Student Loan Repayments not showing on statement - help!!!

becominganobsessivesaver

I've just got my student loan statement through for the year to April 2007 and it shows my total repayments to be a big fat zero!!! This is completely wrong - I graduated in 2003 and have been making repayments since April 2004 (due to dropping out, so needed to start before everyone else!) I have always earned over the threshold and my salary was £25k in January 2006, rising to £35k in October 2006 - so there should be about £1500 paid off in that year.

I'm going to call them on Monday (nice expensive 0870 call as well), but I'm absolutely fuming. The interest calculation has been based on NO repayments, so this will also be wrong!

Has anyone else had any issues like this. Any help or advise would be much appreciated!

Incisor

So, do you think you have paid anything off and how do you knw?

BruceyBonus

Are the payments showing on your payslips?

Lokolo

The above poster - it says on their post they have made repayments since 04.

Ok well get all your payslips showing that you have been paying them back, make photocopies and start working out how much you have repaid since each year (Sep-Aug as this is when interest rates are put forward).

Incisor

Lokolo wrote: »

The above poster - it says on their post they have made repayments since 04.

We know, we read it. But the OP is going to have to take it further, so it would be useful to know what evidence the OP has and some idea of where the money might be. Getting clarification. Don't knock it.

Sol00

I used to work at SLC and this was a problem from time to time.

The most likely reason it isn't showing on your statement for that year is due to the HMRC not passing on the deductions to SLC on time, thus SLC do not know what repayments you have made.

I know it's easier said than done, but don't worry about it. As soon as SLC receive it, they'll appy it to your account and also deduct the interest applied from that time.

becominganobsessivesaver

Thanks for your replies

My payments have been taken from my payslip every month, so they must be lost in the system somewhere. I know all being well it should get sorted, but I just wondered how easy it is to deal with the SLC?

Lokolo

not very.... but have a go anyway!

Sol00

becominganobsessivesaver wrote: »

Thanks for your replies

My payments have been taken from my payslip every month, so they must be lost in the system somewhere. I know all being well it should get sorted, but I just wondered how easy it is to deal with the SLC?

It's not as bad as some make out. If you phone SLC with your payslips, the advisor can enter the deductions into the system and work out your total remaining balance as at that date.

Loose_Cannon

Also, when you contact the SLC, make sure you have your P60 for the financial year 2006/07 to hand. This summarises the tax collected from your payslip by HMRC through PAYE - it will also show the total student loan deductions for the year.

I have now paid off my student loan, but my experience was the communication between SLC and HMRC is very inefficient. It's a recognised problem, and once the SLC have the full information about your contributions at their disposal, they should back calculate the interest as if they had received the payments on time. This is actually what they do as standard - they receive just one annual lump sum payment from HMRC, but calculate interest as if they received monthly payments - so it shouldn't be difficult for them to do.

gruntifornication

Hi All,

I have had similar problems, but to a worse extent.

I noticed this only a few years after having started making payments... and called SLC immediately. They claimed that HMRC hadn't sent them statements so could not deduct repayments. They told me to contact employers to get P60 to send to them.

As I was in temporary employment, my agency say they cannot provide me with a P60 for so long a time ago and the SLC say they will not make deductions without P60... even though my payslips show how much money has been paid to them.

I am seemingly stuck between a rock and a hard place, and as it is a few years on, I don't expect HMRC will ever send them the information they require... thus meaning I face losing thousands of pounds.

Can anyone provide any advice?

Also, I want to make sure the interest I am charged is recalculated, as I have been charged interest on a false amount.

The whole procedure seems a shambles to me, I don't understand how it can be so difficult to process.

Thanks in advance.