Student Loans Company Agressive Letter
- Thread starter FoxEye
- Start date
So you borrowed money 12 years ago, still haven't paid it back, and your not happy that they are asking for you to pay it back despite having 15k in savings???
Pay back what you owe from your savings, be done with it and move on.
Sorry but you dropped out of your course so the rules are slightly different for you. In theory they can ask for the full balance back from after your leaving date. There is a formula in their terms and conditions that shows you how to work out what percentage you can 'keep' which all depends on your actual leaving date.
Good news is that even if your savings easily outstrip the value of the loan its doubtful they will ask you to pay until you are back earning over the threshold. They're just checking that you aren't a secret millionaire.
Good news is that even if your savings easily outstrip the value of the loan its doubtful they will ask you to pay until you are back earning over the threshold. They're just checking that you aren't a secret millionaire.
[FnG]magnolia;28144362 said:You seem to have been happy taking their money
The SLC is entirely government funded, but remains a private company. As such I think it's reasonable to be cautious about giving them sensitive information.
Let's also not pretend that people can go to uni without taking out a loan.
If he wants to use the money elsewhere, then why would he do that if he doesn't need to?
[FnG]magnolia;28144413 said:
Contra proferentem my friend.
In any case, bodies such as HMRC, and no doubt SLCs, are constantly making demands of taxpayers on the basis of such clauses which later are ruled incorrect.
I'd still just send my statements in and see what comes of it, before getting too uppity about it all, though.
![[FnG]magnolia](/styles/overclockers/avatars/9.png){kind=avatar}
Caporegime
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I don't understand your first point and I didn't suggest your second.
Why don't you save 50 k and just pay it off?
e: this was to post #44, not cheesboy's.
Why don't you save 50 k and just pay it off?
e: this was to post #44, not cheesboy's.
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OP, if you have £1.5m in a savings account at 1%, then you are "earning" ~£15k/pa in interest.
This is unlikely to be relevant, since if you had £1.5m in savings, you probably wouldn't be asking on a computer forum for advice on your student loan, so I doubt you have much to worry about...
Having a job is not the only way to "earn", so I would imagine this is what the SLC are trying to find out. Put the tinfoil away, send them the info they're after, and carry on with your life before you give yourself a hernia.
This is unlikely to be relevant, since if you had £1.5m in savings, you probably wouldn't be asking on a computer forum for advice on your student loan, so I doubt you have much to worry about...
Having a job is not the only way to "earn", so I would imagine this is what the SLC are trying to find out. Put the tinfoil away, send them the info they're after, and carry on with your life before you give yourself a hernia.
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I don't believe that's true. From what I'm reading, the same rules apply for graduates and those who failed to graduate.
What they can demand paid instantly is any money paid for days that you should have attended, but didn't. Ie, you dropped out 1/2 way through the year - they can demand 1/2 the money for that year back instantly.
Failing to graduate - if I'm reading this correctly - does not mean they can ask for the total loan back at any time. Please show sources if you can prove what you said.
[FnG]magnolia;28144477 said:
Because from what I was initially told there's no need to pay it off fully? Ever. After 30 years any remaining balance will be wiped off.
Why would I throw money away when the system doesn't require me to pay off this loan?
Don't listen to me tho, take it from Martin Lewis:
http://www.telegraph.co.uk/finance/...ime-to-stop-calling-student-loans-a-loan.html
This is what I signed up to: a "loan" that never gets repaid unless you do very, very well. Which I didn't.
Anyway, I've written them a letter expressing my concerns and await their response.
Soldato
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Yeah, because that kind of mentality is restricted only to students, and [insert hate figure of the week here].
http://www.telegraph.co.uk/finance/personalfinance/investing/bonds/11655871/How-Lloyds-pathetic-plea-of-poverty-was-justly-thrown-out.html
No one wants to pay they money back. He is just trying to ascertain what his legal obligation is, in the face of threats from a bank/government who have a track record for consistently lying.
There's two type of people in this world. Those who "cheat", and those that fail.
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Soldato
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I think you are probably best to just provide your account information so they can see you are not earning £15k+ from interest on savings/stocks etc etc.
They will likely say, thank you very much, no further action is warranted but if/when you get a job please send us details of your earnings then and we will reassess your repayments.
They will likely say, thank you very much, no further action is warranted but if/when you get a job please send us details of your earnings then and we will reassess your repayments.
I'd recommend making an appointment at cab and sending them unedited copies of your statements.
I imagine the current fun and games the SLC are playing will land them in hot water with regulators in future years, so play their game right up until they try to take money they are not entitled to. Not really worth pushing back until then.
And a £150 "Fine"? Wow, financial services really do have short memories.
I imagine the current fun and games the SLC are playing will land them in hot water with regulators in future years, so play their game right up until they try to take money they are not entitled to. Not really worth pushing back until then.
And a £150 "Fine"? Wow, financial services really do have short memories.
Well I'm just about to start uni was told we would not have to repay unless you earn over £21k per yr. Can't imagine it being any different then. I'd get on the phone and ask them, probably the best way to get some answers.
What has that got to do with anything, you signed up fir credit. You seem very naïve. Look what you have to supply to get a mortgage. If you think what they are asking for is over the top.
Why on earth would you ask that?
My questions would have been, something like:
- Why are they interested in my balance and not my income?
- Are they interested in my total savings, or the income from those savings?
- How will any savings potentially affect my repayments?
Why would you not try to get answers to the important questions, instead of asking a pointless question that was blatantly going to be knocked back.
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I don't think anyone really hopes to have a minimum wage job for the rest of they lives, that's just the situation he finds himself in.
Good on him for knuckling down and saving to get on that housing ladder, proof you don't need to be a high flyer to make something of your life. Far better that than he knocks up some bird, gets a free council house then spends all his benefits on sky tv, cigarettes and carling.
Given the shortfall in revenues for the SLC I am not surprised to see borderline illegal strong-arm tactics, nor am I surprised it's the weakest and least able to defend themselves they are going after. It may not be illegal but if they carry on they can expect a slap on the wrist from the regulator.
so you don't pay anything then... you probably still have to prove you're not earning - not everyone is paid via PAYE thus the request for bank statements
They do when people stop making payments