Student Loans Company Agressive Letter

[FARGO]

I know you feel this way because of your principles, OP but I think it will save you hassle in the long run. Especially if they can charge you for not providing bank balance information upon request!

You could, however transfer your savings to a parent's account then send a bank balance if you're worried.

 

[silversurfer]

I pay 9% on anything over £15k.

The actual interest rate is low I believe ? I told my sister to pay back the bank loans first before gov because they are the real ruthless ones to deal with regardless if you working or not

 

[Burnsy2023]

The actual interest rate is low I believe ? I told my sister to pay back the bank loans first before gov because they are the real ruthless ones to deal with regardless if you working or not

I checked mine earlier today after not having checked in years. Currently paying 1.5%

 

[Glaucus]

Sorry if I've missed something, but what gives them the right to demand all his bank statements? This is highly personal data and not something I'll be giving lightly.

Because they're allowed to.

I bet the op received this.

[I have received a Confirmation of Customer Details pack, why has this been sent to me?

This has been sent to you because HM Revenue & Customs (HMRC) has informed us that they do not have a record of you:
•currently being in employment in the UK, or
•Having a requirement to complete a Self Assessment return or
•being in receipt of Job Seekers Allowance, Incapacity Benefit or an Occupational Pension.

There are two forms with the pack, a UK Form and an Overseas Form.

Please complete and return the UK Form if:
•You are working in the UK; or
•You are resident in the UK but not working.

Please complete and return the Overseas Form only if:
•You are working overseas for a period of 3 months or more; or
•You are overseas for a period of 3 months or more and are not working.

Note: If you will be overseas for less than 3 months you should complete the UK Form.

Please note that if you are overseas and do not fully complete and return an overseas form to us you may be liable to pay an overseas default amount - Overseas repayment thresholds (more information)

 

[silversurfer]

^^ Thats more like I expected

(2007-2008) it was 4.8% then the year after 3.8%

That added a cool ~£2000 to my loan when I wasn't earning enough to start paying any of it off!

compound interest, worlds most powerful force according to the guy who helped invent the atom bomb
That does sound high, I havent seen an old school friend for twenty years who left the UK and never came back because he had nothing left out of his earnings, slightly extreme approach.
Lucky they never offered me a loan or any payments at all when I had a uni place.

 

[Trifid]

Because they're allowed to.

I bet the op received this.

That doesn't say they have a right to request his bank statements. They are saying he needs to complete a self assessment form declaring he is not employed. I'd also be interested in the the legal backing of 'need'.

 

[Efour]

What did i say that got deleted?!!! Confused...

 

[Psyoletic]

No wonder UK economy is in tatters, people like Fox make it that way.

He should have his bank accounts/assets seized and converted in order to pay off that loan...

They should also charge fees for doing all this, something like 200 pounds an hour. Maybe this will teach people.

No, it's in tatters because as the OP clearly explained based on his earning of 25K per annum he'd never pay off the loan. The SLC write off the loan after 30 years and so in prospect I'd wage that the majority of students will never pay off their loan. And now considering the univesities have increased the fee's to a maximum of £9k the debt will be substantially higher.

Now go back to reading the daily mail.

 

[Pudney]

What did i say that got deleted?!!! Confused...

You quoted someone's post that got deleted. That's why I edited his post in my response

 

[Efour]

ahh pfft ok

 

[Vegeta]

As soon as I left my job to be self-employed I told them I don't earn the threshold amount (I didn't back then I was losing money) and proving my income will be difficult in the future can I just pay back £50 a month voluntarily - i'll just keep it like this until it is paid off not had any hassle from them at all. I had a fairly significant amount of savings too.

 

[Burnsy2023]

^^ Thats more like I expected




compound interest, worlds most powerful force according to the guy who helped invent the atom bomb
That does sound high, I havent seen an old school friend for twenty years who left the UK and never came back because he had nothing left out of his earnings, slightly extreme approach.
Lucky they never offered me a loan or any payments at all when I had a uni place.

Looking into it, if you got a loan after 2012, the current interest rate is 5.5%

 

[Feef]

Dealing with the SLC from the other side of the world is fun, especially as everything goes via my mums address in the UK, and they want to fine me for not replying in time when I don't even receive the letter until a few weeks after it's sent.

Was previously paying £5/month, recently had another letter saying that having looked at my circumstances, they'll now be charging me £4/month. I'm not trying to escape repaying at all, but I probably spend as much on stamps as I do on payments right now, which is a little annoying.

 

[Glaucus]

That doesn't say they have a right to request his bank statements. They are saying he needs to complete a self assessment form declaring he is not employed. I'd also be interested in the the legal backing of 'need'.

That wasn't in reply to yours.
They're a governmental government who work closely with hmrc. They have a lot of power.

Op just seems to have gone on a random rant.

 

[[TW]Fox]

They're a governmental government

No, they are absolutely not.

 

[Glaucus]

No, they are absolutely not.

They basically are. They are as far away from a private company, whilst being a private company.

As you know there are many shades of private. SLC is very governmental private. Backed up with a lot of rights.

 

[Efour]

Are people getting their wires crossed between these 2 companies

Welcome to Erudio Student Loans
We manage student loans taken out by students who began courses between 1990 and 1998, previously looked after by the Student Loans Company (SLC).

We believe in treating customers fairly and are committed to ensuring all of our customers are offered the most suitable solution for their circumstances.

This website provides information on how to manage your account and about the student loan deferment process and requirements.

Please get in touch if you have any questions or concerns about your account.

Mine is now managed by these jokers... They are very passive aggressive.

 

[Nitefly]

I recall OP stating his savings in another thread and considering his employment history those savings are absolutely 100% mega insano so again, well done!

But... move out already

 

[abbotsmike]

I'd be very surprised indeed if the company charged with making provision for student aid in the form of loans do not have very good lawyers. It's unlikely that the terms are anything other than actionable against the lendee.

e: that was in response to cheesboy's post and also the general view whereby the OP thinks he's been done wrong by even though I'd bet a large sum of money he has not read the terms he signed.

Based on my experience, and that of many students I know, I'd be very surprised if SLC managed to find a single competent fibre in the entire useless, ****less organisation.

 

[Haggisman]

Sorry if I've missed something, but what gives them the right to demand all his bank statements? This is highly personal data and not something I'll be giving lightly.

That doesn't say they have a right to request his bank statements. They are saying he needs to complete a self assessment form declaring he is not employed. I'd also be interested in the the legal backing of 'need'.

I would imagine it's in the T&Cs which he was probably falling over himself to sign for the "free money" a few years ago