Quite some time ago, but I moved abroad in 1999 and ignored my student loan. I got a CCJ in my absence but I think that was for ignoring the overdraft/CC I had in uni. I moved to NI about 10 years later and had no black marks on my credit report, got a credit card just fine and when I needed it a mortgage with no issues. Credit score is near perfect now so I'm not sure what impact it actually had on me. Still haven't heard anything about the student loan and don't expect to now nearly 20 years later.
Student loan repayment
- Thread starter Nutty_Death
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Quite some time ago, but I moved abroad in 1999 and ignored my student loan. I got a CCJ in my absence but I think that was for ignoring the overdraft/CC I had in uni. I moved to NI about 10 years later and had no black marks on my credit report, got a credit card just fine and when I needed it a mortgage with no issues. Credit score is near perfect now so I'm not sure what impact it actually had on me. Still haven't heard anything about the student loan and don't expect to now nearly 20 years later.
If you don't aspire to ever earn more then you should probably be thankful the debt is wiped out.
They sent a debt collector after me in Switzerland, although I was still in higher education. After my PhD I just paid it off in 1 go to forget about it, because when you live abroad they have complex adjustments for how you should pay base on living costs etc.
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Soldato
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The loans should be interest free but they need to ensure they get payed back. Whole thing is a farce.
Soldato
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My mum's address got my letter from them. Ignored it, I don't live there or in the country. I'm supposed to tell them but haven't. I'm sure they'll want the money at some point but you know. I could just pay it off but they're a bunch of ass hats, so I really don't want to.
Soldato
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That makes you the bigger ass hat.
Soldato
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Thanks man. I'll take that. I've paid back most of it tbf if they ask me for it here, they can have it.
Caporegime
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no they didn't stop talking rubbish. not even HMRC uses debt collectors abroad. so there is no chance SLC does. i know the SLC system well.
if you move abroad and don't tell them you moved abroad. they will send your case to HMRC for them to keep on checking their systems every 3 months to see for activity in the UK at a UK address.
if you are abroad they will send letters to abroad address and that is all. if you had someone turn up at your door. it's because your case was transferred under the MARD agreement or OECD convention. if this is the case then the government's tax department deals with the case and they will take action if deemed necessary.
will depend a lot on the value of the case. however it's very very rare for it to happen with student loans. there are bigger fish to fry and only so many cases are sent per year.
nothing. if they can't find you then they can't send you letters or ask the country's govt you are staying in to step in. however it's rare they would do so for small amounts of debt.
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Pretty sure it is deducted each month and then the following months interest is calculated.
It's just when they generate that annual statement the repayments look to be lumped into one deduction.
Debt collector came after my other half for an outstanding sum on student loan repayment. Obviously we confirmed this with student loans before paying them anything.
I'm sure you know better though, and your MLG pro Destiny mates
Not really complex, they just convert your salary to pounds and then compare it to the chart online.
I gave up with their annoying evidence requirements and just pay the standard fixed repayment. A lot easier than sending them pay subs and dealing with their insistence on sending everything by snail mail (which takes a month to arrive).
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That's not how it looks on the statement.
It shows a monthly debit for the interest accrued and this amount goes up slightly each month, suggesting a compound interest. Towards the end it show an annual credit from the monthly contributions made but it doesn't actually show a monthly contribution.
I don't know if the monthly interest is taking into account the monthly amount i've paid or not, I suspect not.
Also from a quick calculation the interest charged in the initial months is less than 1.25% so I suspect the APR is 1.25% (now 1.5%), taking into account it being compounded each month.
Not sure how much of what I just wrote makes sense...
Nope. It's utter crap. The justification they give is that their systems can't deduct monthly. Every other company manages to!
Soldato
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Thought I might point out that since the fees were offloaded onto students (fees were not raised in 2011, the government just withdrew their contributions and made students pay it), basically no one will ever pay off their student debt. £9,000 per year in tuition, borrowing £6-9k per year for subsistence, that's £45-72k total, and interest starts the first year you borrow, not graduate. Someone did the calculations and I believe the outcome is that you'd have to graduate and start on £47k, and earn that every year, to pay the full loan off by year 25.
When I realised it's monopoly money, I signed right up for uni. But to be fair I'm paying about £500/month in tax that I simply wasn't before uni (went from sub-£15k to almost double that). So I'm contributing more to the national budget than I would have been, even if I've still borrowed more than I'll pay.
When I realised it's monopoly money, I signed right up for uni. But to be fair I'm paying about £500/month in tax that I simply wasn't before uni (went from sub-£15k to almost double that). So I'm contributing more to the national budget than I would have been, even if I've still borrowed more than I'll pay.
Soldato
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Currently owe £50k... even as my wages are above £25k I'll still not pay enough of it off before it's wiped in 30 years. It's a pointless system for most people.
It is a massive debt tho? Not sure about the new repayment plan, but if you're earning circa 45k on the old repayment plan you lose circa 200 quid a month post tax, which is noticeable.
Thankfully only about 6k on mine as no tuition fees in Scotland