2002 - 2005 style student loans: nearing full repayment, but I think I've overpaid...

pd1982

I took out a student loan (type 2) from 2002 to 2005, graduating with around £11,300 of debt.
I have been paying this off month-by-month since then.
According to SLC's records and recent statement, it looks as though - based on my current repayment - I will repay this in full in February coming up.
However, I'm really confused, because by my calculations I should already have paid it off...in fact 130% so!

Since graduating in 2005 I have always been in work, but at regular times I have also run my own company/consulting, and have often done both.

According to my records, I should have paid at least £13,000 in SLC repayments to-date, but SLC says I still have £1800 to go (so, I've repaid £9500, ignoring interest which doesn't make up the difference).

The reason I'm posting is because there does appear to be a shortfall between the SLC deductions my employers have taken and the amounts they should have taken.

HOWEVER - and this is my question really - given that I have filed a correct self-assessment form every year, with information from each year's P60, am I right to think that any underpayment would be picked up by the self-assessment calculation, which would have loaded my SA repayment accordingly?

Basically, I don't have all my records going back 10 years so I'm trying to work out whether I can simply rely on my monthly gross salary as an indicator of what SLC should have been repaid. If employers didn't deducted SA or delayed deductions for a few months after I joined, can I almost 'ignore' this issue from my calculations, knowing it would have been rectified when I filed a self-assessment for the year?

Ed-1

pd1982 wrote: »

I took out a student loan (type 2) from 2002 to 2005, graduating with around £11,300 of debt.
I have been paying this off month-by-month since then.
According to SLC's records and recent statement, it looks as though - based on my current repayment - I will repay this in full in February coming up.
However, I'm really confused, because by my calculations I should already have paid it off...in fact 130% so!

Since graduating in 2005 I have always been in work, but at regular times I have also run my own company/consulting, and have often done both.

According to my records, I should have paid at least £13,000 in SLC repayments to-date, but SLC says I still have £1800 to go (so, I've repaid £9500, ignoring interest which doesn't make up the difference).

The reason I'm posting is because there does appear to be a shortfall between the SLC deductions my employers have taken and the amounts they should have taken.

HOWEVER - and this is my question really - given that I have filed a correct self-assessment form every year, with information from each year's P60, am I right to think that any underpayment would be picked up by the self-assessment calculation, which would have loaded my SA repayment accordingly?

Basically, I don't have all my records going back 10 years so I'm trying to work out whether I can simply rely on my monthly gross salary as an indicator of what SLC should have been repaid. If employers didn't deducted SA or delayed deductions for a few months after I joined, can I almost 'ignore' this issue from my calculations, knowing it would have been rectified when I filed a self-assessment for the year?

Yes you can ignore it as they don't backdate repayments.

However are you sure that the 'shortfall' in your calculations is not taking into account the repayment threshold increasing annually since 2012 (it was £15000 from 2005 to 2011 and increases every year by RPI inflation now). So since 2012 your repayments (9% above the threshold) would be reduced every year relative to the previous year unless your salary increased.