent in, and I'd had the same additional pay in the past which has taken me above the threshold. However, I've always been told that it's only the *base wage* (i.e. guaranteed income) which is used when working out repayments (same as when you're *applying* for a loan - nobody wants to know how much you *could* earn, but how much you *do*).
In addition, I'll be getting reduction in hours - and therefore pay - in the next 3 months. This will take me *significantly* away from the threshold, but I believe I'm stuffed for 12 months?
At the moment, I can't afford another debt. I'd recently separated from my wife, and as a result have had a significant increase in living expenses (rent, utilities, child care) to the point where I'm living on a knife-edge financially
Do I have recourse to tell Honour Student Loans that they've made a mistake? Had I sent a letter from my employer (which they also accept) they would have detailed my guaranteed income, not overtime, and I would have been fine.
Panicking a bit here as I've always managed to stay afloat in terms of credit rating, debt and so on. This could be the first step downwards
However, it isn't, Well, it is. Let me explain:
The last couple of months I happened to get a fair amount of overtime - this is detailed as such on the payslips I sent in, and I'd had the same additional pay in the past which has taken me above the threshold. However, I've always been told that it's only the *base wage* (i.e. guaranteed income) which is used when working out repayments (same as when you're *applying* for a loan - nobody wants to know how much you *could* earn, but how much you *do*).
In addition, I'll be getting reduction in hours - and therefore pay - in the next 3 months. This will take me *significantly* away from the threshold, but I believe I'm stuffed for 12 months?
At the moment, I can't afford another debt. I'd recently separated from my wife, and as a result have had a significant increase in living expenses (rent, utilities, child care) to the point where I'm living on a knife-edge financially
Do I have recourse to tell Honour Student Loans that they've made a mistake? Had I sent a letter from my employer (which they also accept) they would have detailed my guaranteed income, not overtime, and I would have been fine.
Panicking a bit here as I've always managed to stay afloat in terms of credit rating, debt and so on. This could be the first step downwards
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