I am not happy with Plan 1... am I the only one here?

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  • sheramber
    sheramber Posts: 19,269 Forumite
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    Adams18 wrote: »
    Of course I think 750 out of 9910 is a big amount leaving my pocket. Same reason I think paying 250 pounds a month for a gym is too much, and 150 for a phone contract a month is also to high.

    "You signed to pay it as a percentage of your income" - I must have missed this small print being a 17 year old boy.

    I paid 4500 on that 9910. I don't think that is reasonable, same way a mortgage term for 10 years isn't reasonable for everyone.

    So are you asking HMRC to pay less tax and NIC as that amounts to much more than your student loan?


    If you didn't read your student loan agreement before you signed it that is your fault. I hope you now know you should not sign anything without reading and understanding it first.
  • badmemory
    badmemory Posts: 7,841 Forumite
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    Is a 17 yr old able to take out a loan/sign a loan agreement?
  • sheramber
    sheramber Posts: 19,269 Forumite
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    Student Loan available form age 16

    https://www.saas.gov.uk/full_time/ug/young/eligibility_age.htm
  • thetechguy
    thetechguy Posts: 2 Newbie
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    i'm on plan 1 too so i can sympathies with you over the large amount coming out of your pay each month but to be honest i'd rather be on plan 1 than plan 2 with it's 6% interest rate and never having it paid off.

    At least with plan 1 most of that payment is going to reducing the loan instead of going into Whoever's pocket who bought the loan book from the government.
  • Lorian
    Lorian Posts: 5,707 Forumite
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    Adams18 wrote: »
    Paying £4500 in taxes and deductions in one month is heart breaking sorry if I sound ungrateful, but doesn't seem reasonable to me.

    As long as you aren't a higher rate tax payer (including the bonus) you should get some of that tax back in subsequent months.....
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