Non repayment of Student loans

tricky13_2

Hello chaps- bit of a covert mission this one....
I should be paying back my student loan, definately, but it's not being taken from my account automaticly anymore (since i changed jobs).
AND i'v been in this job for yeeeeaaarrrssss, but as you know buying a house, doing it up, running a car has always got in the way of the guilty feeling to sort it out.
Can they do anything nasty about this-? Bear in mind it will be written off at 65 (not after 25years- seems I picked the wrong time to go to uni).
What would you do? I mean I like this job and see myself here for a long while, how are they going to find out?
Is there still a period it gets writen off if you earn below the £15,000 min?

Rafter

The loan will still be there - earning interest at the rate of inflation and no doubt at some point some underpaid civil servant will link up your national insurance number and find you.

I don't know what your responsibilities are with this - if you handed over your P45 to your new employer and your national insurance number and tax code were moved, then I'm inclined to think it is the student loan companies fault for not having a robust system in place.

R.

CLAPTON

which sort of student loan do you have?

tricky13_2

The one that ran between 1998 and 2006. Inflation only, non grant, from the student loans company.
Funny one isn't it?

timnicebutdim_2

It's up to the HM Revenues and Customs to instruct a payroll department to deduct student loans from a salary and it's the responsibility of the employer to act on it.

So assuming the student loans company have your current address details (in case they send any letters/statements) there's not much you need to do IMHO.

CLAPTON

Your P45 from your previous job should have been marked so that the Loan reduction was continued automatically in your new job.

Maybe they forgot to do this or maybe your new employer forgot to act on it.

In any event you are responsible for ensuring the loan is repaid.
I would suggest in the first instance, you contact your payroll department.

sparvar

You can pay into it voluntarily if you wish, I am sure you can afford £50 a month if you try, it is still earning interest and will eventually catch up with you and it is likely to be at a time you can afford it less than now!Mine will be paid off in August, it's been £180 a month for the past 4 years and I am really going to appreciate the extra money!Best of luck, remember the tax people will always catch up with you eventually, better to pay a little every month and have it off your mind.

wilf55

be warned they tracked me down and ended up with ccj get in contact with them the ccj occured cos i had moved so many times and didnt renew my i dont have to pay status thing but they will get you

jamesd

tricky13, minimum prudence is starting to save both the current payments and enough to repay the past payments plus interest on them within a few years. Then you'll have the option to contact them and pay the extra money that is due. If you say what the payments are and how long it has been since you stopped I'll work out a range of timings and amounts for you to get to this point.

tricky13_2

When I changed jobs i wasn't actually paying the loan off as I wasn't earning enough. Could this be why?
I have worked out I owe them £1215 (not actually as much as I thought!) so will probobly go with the option of putting it to one side in an isa or something.
Havent moved house since either as I got my flat in my old job so its not like they have lost me! Other people in the company have their's taken out so payrole are aware of the procedure.
Didn't think I could get ccj'd so thanks for the heads up with that one as i'm quite proud of my credit rating.
Oh just remembered my statement goes to my parents adress- could this be significant?

jamesd

The address could be significant if someone in payroll rejected the request to charge an employee with your name but the wrong address.