Warning to anyone that has any student loans left over from their uni days - the student loans company (SLC) is not run like a normal loan outfit and has no idea how much anyone owes!!

My wife did teacher training 3 years ago and got a student loan of £600 to help with travel costs etc.

They've only just realised that she should start paying it back so have deducted £100 for the first month. I advised her to clear the loan with a cheque which she did last week, so in theory she owes nothing now.

However!!!!!

1. Student loans dont know what the running balance is - the Inland Revenue do.

2. The Inland Revenue will continue to take monthly installments until they are told to stop, but they only update their system every 3-6 months, so you have to carry on paying, then when its stopped the IR refund the SLC. The SLC then refund you.

What a RIDICULOUS system!! In the 21st century when we have personal satnav, video phones etc, and the IR and SLC cant even interconnect simple computer systems!!

So the Mrs has been on the phone for the last hour trying to sort it - SLC say IR have to do it, IR say SLC have to do it - fantastic!

But who can you complain to about this? No-one. The system needs changing, but our crappy govn't are too busy fighting wars

 

Get someone high in each organisation, make sure they exchange phone numbers, and give them a deadline to sort it out before you report both sides to the police for theft

 

I blame Tony Blair

 

I should have stopped paying my student loan about 5 months ago, but even after all that they are still taking the money!!!

Good to know that communication is at such a high!!;(

 

Totally agree with brendan - if you are not due them money, they are stealing from you.

 

The Inland Revenue do this with *everything* - take the money off you first, and then sort out the mess 12 months later. How else do you expect them to make profits from interest on your money ?!?!?

 

How can one find out how much one owes on their loan. I finished uni 5 years ago so should nearly be cleared yes? Used to get a balance sheet but not recently.

 

One of the reasons i am self employed and not PAYE... noone is getting my cash unless im damn sure they are taking the correct amount at the correct time- that goes for income tax, student loan, national insurance etc, the whole works

Havent paid a penny of mine yet ( 3 years of top london rate and one postgrad teacher training year...its quite hefty)
Had letters from the SLC before, but all they can do is wait for my tax return and then calculate repayments for individual years

Send them an invoice with interest charges

 

Totally unbelievable, but if you ring them for a balance minus what you have paid back they cant tell you - they reckon only the IR can tell you and the last update they did to account balances was March 2003!!!