Student Loans

[Basher]

better than being in debt. Why pile up your debt

Read the article.

Paying it off may well lead to the requirement for much more expensive loans.

Why not put the money you would use into a savings account instead, get 2-3% and you've made money. Simples.

 

[Geckovich]

I thought there was some magical loophole if you weren't working in the UK for 5years or something u didnt have to pay it back? ..don't have a clue where that actually came from

Last time I looked into this (2006) it was 25 years

 

[Jez]

better than being in debt. Why pile up your debt

Are you really saying that you will never be borrowing money again? If you are going to, which 99.999999% of people do in order to put a roof over their head, let alone anything else, then it makes no sense to pay it off.

 

[dekez]

Student loan isn't a proper loan, it doesn't count towards your credit rating or anything. I'm just leaving mine to be paid off as slow as possible.

According to the calculator 14 years and 6 months!

 

[Sukh]

33 Years apparently...

 

[Basher]

woo 5 years!

 

[mattheman]

looking at the calculator never...

 

[Basher]

looking at the calculator never...

No job or massive loan?

 

[mattheman]

No job or massive loan?

Contracting, in and out of the country.

 

[panthro]

Contracting, in and out of the country.

Explain please.

 

["andy"]

better than being in debt. Why pile up your debt

why die with savings ?

 

[mattheman]

Explain please.

contracting they dont take money out, by the time theyve sort the paper work etc.. ive moved on to a new contract. Sometimes i spend months away from the uk, once i spent 2 months on a rig, of the spanish coast (barcelona).

 

[panthro]

contracting they dont take money out, by the time theyve sort the paper work etc.. ive moved on to a new contract. Sometimes i spend months away from the uk, once i spent 2 months on a rig, of the spanish coast (barcelona).

If you spend more than 90 days a year in the UK you have to pay tax. When you pay your tax HMRC knows how much you earn and will calculate how much money you owe SLC.

 

[osc89er]

Student loan isn't a proper loan, it doesn't count towards your credit rating or anything. I'm just leaving mine to be paid off as slow as possible.

According to the calculator 14 years and 6 months!

You can still be screwed by it. My brother had to pay his back before the bank would let him get a mortgage. He was not impressed.

 

[mattheman]

If you spend more than 90 days a year in the UK you have to pay tax. When you pay your tax HMRC knows how much you earn and will calculate how much money you owe SLC.

but they dont lol.. it goes into my savings account, and iam not the only contractor that has said the same.

 

[panthro]

but they dont lol.. it goes into my savings account, and iam not the only contractor that has said the same.

Are you paid in sterling by a UK company and do you spend more than 90 days per year within the UK?

 

[Basher]

You can still be screwed by it. My brother had to pay his back before the bank would let him get a mortgage. He was not impressed.

Student loan does not affect your credit rating and I know of no bank that would do this!

 

[mattheman]

Are you paid in sterling by a UK company and do you spend more than 90 days per year within the UK?

spend more days in the uk than out apart from 2005/6. paid mostly in pounds then euros and sometimes dollars.

 

[Basher]

spend more days in the uk than out apart from 2005/6.

Sounds like you are evading the payment. This is a dangerous game as they can make you pay it back in one lump sum with very little notice.

 

[panthro]

spend more days in the uk than out apart from 2005/6. paid mostly in pounds then euros and sometimes dollars.

The LOL is on you. Youre going to have a big bill to pay at some point in the near future.