Student Loan Repayment

kilby_007

I'm due to pay off my student loan in the next 6 months so I called them in April to change to a direct debit payment rather than through my pay slip, to prevent overpayment. They said I wasn't eligible for this even though I met the criteria, so I asked for a second opinion. They said it was something to do with their systems and the lady I was talking to "manually" enabled me to change over to this payment method after some back-and-forth over how much I'd paid the previous year. Anyway, I got paid the 15th of this month and the payment still came out of my salary. Does anyone know when they take direct debit payments, so I can wait for that date and see if I'm paying twice?

National_Debtline

Hi kilby


I don't think there is a set date in the month on which Student Loans Company take all Direct Debit payments - it's usually determined by mutual agreement. It sounds to me like wires may have got crossed here and they may not end up taking the scheduled Direct Debit at all. You should get back on to them now to confirm that they're not planning to process it as it might result in unwanted bank charges, depending on the state of your account.


Dennis
@natdebtline

scottishlass

It apparently takes 3 months for it to go through. I have had a similar issue phoned in January to set up and it should have started April but they still too payment from salary. When I called again they said it had been set up incorrectly and it will now be August that it changes.

kilby_007

I checked the website yesterday and my outstanding amount had changed from around £7000 to around £5000 but it still says "calculated up to March 31st 2015". I don't know how that works, and why it would have taken over a year to update. Looks like I'm going to have to get 2015's pay slips out and my SL statements and see if they add up, but if their calculation is correct, then I've overpaid my loan already because I paid over £5000 in the last tax year (April 2015 - April 2016). I called them and the chap I spoke to didn't seem to know about me switching to direct debit payment and said I should submit my P60 so that they could see if I've overpaid. The whole process seems very messy! Why do the payments only get updated on a yearly basis and why so many delays? It seems like it's set up like that on purpose so that everyone overpays! I'm paying £500/month at the moment! Grrr