NOW OPEN. The MSE Forum's energy-themed Ask An Expert event is open for questions. Visit the dedicated board to ask MSE Gary & MSE Andrew about gas & electricity
None-payment of student loan
Legacy_user
Forumite 0 Posts
Newbie
Hello all,
I havn't paid my student loan back...I didn't mean not to, just lost track of it. Anyway I left Uni in 1999 and deferred for a year however I have moved loads of times since, and have heard nothing since 2000. I now have a wife and child to support on a low (But not low enough for them to leave me alone) income.
Does a student loan fall into the 6 year rule, or is it like tax, and payable forever....(I dread to think what the amount now would be, but even at 0.2% interest, it will be a fair bit).....
I really hope someone can ease my mind on this one, cos as i am sure my money making mates on here will appriciate it will take a gew coupons, and freebies to make up a student loan.
I havn't paid my student loan back...I didn't mean not to, just lost track of it. Anyway I left Uni in 1999 and deferred for a year however I have moved loads of times since, and have heard nothing since 2000. I now have a wife and child to support on a low (But not low enough for them to leave me alone) income.
Does a student loan fall into the 6 year rule, or is it like tax, and payable forever....(I dread to think what the amount now would be, but even at 0.2% interest, it will be a fair bit).....
I really hope someone can ease my mind on this one, cos as i am sure my money making mates on here will appriciate it will take a gew coupons, and freebies to make up a student loan.
0
This discussion has been closed.
Latest MSE News and Guides
Replies
Learn from the mistakes of others - you won't live long enough to make them all yourself.
not if you're a priest as far as i know.
Lady_K
I work for the Student Loans Company (dont shoot me!!) and they will keep chasing you for repayment - it is 25 years until they are written off!
Are you eligible to defer your loan again? This has to be done every year and is possible as long as your gross income is less than £1,780 a month. If you are, I would suggest contacting SLC and requesting a deferment form. This will defer the balance of your loan for 1 year, you can then concentrate on paying back the arrears which will have accumulated (all the payments due since your original deferment ended)
I don't want to preach at you but you are best to get this sorted as if SLC cannot trace you to get payment they will pass your account to a debt collection agency who are alot les understanding - believe me!!!!!!
Anyhoo, hope you get it sorted out and if you need any more advice, just ask me!
Believe me, they will be a lot more understanding & helpful if you contact them about the situation - tell them you're worried about it (as opposed to my hard nosed "you can whistle for it mate" attitude!). Luckily I "acquired" a lump sum (legally I might add) just after they started hassling me & paid off all the arrears. Now I make sure I defer every year on time, as I am still earning just under the limit.
A friend of mine, who shall remain nameless, graduated in 1997 from a University. As a result of his family situation he had two surnames, one which his student loan & bank account was in, and one which his NI number etc were in. When he left Uni he closed his bank account and went to work abroad for a few years, confident they wouldn't find him.
In 2001 he got a call at his house (in a new city, under his other name) from Student loans chasing him for repayment due to his 'oversight'. They had been investigating him for a while and eventually caught up with him, and even knew where and for who he had been working abroad. He now has to pay back a higher rate per month than he would have had he paid from the start....
Like the Inland Rev, they'll get you eventually!
Good luck
TQ
I'll remove if it is your name.