Student Loan Statement

I'm sure this has been asked before but I haven't found the specific issue, if someone can share a link I'd be grateful.

I've received a statement recently saying that in the period April 17- April 18 I repaid £385 to SLC off the balance of my loan.

This is demonstrably false, I pay approx £110 every month and so should have paid approx £1200 this year.

I spoke to SLC and the chap on the phone said my "information" from HMRC hadn't been processed yet, and if I had my P60 to hand he could sort it out. I didn't, so I said I'd call back when I had it.

My question is will this sort itself out in the long run or do I need to take action to obtain my P60s from my current employer and previous employer and get them to sort it out manually?

I estimate I'm 3 to 4 years from paying it off in total. It's a plan 1 loan, if that makes a difference?

Thanks.

Comments

  • trix-a-belle
    trix-a-belle Posts: 1,476
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Forumite
    edited 19 June 2018 at 10:14PM
    i'd be a little concerned that its nearly july and i'd not received my p60 for the last financial year (it also seems a little early for your SLC statement as I always used to have to wait till at least mid July, sometimes september!, but perhaps they are getting better).

    I found with regard to student loans issues it was always worth chasing through from both ends, speak to your payroll department, raise your concern there & ask if they have any suggestions as they will have tackled SLC/HMRC issues before (may be able to push from their side up the chain) & get confirmation of figures from them but you can also add up the totals from your payslips from last financial year to give to SLC. imo payslips are better as you can give them the exact pay date & they calculate based as if they received it on that date.

    also see https://www.theguardian.com/money/2010/sep/27/student-loan-repayments & https://forums.moneysavingexpert.com/showthread.php?t=946099

    so its sadly not new, good luck it will get sorted eventually but sadly its always disfunctional so always make sure you have your own notes on it so you can count down to the last payment and breath a sigh of relief to be rid of it, or as I had to do go chasing them for confirmation that you had paid it off in full as they didn't bother to give a final statement of zero balance or even confirmation that payments had ended.

    eta: some poor person I used to work with actually got told they had to start making payments again through PAYE after paying off in full on the direct debit system due to bad record keeping by HMRC/SLC, the works payroll department were very helpful to them in getting that sorted sharpish.
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • Zorillo
    Zorillo Posts: 774
    First Anniversary Name Dropper First Post
    Forumite
    Thanks Trix a belle. I will have had the P60 but it's buried in the junk room at the moment, if it's anywhere. I've never needed it before :( It doesn't help that I changed employer midway through the year.

    The man at SLC as good as told me to use my own initiative to solve my problem rather than wait for it to get worse, so I guess they're not actively looking to sort it out anytime soon.

    I'll speak to HR and if necessary HMRC but ultimately I'll probably end up just putting my head in the sand and waiting to see what next year's statement says. It doesn't actually make any difference whether the balance shown is accurate or not until the balance says £0.
  • trix-a-belle
    trix-a-belle Posts: 1,476
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Forumite
    as said in the links I posted before, the relevant department at HMRC won't speak to you hence tot up from your payslips or find your p60 and call SLC back with those figures & ask your payroll for advice, the HMRC department will speak to employers (your payroll department) so they may be able to inquire but it is up to you to get the figures & get them on record as thats your proof and then the rest should catch up (probably with a little more of a timely manner you would hope).

    so dig out your p60 sharpish! & have all the p60s that you have got filed somewhere with easy access as believe me you don't want to be trying to find them, or find you don't have the one you need, in a more urgent situation. when its the difference between proving you have paid and being asked to pay again, which this may escalate to if you don't put forward the figures & hang onto that proof to be provided when necessary, i'm sure you'd want to be in the able to prove you have paid camp.
    please don't put your head in the sand you are on mse!! this is the place to get your head out of the sand and get assistance sorting things like this so they are put to bed

    I read it as its not an SLC problem primarily, in fact they have done their best by setting up the system to move those with less than 2 years of payments left onto direct debit. HMRC are HMRC they will continue to take money whether correct or not you need to be on top of your affairs so that you don't lose out negatively
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • Zorillo
    Zorillo Posts: 774
    First Anniversary Name Dropper First Post
    Forumite
    I'll consider myself told! You are right of course. I have my latest P60 to hand and my previous employer have agreed to send me last year's (we'll see), so I'll give SLC another call when that comes through.

    Thanks for the kind advice.
  • trix-a-belle
    trix-a-belle Posts: 1,476
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Forumite
    yay, good luck.
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • Nasqueron
    Nasqueron Posts: 8,281
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    On the SLC website you can submit a declaration showing what you paid if the data is wrong. Does the SLC statement not show how much you paid each month? The one I got yesterday was a summary of 2 years and showed the monthly payments I was making (finally going down a bit lol)
  • Zorillo
    Zorillo Posts: 774
    First Anniversary Name Dropper First Post
    Forumite
    No, it's just an annual statement showing the interest applied and the total 'paid' which is wrong. I didn't find an option to declare it was wrong on the SLC website.

    Nothing through from previous employer yet (surprise!).

    Did this need to be moved?! It's discussing a loan, I'm not a student and it's not about money saving!
  • Zorillo
    Zorillo Posts: 774
    First Anniversary Name Dropper First Post
    Forumite
    All sorted, it's my new employers deductions that hadn't been processed so my balance is now down to where it should be. Thanks for your input to Trix a belle and Nasqueron.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards