Owing debt to university after graduating

oj29

Hi,
I graduate from university nearly a year ago now, I owe the university £3,000 due to a shortfall between what I received from Student Finance and my accommodation/living costs.
I have been paying back £50 a month by direct debit for the past year and this has been fine, I am perfectly happy paying back that amount, I know it will take a long time but the debt is decreasing slowly but surely.

They have contacted me recently asking for evidence of income and expenditure so they can determine what is a reasonable amount for me to be re-paying each month as they obviously don't feel this is enough. As I pointed out to them, this amount is the equivalent of one terms tuition fees for one student and last year their net income was over £300m, whilst a mere drop in the ocean to them it would financially cripple me to pay off this debt in one go (which is what they're pushing for).

Im just wondering what I can do? I can increase my payments but not by much really and I certainly don't see why I should provide them with details of my income and expenditure when the debt is being paid back every single month.

All advice is appreciated.

tomtontom

No, you don't have to provide them with details of your income and expenditure. But if you don't they can get a CCJ against you, at which point you'll have to agree a repayment plan through the court, incur additional costs, and ruin your credit file for the next six years. Sounds like the university are being more than reasonable at present, keep arguing the point with them and they may be less so.

missbiggles1

I'm surprised they let you graduate when you owed such a large sum of money! If you can afford higher repayments then you should make them rather than dragging this out for another 4 years.