A thought - Statute Limitations and Student Loans

wishiwasarichgirl

I think I had the new style loan (1999-2002ish)
You don't have to tell them your income, if they know your NI number I think they can find it out. When I first started working I was under the threshold so they didn't take anything from my wages. As soon as I went over the threshold they started deducting repayments from my pay. I had never informed them of my job, wages, or address (my statements went to mum's house for a few years)

oscar52

wishiwasarichgirl wrote: »

I think I had the new style loan (1999-2002ish)
You don't have to tell them your income, if they know your NI number I think they can find it out. When I first started working I was under the threshold so they didn't take anything from my wages. As soon as I went over the threshold they started deducting repayments from my pay. I had never informed them of my job, wages, or address (my statements went to mum's house for a few years)

I was under too, when I went over (because of overtime or incentive) they took some. Then I went over the threhold and they started deductions. Then they suddenly stopped.........strange

fermi

I was under the impression that contributions under the newer system were calculated weekly or monthly rather than a repayment decision being based upon earnings for the year.

But I'm on the old "flat rate repayment" or "annual deferment" of the old system still, so I've never had much cause to find out more than that.

wishiwasarichgirl

fermi wrote: »

I was under the impression that contributions under the newer system were calculated weekly or monthly rather than a repayment decision being based upon earnings for the year.

But I'm on the old "flat rate repayment" or "annual deferment" of the old system still, so I've never had much cause to find out more than that.

that could be right, cos if I do overtime or get a bonus they do take more money off me, so you don't just pay back a set amount each month.

fermi

wishiwasarichgirl wrote: »

that could be right, cos if I do overtime or get a bonus they do take more money off me, so you don't just pay back a set amount each month.

Yep. Several of the "online" PAYE/NI calculators have an option to calculate a "student loan repayment" contribution if you have loans under the new system.

See the: "Include student loan repayment" option at: www.listentotaxman.com

oscar52

You are correct fermi - it does go by your earnings for the pay period, so £1250 a month or £288 a week.

but for some reason they have stopped collecting mine

fermi

oscar52 wrote: »

but for some reason they have stopped collecting mine

As I said, I'm on the old system. But I presume it's up to payroll of your employer to collect or work it out in the first instance?