student loan reclaiming overpayments

bops1990

I tried to reclaim overpayments which I thought I had paid on my student loan. When I contacted the student loans company, I was told the 9% over the yearly threshold is not always applicable an that as I am paid monthly 9% over the monthly threshold would be taken instead.


Is this correct or should it still only be 9% of everything paid over the yearly threshold?


Confused! Thanks

Herzlos

It'll be factored into your pay cycle. If you get paid monthly, the threshold is divided by 12, or weekly it's divided by 52.

So I don't think you've got any route to get a refund if you go over the threshold on some pay cycles and not others. You can always ask them though.

Shakin_Steve

Herzlos wrote: »

It'll be factored into your pay cycle. If you get paid monthly, the threshold is divided by 12, or weekly it's divided by 52.

So I don't think you've got any route to get a refund if you go over the threshold on some pay cycles and not others. You can always ask them though.

I'm not sure that's correct. If you only work six months of the year, and only end up earning, say, £20000 over those six months, I think you should be able to claim back any payments that you made.

I'm off to have a google.

bops1990

Did you manage to uncover anything in your google search?

Shakin_Steve

Right young fella......there is absolutely nothing online that I could find. So..I rang student finance. The first chap I spoke to was as confused as a very confused person, and couldn't get past the fact that it was a general enquiry and I didn't have a customer number to give him.
He transferred me to repayments and a really helpful young lady called Jade couldn't give me an answer but went off to find out.
She told me that, at the end of the financial year, if you hadn't earned enough to pay anything off the loan and this was verified by HMRC's return to them, you should ring up and they would authorise a 'Below Threshold repayment'.

That was quite hard work, makes me think that they really don't want you to know.

bops1990

Thanks for that. I don!!!8217;t understand why they make it so difficult to find out. I wonder if a lot of people are now asking for overpayment refunds. Anyway thank you for your efforts !!!55357;!!!56842;