Student loans company - no contact?

kimchi

Hi just wanted to get some advice

I finished uni in 2005, since then i have had various jobs, mainly temp ones in the UK, but have spent the majority of time working abroad. Anyway, I have not heard anything from the student loans company about paying the 11,000 back that I borrowed?

I dont know whether to keep quite and hope they never contact me or what?

Riq

They sent me a yearly statement the other day.

I must also say that they will automatically deduct the payments from your salary when you go over a certain point. Think it's £15k currently.

They wont just forget about it!! lol

CLAPTON

obviously you have kept them informed of your address and contact details
all the information is on their website
e.g. about working overseas

http://www.studentfinancedirect.co.uk/portal/page?_pageid=53,1261379&_dad=portal&_schema=PORTAL

Sol00

If you're working abroad you need to contact the SLC to let them know as they can't deduct the repayments from your tax and need to do it manually, provided you're over the threshold. If you don't keep in touch they will trace you and, I've got to say, the charges are not nice.

roxalana

Definitely a good idea to contact them, so you don't get stung by additional charges.

pinkshoes

Their web page says:

Overseas





If you work, or are planning to work, outside the UK

You will make repayments directly to the Student Loans Company. You will need to provide us with evidence of your income in order for us to determine a repayment schedule for you. It is important that you contact us before you leave the UK – with as much advance notice as possible.
This form will allow you to provide details of your circumstances and prospective income to the Student Loans Company:
Overseas income assessment form (136kb).
Overseas income assessment guidance notes (90kb).
Prices and salaries vary between different countries, so if you move abroad the repayment threshold will not necessarily be the same as for UK residents.
However, you would still repay 9% of your earnings over the repayment threshold for your country of residence.
You can use this table on the Student Loans Company site as a rough guide to payment thresholds for different countries:-
Repayment thresholds for different countries
Before you enter repayment

If you are working overseas and make the Student Loans Company aware of this, a letter will be sent to you confirming whether repayments are due and, where applicable, what the repayment is each month. If we do not have this information we will request that you provide us with the details of your income. You will also be asked to make repayments directly to the Student Loans Company and we will help you to arrange this. If you do not inform us about your circumstances, the applicable Regulations state that you may be subject to penalties.
After a year, a reassessment form and letter will automatically be sent to you, under the assumption that you remain overseas. It is important to note that if you return to the UK without advising us, you may end up continuing to make repayments by direct debit as an Overseas Repayer and via PAYE if you find employment in the UK.
If you are outside the UK for less than three months

You will continue to be treated as a UK taxpayer. Your details will be referred to HM Revenue and Customs (HMRC) (formerly the Inland Revenue) for the relevant checks to be made in order to begin repayment deductions through the UK tax system.
If you return to the UK for less than three months

You will continue to be treated as an Overseas Repayer. However if your time in the UK then exceeds three months, the current repayment arrangement will be ended and your status will revert to that of a UK taxpayer. Your details will then be referred to the HMRC for the relevant checks to be made in order to begin repayment deductions through the UK tax system.
If your income changes while you are overseas

You may already be making repayments towards an Income Contingent Loan while you are overseas, having set up and agreed a repayment schedule with the Student Loans Company, when your income rises or falls. If this happens you should contact the Student Loans Company in order for your required repayments to be reassessed.
Making payments by international bank transfer

SLC’s bank details are: Sort Code – 835200 and Account Number is 00676345.
To make payments from an international bank account you will require the following International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for the Student Loans Company Ltd.:-
IBAN - GB41RBOS83520000676345
BIC - RBOSGB2L
Please note that BOTH of these codes should be used. You will also need to quote your loan reference number or ART ID to make a successful payment. There may be a handling fee charged by both the sending and receiving bank - please contact your bank for more information.
Who to contact

If you are an Overseas Repayer and wish any information or assistance relating to your loan account, you can telephone 0141 306 2000, Mon - Fri 08:00 - 17:30, or write to Student Loans Company Ltd., 100 Bothwell Street, Glasgow, G2 7JD

kimchi

cheers guys
i did fill out a form before i left the uk telling the SLC where i was going and what i would be doing but i never heard anything back from them either through email or post?
I hope i dont get a massive fine or anything cos im back at uni now doing a postgrad course so moneys a little thin as it is

currie

dear kimchi
my boyfriend had student loans dating back to 1997 and we went travelling for 2 years in 2002 , and he FORGOT to tell them, when we returned we lived and worked in dublin, now back in belfast, they have caught up with him....be warned they slapped a £135 fee for not keeping his details up to date with them and have doubled the interest each month, he did get a letter wanting full payment immediately, but he put a letter in writing and is now paying back £150 per month....they are still charging him double interest though....

kimchi

dear currie
I feel sorry for ur boyfriend, but i did tell the SLC that i would be away, but im getting worried now that if i do contact them they will slap me with a fine as well.

morg_monster

currie - if your bf's SL dates back to 1997 then i think that would be under the old, old system, with interest higher than inflation - it was more like a bank loan, and so they do charge etc like a bank would :-(

Under the old system (started in 1998) which kimchi would come under, I don't think they make punitive charges like fines etcetera. As long as they have a "good" address for you, I wouldn't worry about having NEVER heard from them - since it can take a while for the right records to come together and trigger a letter about paying back. But since you have heard from them in the past - they usually send a letter every year to check up on your status. Do check they have a proper address for you, call them up. I have never changed the address from my parents' address, at least this way with changing where I live every year or so (renting, bah!) I know their letters will always reach me!
But don't worry too much about fines or anything. You'll just start paying when they catch up with you, I have never heard of anyone under this system having to pay arrears or charges or anything - it just means you'll have been accruing interest for longer.

epiphone_2

so I have a loan from 1999, which falls under the new system, I believe there is an even newer system post 2006 too. But anyway, morg_monster Im looking for evidence of what happens with the new system loans then, pretty much in the same way currie posted about her boyfriend.

Anyone know of any for the new loan system?

As ive been abroad not told SLC, and if I now want to start paying back, while still abroad, will I get these fines too?