Student loan

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Student loan

Postby LME79 » Tue Dec 16, 2008 10:40 pm

Evening,

I graduated in the olden days and I suspect that the Student Loan company have been paid far more than I actually took out, even taking into account the interest, and a chunk of my salary is going towards this every month still. I called the company and they said that they can't tell me how much I owe and that I need to find my P60s etc ... why can they not tell me how much I owe? Has anyone else had this problem? I wanted to throw the phone out the window after I spoke to them, I really did.
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Re: Student loan

Postby dipsydoodlenoodle » Wed Dec 17, 2008 10:26 am

Provided you have your loan number thing then they should be able to tell you IF you have all the passwords required. I'm sure I phoned up once and didn't have ALL of the passwords and I'd said "oh ok, it doesn't matter, all I wanted to know was how much I owed" and I'm sure they told me because I didn't want specific details. Also if you've overpaid then they'll reimburse you the extra - they did to me with my over payment of £20 lol. I paid it off 2 maybe 3 years ago and I only got the letter within the last few months.
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Re: Student loan

Postby ILoveChristmas » Wed Dec 17, 2008 11:07 am

I suppose things are different in England, but in Scotland we get annual statements of our loan. Presumably you don't get them, but I would have thought they would be on a very shaky nail indeed taking any money from you if they can't work out how much you owe.

Maybe it's more a case of they wouldn't tell you rather than actually can't, or perhaps it's a differernt department. Either way, it should be possible to work out a ballpark figure. You'll know roughly how much you borrowed each year, the loan company can tell you what their rate of interest is and your personnel department at work will tell you how long that deduction has been coming off your salary.

It won't be that accurate, but it'll give you an idea.
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Re: Student loan

Postby dipsydoodlenoodle » Thu Dec 18, 2008 10:27 am

ILoveChristmas wrote:I suppose things are different in England, but in Scotland we get annual statements of our loan.


I'm in England and I got annual statements.
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Re: Student loan

Postby LME79 » Sat Dec 20, 2008 10:46 am

Hey,

Thanks for your replies. I called them again last week and to cut a long story short, I had to speak to two people (the first girl had no idea what she was doing) and the second person advised me to request a stop; to do that I had to photocopy all my payslips from April 08 (end of last tax year) onwards and then I'm going to send them to the SLC. Really really good job I save my payslips as I know SO many people who lose theirs. So, if you're reading this and you have recently taken out a student loan, my advice is to KEEP ALL YOUR PAYSLIPS WHEN YOU START FULL TIME WORK.

Thanks again guys!

LME x
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Re: Student loan

Postby Bel Bel » Mon Dec 22, 2008 10:42 am

i would also request a statement, any finance agreement should be accompainied by paperwork of what you owe etc Also at least annual statememtns should be given
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