Student loan repayment

goldy6660

goldy6660

goldy6660

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Hey folks, I'm aiming to pay off my student loan debt (finally after many years), aiming to pay it on debit card, does anyone know if when I do it like that then it'll stop coming out my salary? Heard all sorts of horror stories where loans company wait til the next tax year which would defeat the point.
 
goldy6660 said:
Hey folks, I'm aiming to pay off my student loan debt (finally after many years), aiming to pay it on debit card, does anyone know if when I do it like that then it'll stop coming out my salary? Heard all sorts of horror stories where loans company wait til the next tax year which would defeat the point.
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When I paid up in full (many years ago), I phoned up the then Student Loans Co. to check my current balance was nil and that the collection date was then cancelled on their system
 
Cheers, everything they do now seems to take forever even making them card payments takes a week, will be much nicer having the extra every month when it's finally paid back, it'll feel like a payrise.
 
No horror stories (and no need for refunds, etc) if you speak to SLC and your payroll beforehand. Then, once you pay, make sure youask SLC for confirmation the balance is settled, and make sure you ask payroll to stop the payment.
 
Yea just call them to confirm it's been paid and it won't be taken from salary. That's what I did and it was all fine.
 
DB_SamX said:
No horror stories (and no need for refunds, etc) if you speak to SLC and your payroll beforehand. Then, once you pay, make sure youask SLC for confirmation the balance is settled, and make sure you ask payroll to stop the payment.
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Cool that's fairly useful, I thought it'd be automated with payroll.
 
SLC apparently inform your employer to no longer take student loan payments from you.
Your employer needs to be informed by SLC rather than you.

I spoke with SLC and my employer a few weeks back.
 
Nutty_Death said:
SLC apparently inform your employer to no longer take student loan payments from you.
Your employer needs to be informed by SLC rather than you.

I spoke with SLC and my employer a few weeks back.
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Possibly, but there can be delays of weeks to notify payroll, that's why i told them upfront to avoid any potential issues.
 
Cheers, been lingering a while so would be good to get it sorted, wife's still got around 30k on hers left mines currently down to around 5k but will be quite the weight gone. Wouldn't mind but graduate in 2010 and 2012 for her (had kids etc which impacted her working)
 
When i paid mine off probably 15 years ago i was told to make the final payment on card as if left to clear itself every month SLC often didn't notify your employer. I paid mine off with no issues.
 
Paid off mine a few years ago. Unless things have changed, the safest way to avoid an overpayment through PAYE is:
  1. Phone up and tell them you are within a year of paying off.
  2. Move onto direct debit repayments for the year.
  3. Wait until you have your first months pay come through with the SLC PAYE repayment gone (may take a month or two).
  4. Phone up and make a final payment taking into account any additional PAYE repayments made since you set up the direct debit.
  5. Cancel your direct debit.

A huge faff, but still much less of a faff than trying to get money back from them.
 
I thought the correct thing to do was "retire early" and spend the rest of your life earning a couple of quid below the threshold so you never have to pay it back whilst continuing to study and exploiting every loophole in the system to still be able to buy toys like sports cars?
 
Diddums said:
I thought the correct thing to do was "retire early" and spend the rest of your life earning a couple of quid below the threshold so you never have to pay it back whilst continuing to study and exploiting every loophole in the system to still be able to buy toys like sports cars?
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Lol the dream, on my wife's it states that when she reaches 55 it'll be wiped off I think.
 
goldy6660 said:
Lol the dream, on my wife's it states that when she reaches 55 it'll be wiped off I think.
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It was a jab at a freeloader we used to have on here, he basically spent his entire life skirting the rules so his lifestyle was paid for by taxpayers.

Haven't seen him in ages though, maybe SLC caught up with him and he's currently asking people if they want fries with that.
 
Diddums said:
It was a jab at a freeloader we used to have on here, he basically spent his entire life skirting the rules so his lifestyle was paid for by taxpayers.

Haven't seen him in ages though, maybe SLC caught up with him and he's currently asking people if they want fries with that.
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I've known of rules in the past where if your working out of the country for a couple of years it getting wiped too although haven't met anyone who actually did that.
 
EvilRob said:
Paid off mine a few years ago. Unless things have changed, the safest way to avoid an overpayment through PAYE is:
  1. Phone up and tell them you are within a year of paying off.
  2. Move onto direct debit repayments for the year.
  3. Wait until you have your first months pay come through with the SLC PAYE repayment gone (may take a month or two).
  4. Phone up and make a final payment taking into account any additional PAYE repayments made since you set up the direct debit.
  5. Cancel your direct debit.

A huge faff, but still much less of a faff than trying to get money back from them.
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What he said.

step 6 - If you have over paid, ask for it back :)
 
goldy6660 said:
Hey folks, I'm aiming to pay off my student loan debt (finally after many years), aiming to pay it on debit card, does anyone know if when I do it like that then it'll stop coming out my salary? Heard all sorts of horror stories where loans company wait til the next tax year which would defeat the point.
Click to expand...

Are you looking to pay off a substantial amount? I recall listening to a podcast lady year where the Financial Advisor suggested investing the money rather than paying off the student loan.
 
EvilRob said:
Paid off mine a few years ago. Unless things have changed, the safest way to avoid an overpayment through PAYE is:
  1. Phone up and tell them you are within a year of paying off.
  2. Move onto direct debit repayments for the year.
  3. Wait until you have your first months pay come through with the SLC PAYE repayment gone (may take a month or two).
  4. Phone up and make a final payment taking into account any additional PAYE repayments made since you set up the direct debit.
  5. Cancel your direct debit.

A huge faff, but still much less of a faff than trying to get money back from them.
Click to expand...

This. They sent me a letter as I had less than a year to go last year and I set up a direct debit with them. They waited for it to drop off from my payroll so for the last 6 months I could pay it off monthly.

My last payment is on the 28th actually. £100 a month back, eases the childcare costs a bit more.
 
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