Student Loans Company Agressive Letter

Glaucus said:
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.
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I'd probably tell my mortgage company to **** off if they tried to insist on me providing bank statement for all my accounts long after we'd agreed the mortgage. More so if they said they would fine me if I didn't comply.
 
What savings? ;)

Did the same to me when I took VR form my previous job in London. Nothing came of it in the end, but I did get another job 4 months later and was living at home with parents.

Can they even legally check or find out how much you savings, or if you don't tell them, then what could they actually do?
 
cheesyboy said:
I'd probably tell my mortgage company to **** off if they tried to insist on me providing bank statement for all my accounts long after we'd agreed the mortgage. More so if they said they would fine me if I didn't comply.
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What if you stopped making payments and effectively went to them and said "according to the terms of my mortgage, I am now earning less than £x and therefore I can delay paying you. Oh, by the way, you have no way of checking my income is below that amount as I don't have a salary through PAYE nor complete a self assessment so don't report my income via those methods".

What do you think they would say then?
 
Dave M said:
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.
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To be fair, I did say good on him for saving earlier in the thread.

I was referring more to the tone of this post and particularly the last part about doing 'very, very well and didn't'. Which all sounds a bit final.

FoxEye 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.
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Is your loan still owned by the SLC? There's been a large number of threads over at MSE forums where people have complained that their student loans have been bought out by a large debt collection company and they're using strong-armed tactics to obtain the money that you owe.
 
-Ad- said:
Can they even legally check or find out how much you savings, or if you don't tell them, then what could they actually do?
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Most likely not, but there's probably a clause that says if you can't prove otherwise, then they will just bill you for the default amount. So it really is in your best interest to prove that all of your income doesn't exceed the 15k threshold.
 
go to bank, get tax certificates for relevant accounts showing interest received in whatever year is required, send to slc, tell them to jog on?
 
The way I read it, you will only pay anything back if your savings create interest of more than £2,000 per annum. You'd need 4% on £50k to get that, which I'm assuming you don't! I'd be surprised if they could raid your savings.
 
FoxEye said:
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.
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SLC is not a private company, its a non-departmental government body, in no way is it private, it's not for profit and reports directly to the Department of Business Innovation and Skills.

As a result it is subject to all the usual array of Government oversight in terms of security, data protection and the likes.
 
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You earn no interest so have nothing to worry about. Let them see the details they ant and move on. If they then try and force money out of you then you can start fighting.
 
chanjy said:
Tell them to check back in 5 years when you're earning 50k? :p
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forgot about this

http://forums.overclockers.co.uk/showthread.php?t=18613933



to be fair to the student loan company I'm assuming they seen him as someone who was making regular payments, has now lost their job and hasn't signed on for JSA (assuming they know when people are on benefits?) - this is obviously worth looking into - how is that person supporting themselves now they're not in work? Are they getting paid work but not via PAYE, have they got substantial resources... it is worth checking whether there are some unaccounted for cash payments being made from some undeclared job/income or whether the savings/investments they have are netting them over 2k per year.
 
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Surely they don't know how many accounts you might have? (unless you've said too much on the phone already?)

So, send them a statement for the one account that has the least in and forget about it.
 
FoxEye said:
Well, just got off the phone with them.

They say I need to provide bank statements for all accounts and these must show the current balance of those accounts. I asked if I could blank out the balance (to just show transactions) and they said that would be rejected!! Apparently my bank balance is covered by the clause in the contract saying "I agree to keep the SLC updated with any changes in my circumstances". Can you believe that such a vague statement covers your bank balance?

If I don't provide full bank statements they will fine me £150 each time they request it until I comply.

The worst part is, SLC is not a govt body - it's a private company. I would provide that info to HMRC but I'm not at all happy providing this info to the SLC.

The accounts I have pay no interest, but my savings are a bit more than "a few K".
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rookie mistake...you phoned them:eek::D

The bit in bold is laughable btw...i would not take anything they say seriously over the phone.

Your savings are about £15k yeah? Somehow i doubt that earns you £2k a year income lol.

you're fine.
 
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