been a long time since I graduated, but aren't the terms in the original paperwork dependent on you actually graduating ? so if you jack it in then the SLC can effectively collect any time they like as the terms have been breached ? this is a genuine question.....
Student Loans Company Agressive Letter
- Thread starter FoxEye
- Start date
been a long time since I graduated, but aren't the terms in the original paperwork dependent on you actually graduating ? so if you jack it in then the SLC can effectively collect any time they like as the terms have been breached ? this is a genuine question.....
It's my money because I've earned it, and it hasn't been given to me. Bank of mum and dad my arse.
The fact that I am able to save more of it than someone in rented accommodation just means I've cut my cloth according to my means. You're right tho, I would have been living hand to mouth and saving *nothing* if I'd moved out. Not a path I'd recommend judging by the happiness of people who live that way.
I'll trade the stigma of living at home for financial security any day of the week.
PS Thanks robgmun for the kick up the ass about interest. I earn none atm, and by my reckoning could earn £100/month in a 3% interest account, which I will have to sort out. I'm not the most financially savvy person (and I thought interest rates were 0% everywhere, which is clearly wrong)
May I ask how you have managed to save 40k working a couple of years, i find it hard to believe you were saving every penny you earned. Sounds to me like you've had a lump of inheritance from somewhere and you don't want to use it to pay off your debt.
4.5 years of saving everything. 3 years of working through holidays.
Actually started a couple grand overdrawn too.
Believe me or not, your choice. But why would I lie?
You've earned it because your lifestyle has been subsidised thanks to having free or subsidised accommodation. It doesn't sound like you have much in the way of living expenses whether you're contributing to all or a share of the household bills - do you buy all your own food too and eat separately or are they providing meals etc..?
Yes you've 'earned' your money, you've also been subsidised whether you see it like that or not. Its a good thing, that is what families are there for... on the other hand it could lead to complacency - if you weren't so fortunate to have a family to fall back on you'd probably be working now - you had advanced notice that your job was going to end and without that safety net you'd have likely taken a rather different approach and tried very hard to ensure you had a job to follow on from the current one... you've not had to do this because you've got that safety net in place - but I'd strongly advise you to not leave a gap on your CV for too long... the longer the gap the more explaining you're going to have to do in future - you'd be better off acting as if that safety net wasn't there and doing the best you can to secure a job/start a new career ASAP.
that's 3% apr remember even if it's paid monthly, you'd need 40 grand at 3% to be getting 100 a month.
wait you actually have 40 grand? move out then or go do something dont just sit at home on it.
and more importantly you have 40 grand in a 0% current account???
Not that hard, it took me 2.5 years to save just under that and i wasn't saving every penny like Foxeye was
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OP, I think you're missing something. The SLC want to see your account details because they want to see the if you're earning interest over their trigger threshold.
You don't have to give them your account statements to do this. Every year you should receive a summary of interest / certificate of interest / tax certificate for each savings account you have. These will show you the interest paid in the financial year and the tax deducted, if any.
These will be available on request from your bank / building society and will normally not show the actual capital balance. They also give the SLC the information they need.
Try it.
You don't have to give them your account statements to do this. Every year you should receive a summary of interest / certificate of interest / tax certificate for each savings account you have. These will show you the interest paid in the financial year and the tax deducted, if any.
These will be available on request from your bank / building society and will normally not show the actual capital balance. They also give the SLC the information they need.
Try it.
Soldato
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But hold on a few posts back you said
You have also had a cat.
You also bought a car as I recall.....?
From the 5 years to 50k thread I can deduce that you were saving £1,300 per month and your rough take home pay would be circa £1,775 a month on a £27k wage.
So your outgoings are only totalling around £475 a month, yet you still manage to pay rent, run a car, pay for insurance, pay for fuel, pay for tax, pay council tax, pay gas, electricity, internet, mobile phone, water and TV?
I would say looking at those sums your living is being heavily subsidised by co-habiting with your parents.
So please, spare me the indignant comments. You have £40k in the bank because you have a cushy life at home and effectively 'the bank of mum and dad' is allowing you to squirrel away a ton of money that you would not be able to save were you standing on your own two feet.
Absolutely nothing wrong with living with your parents if they and you are happy with the arrangement, but lets not try and pretend your finacial predicament has in no way been massively enhanced by the benefits you recieve (vicarious or otherwise) from living with your mum and dad.
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I'll bet you most people here had some form of help from their parents.
Whether that comes as a lump sum to help pay deposit/mortgage, or being able to live at home and pay less rent, is very little difference.
How many people can honestly say they had no help, at all, to get on the housing ladder?
But anyway, I fail to see how paying someone else 50-75% of my wages as rent - and thus being unable to save anything - is supposed to make me happier.
And I'll stop being indignant when you and dowie stop being condescending.
Whether that comes as a lump sum to help pay deposit/mortgage, or being able to live at home and pay less rent, is very little difference.
How many people can honestly say they had no help, at all, to get on the housing ladder?
But anyway, I fail to see how paying someone else 50-75% of my wages as rent - and thus being unable to save anything - is supposed to make me happier.
And I'll stop being indignant when you and dowie stop being condescending.
Man of Honour
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I can.
I'm sure you can, but that doesn't mean it's normal to have no help whatsoever.
Just about everyone I know has had some degree of help, either financial or otherwise, to get them started.
Let's be frank: how many parents boot their kids onto the street at 18 without any kind of assistance? Yes I'm sure it happens, but it would be rare, I would have thought.
Just about everyone I know has had some degree of help, either financial or otherwise, to get them started.
Let's be frank: how many parents boot their kids onto the street at 18 without any kind of assistance? Yes I'm sure it happens, but it would be rare, I would have thought.
Soldato
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Nothing condescending about identifying that you have a beneficial financial predicament that means your general living costs are heavily subsidised.
Just calling a spade a spade.
As I said, there's nothing wrong with using that advantage but to then to turn around and try and make out like it isn't an advantage is a bit silly (ie your "bank of mum and dad, my arse" comment).
The fact of the matter is you lean on your parents and exploit the situation for your own ends. You don't want to pay more. Fine. Don't pay more. But don't then try and pretend like you have anything like the same financial responsibilities of those people who are standing on their own two feet or that you are not in such a nice position because of the benefits/savings of your parental safety net.
PS I didn't really get any help from my parents. I had moved out by the age of 24 (and whilst at home I paid full rent + my share of the bills and I wasn't earning anything like 27k). All costs of moving out were upheld by me. When buying a house all costs were upheld by me and my wife.
You are happy to use your situation to save money. I wouldn't be (hence why I left home as soon as I could afford to and lived on bread and beans). It's personal choice at the end of the day and each to their own.
But let's call a spade a spade eh?
![[FnG]magnolia](/styles/overclockers/avatars/9.png){kind=avatar}
Caporegime
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Is this thread actually about how to respond to the SLC request or is it more of a general rumination/therapy session, much like the $50k a year thread was? I only ask because we could be more useful if you were more honest or direct.
I have no problem with calling a spade a spade; I just disagree with you.
I am in no way being subsidised by anyone. Instead of owning two properties - one for my parents and one for me - we own one property.
Thus, cost of living is reduced as compared to owning two properties.
That is not subsidy, that is basic math. If I had my own place and my parents paid half the mortgage - that would be subsidy.
As it is I save more, and we pay less, but we have less property.
You're right in that I have fewer financial responsibilities - of course you are because I own less assets!
And that's without even factoring in the difference in house prices between my generation and my parents generation, which is another factor and another thread!
[FnG]magnolia;28165512 said:
I let my threads go where they will. You think this is therapy? Hehe. Dealing with you lot is stressful!
Don't you think, obviously not, that paying off that debt in one lump sum isn't the best course of action now ?
I skim read but you have about £40k+ The debt is what 15k and rising slowly....
Your cash is earning nothing cos its in a crappy low account?
Why not pay off the loan in 1 fell swoop !??!?!
You will inherit the house when your folks die anyway so you complaining about not being able to afford a house is frankly utterly a moot point.
Did your loan get sent to Erudio ? (old mortgage style loan) as they called it.
I skim read but you have about £40k+ The debt is what 15k and rising slowly....
Your cash is earning nothing cos its in a crappy low account?
Why not pay off the loan in 1 fell swoop !??!?!
You will inherit the house when your folks die anyway so you complaining about not being able to afford a house is frankly utterly a moot point.
Did your loan get sent to Erudio ? (old mortgage style loan) as they called it.
Paying off the loan would be the worst thing to do. In a few years, the remaining balance will be wiped off, and there's no way I'll make 15k of contributions between now and then. Contributions are 9% of anything above earned above 21k.
I would literally be throwing money away for no reason. There is no reason at all to pay this off. A few posts up I broke it down in some detail.
It's not a real loan. It's a half-way house between a grant and a loan.
I would literally be throwing money away for no reason. There is no reason at all to pay this off. A few posts up I broke it down in some detail.
It's not a real loan. It's a half-way house between a grant and a loan.
Soldato
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Thing is with that scenario is the debt for that generation of students all expires together and it doesnt disappear, it adds to national debt. I believe USA tenders the debt out privately, not sure but here its possible that gov changes the rules in order to balance its books.
A bit like how the retirement age keeps going up, in theory it shouldnt do that as its a form of default to your already paid NI but if they aint got the money then thats the way its got to be unfortunately. Mostly this gov hasnt got the money, struggles to balance the books and I imagine debt such as this might be reorganised possibly
A bit like how the retirement age keeps going up, in theory it shouldnt do that as its a form of default to your already paid NI but if they aint got the money then thats the way its got to be unfortunately. Mostly this gov hasnt got the money, struggles to balance the books and I imagine debt such as this might be reorganised possibly
Well with average debt now in the 10s of thousands, something has got to give you'd imagine.
Actually it's worse than I thought:
http://www.telegraph.co.uk/finance/...-to-save-thousands-off-your-student-loan.html