Student loan from 1992

CakeCrusader

Hold on, this is a really old loan and they do get written off after 25 years (if you're in England); http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678571&_dad=portal&_schema=PORTAL

You just need to send them a letter to say that your loan was taken out in 1992, and this should have been cancelled once you turned 65 (if you're in England). If you're in need of help to deal with them then the CAB would be the way to get help. Don't agree to pay them anything until you've sought proper (and correct) advice!!

The student loans company sold off old loans for a fraction of the cost to this company a few years ago by the way, and Erudio will do all they can to get their money back (plus some).

missbiggles1

CakeCrusader wrote: »

Hold on, this is a really old loan and they do get written off after 25 years (if you're in England); http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678571&_dad=portal&_schema=PORTAL

You just need to send them a letter to say that your loan was taken out in 1992, and this should have been cancelled once you turned 65 (if you're in England). If you're in need of help to deal with them then the CAB would be the way to get help. Don't agree to pay them anything until you've sought proper (and correct) advice!!

The student loans company sold off old loans for a fraction of the cost to this company a few years ago by the way, and Erudio will do all they can to get their money back (plus some).

I'm sorry, you're wrong about the dates and the ages for cancellation of these loans and about the conditions under which they're cancelled. Your link isn't relevant to these loans either.

I'll try to back up my opinion (based on both professional and personal knowledge) so you can see what I mean.

missbiggles1

missbiggles1 wrote: »

I'm sorry, you're wrong about the dates and the ages for cancellation of these loans and about the conditions under which they're cancelled. Your link isn't relevant to these loans either.

I'll try to back up my opinion (based on both professional and personal knowledge) so you can see what I mean.

Here you go -

"Your loan may be cancelled if
you were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50;
you were aged 40 when your last agreement for a student loan was made and you reach the age of 60; or
your last agreement for a student loan has been outstanding for 25 years."

https://www.nationaldebtline.org/EW/factsheets/Pages/42%20EW%20Fixed-term%20student%20loans/Default.aspx

Ed-1

Dill wrote: »

I thought the loan gets cancelled after age 65? (some give age 50, but I've not seen this confirmed anywhere)

Or is that only the case if no repayments have been made?

CakeCrusader wrote: »

Hold on, this is a really old loan and they do get written off after 25 years (if you're in England); http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678571&_dad=portal&_schema=PORTAL

You just need to send them a letter to say that your loan was taken out in 1992, and this should have been cancelled once you turned 65 (if you're in England). If you're in need of help to deal with them then the CAB would be the way to get help. Don't agree to pay them anything until you've sought proper (and correct) advice!!

The student loans company sold off old loans for a fraction of the cost to this company a few years ago by the way, and Erudio will do all they can to get their money back (plus some).

Cancellation terms for different eras of student loan:

Pre-1998 mortgage-style loan:

missbiggles1 wrote: »

"Your loan may be cancelled if
you were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50;
you were aged 40 when your last agreement for a student loan was made and you reach the age of 60; or
your last agreement for a student loan has been outstanding for 25 years."

1998-2005 income-contingent plan 1 loan: at age 65

2006-2011 income-contingent plan 1 loan: 25 years after 6th April following end date of course

2012+ income-contingent plan 2 loan: 30 years after 6th April following end date of course

Dill

missbiggles1 wrote: »

Here you go -

"Your loan may be cancelled if
you were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50;
you were aged 40 when your last agreement for a student loan was made and you reach the age of 60; or
your last agreement for a student loan has been outstanding for 25 years."

https://www.nationaldebtline.org/EW/factsheets/Pages/42%20EW%20Fixed-term%20student%20loans/Default.aspx

Ah that's where I'm getting 'age 50' from..

So my loan (an old style student loan, taken out for 4 years in the late 90s) will be cancelled when I am 50 if I haven't managed to pay it back by then? I was 23 when I started university.

So far I've been deferring it every year.

Lungboy

In your case it will be cancelled when you're 48, as it's when you reach 50 or after 25 years, whichever comes first. However, you can't be in arrears. For the OP, would the debt be statute barred?

missbiggles1

Dill wrote: »

Ah that's where I'm getting 'age 50' from..

So my loan (an old style student loan, taken out for 4 years in the late 90s) will be cancelled when I am 50 if I haven't managed to pay it back by then? I was 23 when I started university.

So far I've been deferring it every year.

That's right - mine was cancelled at the age of 60 because I went when I was older.

As long as you make any repayments or defer correctly, it's quite simple - unlike the situation with the OP.