Student Loan Repayments

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SMN

SMN

SMN

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OK, so I graduated in July 2009 so by the guidelines i would have expected that at the beginning of the next tax year (April 2010 to state the obvious) I would begin repaying said loan automagically.

This was not the case. I moved jobs in July, so figured OK i wont rock the boat now, lets wait until everything settles etc tax code wise before i re-check. Ive just had my 2nd pay cheque now for this job and still no deductions.

Has this happened to anyone else? I'm going to ring up the HMRC later today and tell them because if they find out in 3 years time they'll probably want all of the 3 years not-paid in a lump i imagine :(

Cheers.
 
Are you earning £15K or over? My understanding is that the student loans company knocks off 9% of anything you earn over £15k. It is done automatically. When my wage went below the threshold, again, the deductions automatically ceased. If you are on £15K+ and the payments aren't going out automatically, then yes, I would contact HMRC. Or even the student loans company. They should have a number stuck somewhere on the yearly statement that you get from them.

Ninja edit - the 15K bit has already been answered.
 
I swear there was a thread like this before and someone said that after 15 years after graduation they still hadn't paid a single penny of their loan back.

Not saying this is good.

But I don't think this is totally uncommon.
 
Cheers guys. Monserrat, when yours was deducted what did your payslip say? Did it have another tax section or was it bundled in with "NI" and "Tax"?
 
Monserrat said:
SMN, it showed as an extra line underneath the NI and tax bit. For example, when I was on £15.5K, it would have said:
Click to expand...

Awesome, thanks. mine just says:

Income Tax:
NI:

I'll ping my Payroll dept today and get them to sort it. I'd rather get it done than have the taxmen after me. Especially if i emmigrate, i'll be a fugitive like Wesley Snipes :)
 
I went for 2 years without paying back a penny, when I finally decided to control HMRC they were fine about it, didnt have to pay any penalty or lump sum they just started docking me £35ish a month. Kinda wish I'd left it longer now ;)
 
When I got my first job after uni my employer asked me if I was in any rush to start paying off my loan because they could offset it for a while so I assume it's something that your employer needs to give the go ahead to. Just ask them if you're worried mate, the repayments are very small so don't put it off too long, it's not worth it.
 
SMN, they won't ask for it in a lump sum. They'll simply start taking it as usual, possibly without any notice.

Have a couple of guys at work who were in a similar situation. Went 5/6 years not paying it (and they didn't tell the SLC either). One day they each had around £120 deducted from their pay. They knew it was gonna happen at some point...
 
This reminds me. I never graduated but I have two years worth of student loan to my name. It's been about 5 years since I've been earning over £15k and nothing gets taken from me by them. Best get in touch!
 
Although on the other hand, the longer you avoid paying it, if you technically save the amount you would be paying you'd be getting interest on it therefore making it relatively less debt. Also you'll be earning more when they start taking it out. Not much in reality though I guess.
 
Random point :

I have a recollection of being in college and being told that if you remove your self from the country for a certain period of time they just don't bother any more and wipe it, can't quite remember the specifics or if indeed i am completely making it up.

On a slightly related note my mother still recieves the odd letter trying to chase my sisters student loan from about 13 years ago but as she's living in NZ its completely ignored :p
 
They actually started taking mine straight away (started first job 2 weeks after graduating) although I wasn't going to complain as it was during the year of interest freeze so I was paying off pure capital.

At the same time it took them 2 years 6 months to start taking my girlfriends.
 
Starting repaying mine immediately after graduating! Having a few years with the extra money would have been nice, I suppose there is no way now of stopping it.
 
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