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rw42

Student Loans

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Not sure where this belongs really but thought i'd mention it.

Round about May-ish time i thought i'd been paying off my student loan for long enough - i hadn't been getting any statements for ages.

Phoned up, gave the figures on my P60, they said i was done and they'd stop payments. Didn't happen.

Phone up again the other week, girl says i still owe 3k odd, and i'd keep getting deductions. Asked for full statement and received it today.

What confused the silly bint is that the entire statement is a year out of date - last record of payments they've got is for the 09/10 tax year.

Just a warning really - phone up to see what you owe, because from what i'm seeing it looks like they'll happily continue taking deductions way past the actual final payment!

Will have a fun phone call with them tomorrow anyway..

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I rang them the other week to make a final settlement payment as I was close to finishing in the next 6 months but as I am being made redundant, a mega payment will be made through PAYE in December. They reckon they have now put a stop flag on my NI number and I don't have to tell my payroll or anything. Will find out at the end of the month whether that was really true!

It's taken me 9 years of PAYE to pay off £11K of loan. My brother's £14K has now ballooned to £19K in a similar time-frame as he has been out of the country a lot. God knows what it will take the people coming through Uni now.

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What you have to remember is they only know what you've paid through your PAYE wages at the end of the tax year, but then you have to wait for your employer to tell HMRC, and then HMRC to tell the SLC. This can take 9months easy.

What they do now is when you expect to pay it off in the next two years you can cancel the PAYE payments and switch to a direct debit. Once all your PAYE SLC payments have been recorded by the SLC you can view exactly what you owe on their website.

Although, being a cheeky monkey that I am, I've then changed the direct debit to £10 a month as the interest is still only 1.5%, yet my ISA pays more than this.

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They reckon they have now put a stop flag on my NI number and I don't have to tell my payroll or anything. Will find out at the end of the month whether that was really true!

This is what the first person told me - didn't happen.

FWIW, my full statement showed that since i graduated i was charged between 3-400 quid a year on a loan that i think was 14k total.

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What are the chances of the studentloanrepayment.co.uk website being up for more than 24 hours? That thing has been down 80% of the time for months.

There's nothing you can do on there that you can't do by phoning them up, but it's a lot more convenient. What a crap organisation.

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  • 277 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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