Paying back too much student loan - who to blame?

dominicstannard

I've just realised, after doing some calculations, that i've been paying back my student loan as though i started university pre-2012, rather than post-2012.

As such, this amounts (at the moment) to more than £50 a month too much. Over the years - it seems i may have paid back around £1,000 more than necessary.

I've spoken to HR, HMRC and the student loans company who have all said it's not their fault and told me to speak to one of the others. I desperately need to reclaim this £1,000 and feel helpless at the moment.

Does anyone know exactly who is responsible for ensuring i'm classified as a graduate who started post-2012, and thus should be paying back 9% of anything over £25,000?

Completely stuck at the moment and moving house soon, so the £1,000 would make a genuine difference.

:money:

foxy-stoat

No idea I am afraid - I would look at your paperwork for the loan as a starting place. I doubt you will be able to reclaim the £1000 extra that you have paid towards your debt as you owe the money anyway, you will just repay it back quicker and pay less interest.

CakeCrusader

Pre 2012 is plan a. I think (sorry if I'm wrong), the contributions are auto deducted via your pay by HMRC and passed to the SLC. It should be the SLC who refunds you, as they are the ones who have any extra cash, they have to have confirmation from HMRC though; http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678571&_dad=portal




I use this to calculate my pay and SLC deductions; https://listentotaxman.com/



I think the problem is, if you're paid monthly and you get overtime it makes it look as if you're earning over the threashold (let's say you earn 2k), so the student loan is deducted. If the following month you've earned far less then the threashold (let's say 1k) you won't make a payment that month but you've still made that payment the previous month. If you've earned below the threashold in that tax year but you had a month where you were paid a lot, you still end up making a payment. Sorry if this doesn't make sense!!

molerat

dominicstannard wrote: »

I've just realised, after doing some calculations, that i've been paying back my student loan as though i started university pre-2012, rather than post-2012. :money:

England & Wales or Scotland & NI ?

dominicstannard

I was born and studied in England. I also don't get paid overtime, so i'm on a flat salary with no fluctuations etc!

dominicstannard

foxy-stoat wrote: »

No idea I am afraid - I would look at your paperwork for the loan as a starting place. I doubt you will be able to reclaim the £1000 extra that you have paid towards your debt as you owe the money anyway, you will just repay it back quicker and pay less interest.

Sadly, paying it back at the rate that i currently am it would take more than 45 years (when it would be wiped anyway) so i'm really not keen to be paying back more than I should be under the current rules. As a recent graduate living in London - having £50 taken out of my pay check unnecessarily is a serious hit!

dominicstannard

molerat wrote: »

England & Wales or Scotland & NI ?

Sorry should've quoted (first timer!):

I was born and studied in England. I also don't get paid overtime, so i'm on a flat salary with no fluctuations etc!

foxy-stoat

Lucky you found out a year and a half after you starting paying it back then - imagine if you didnt check for another 10 years !

diggingdude

I'm not sure there is anyway to reclaim this. I over paid about £700 last year due to missing a large part of the working year following an accident. No one I have spoken to says i can reclaim which is annoying

magnuscyrus

I think you should check the administrator of the student load.. you can receive refund..