Interest added after paying off student loan

kara_p_uk

Hay all
I paid off my plan 1 student loan 27/2/23.

I had a confirmed direct debit payment plan for the last 11 months of the loan to ensure I didn’t over pay via PAYE. At the end of the 11 months SLC stopped taking any payments as per the plan.

I have not had a statement in the post since 2022 and assumed this was because the loan was now paid off in full. 

Yesterday I logged into my student finance account to add financial information for my son’s student loan. Once I submitted this I noticed I had unread messages in the account and assumed they would be about his student loan application. 

To my shock the unread messages were two statements. The first dated November 2023 which showed my payments as ending 27/2/23 but interest being applied on 28/2/23 and 31/3/23 giving me a balance of £26.66

The second was a statement dated 21/5/24 was a statement showing a balance of £93.35 due to interest compounding each month since 28/2/23. 

Before I call SLC today any advice around their payment arrangement for the direct debit plan calculated by SLC not being sufficient to actually cover my loan, whether I should pay it off or argue it as this was not something that was my fault, why I haven’t been contacted to say I have an outstanding amount of £26.66 in 2023 and anything around why I have not received postal statements? 

If my son wasn’t at uni I wouldn’t have had any reason to log into the account potentially leaving the interest to accrue into thousands over years. 

Also worried this is happening to lots of other people.

thanks Kara 

HampshireH

SLC are awful they run what seems an extremely archaic set up.

But when I paid off my loan I requested and received confirmation via post it was all paid off. Did you ever get that?

Does your online account show any letters in the documents section of this interest?
If not use that in your argument also the fact you haven't received any statements etc