Student Loan Repaid.... Still taking my money!

Malt_Vinegar

Malt_Vinegar

Malt_Vinegar

Don
Joined
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In a house
So, I paid off my student loan before the end of the student loans company year end.
They then paid me back the over-payments for the year, which was nice.

However they have continued to take money from my account this year. I am now nearly £2000 out of pocket. Whilst not really causing me any financial issues, it is really annoying!

I have complained to the SLC 3 times, they keep saying they will put a stop on my account, and that HMRC are in-control of the payments. HMRC are saying they have not received a stop, and I need to talk to SLC?!

I know I will get the money back eventually, but I also wish to get the compound interest from the accumulated time. I would also like them to stop taking flipping money each month! They say i can send them my payslips and they will refund me the amounts, but i have been waiting for the payments to stop so I can do it all in one go. However, I can't help but feel I am being fobbed off so they can collect another years payments and get the interest from holding my money for the year.. I know I am not alone in this, and others have had the same problem, but I have never seen any follow up on the stories?!

Any ideas OCUK? Should I get my solicitor involved, or this is a waste of time?
 
Have you gone through their escalation route for complaints listed on their site?
If not, I'd do this just to show that you've followed their procedures and it's failed before starting any more serious action.
 
This was a nightmare for me to, had to keep sending my wages slips before I ended up getting annoyed and having a go down the phone... eventually it stopped!
 
May I ask what convinced you to pay off your student loan early? It's "good debt" and better to just let it run its course.
 
Veco said:
May I ask what convinced you to pay off your student loan early? It's "good debt" and better to just let it run its course.
Click to expand...

Even then it doesn't stop! I let mine run its course, and its only when I enquired how much I had left... I realised I overpaid! :(
 
Veco said:
May I ask what convinced you to pay off your student loan early? It's "good debt" and better to just let it run its course.
Click to expand...

It was done via PAYE, so I did not choose anything, it comes out of PAYE automatically on a ratio depending on what you earn each month.

PistolPete said:
Have you gone through their escalation route for complaints listed on their site?
If not, I'd do this just to show that you've followed their procedures and it's failed before starting any more serious action.
Click to expand...

Good idea, I have found that page on the SLC website, not on the repayments site... I will follow this for now, but will no doubt have to lose another months payment whilst waiting for them to follow the procedure :(
 
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Veco said:
May I ask what convinced you to pay off your student loan early? It's "good debt" and better to just let it run its course.
Click to expand...

Like me he probably doesn't like being in debt regardless of how people on the whole look at it good debt or bad debt is still debt I've also paid off my Student loan hell I apparantly over paid by £200 which i got back a couple of months after the debt was paid.
 
I'm coming to the end of mine, and in my latest statement they advised to contact them to switch to direct debit payments to pay the remainder of the loan off. This will stop the PAYE payments coming out of my wages.
 
This is why it's better to make a lump payment towards the end and make sure it's stopped well in advance. I have heard many horror stories of this nature.
 
I just got off the phone to the complaints in @ SLC..

They have apologised after i complained and told me that they had issued a stop to HMRC previously. Apparently this was ignored by HMRC (i find this hard to beleive!) and will do another "Emergency stop" shortly. However, I have provide my Paye Ref, fax them my may/june/july/aug payslips, and ensure my payroll contact is included on the messages.

I am in the process of doing this now....
 
I have spent more hours on the phone to SLC in my life than I have with some friends.

Take the biggest, ugliest, dumbest ape you can find, imagine it picking it's arse and eating a banana. Now club it with a maglite a few hundred times, give it an icepick lobotomy and feed it stupid pills.
The people who work for student finance are still more retarded.

Remember to record all phonecalls, document name, time and employee number. And confirm everything with a supervisor, it is the only way they will help you.
 
sTUFF LIEK THIS GRINDS MY GEARS.

THey would go ballistic if the roles were reversed with all manner of collection agencies champing at the bit to buy that delicious debt.

You should send a baliff round to them ruff up some call center staff.
 
Someone should just blow- I mean softly disable the HMRC, it sucks...in every literal, hypothetical, philosophical, psychological sense of the word.

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You're probably getting a little tax break on that money, surely? Comes out of wages before tax, then you're getting that amount back from them after, without subject to tax.
 
The thing is, i still think i am being short-changed here..

They said I paid off the loan last year, yet this year they have taken just under 2k. They have already issued a just over £550 refund in July for months up to may.. Then they have asked for my May-August payslips, which account for just over £1200. However, the total on my payslips paid via PAYE is almost £200.. Where has the other £250 quid gone?

I guess i will have to phone up again :(

This is such a pain. I have just send off the fax to them, and am awaiting a reply via my mobile from the named contact at SLC complaints.

QuickLink said:
You're probably getting a little tax break on that money, surely? Comes out of wages before tax, then you're getting that amount back from them after, without subject to tax.
Click to expand...
I had thought about this, but after the hassel of dealing with it, i would rather just they never have taken it in the first place! I also worry about how to account for the funds to the tax man if I am asked?!
 
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