Paying off student loan

[Glade]

The SLC only get an update annually from the inland revenue who collect my payments via PAYE. Therefore SLC don't know how much I have paid this year.

So if i settle with them, i will over-pay by all my contributions this year.

Apparently I can get in contact with HMRC who will tell me how much i have paid... then i can pass this to SLC who can settle my loan, and tell HMRC not to take any more money. HMRC will then send a message to my employer telling them to stop contributions.

I can see this not working out!!

Has anyone gone through it??

[Carreauchompeur]

Glade said:

The SLC only get an update annually from the inland revenue who collect my payments via PAYE. Therefore SLC don't know how much I have paid this year.
So if i settle with them, i will over-pay by all my contributions this year.
Apparently I can get in contact with HMRC who will tell me how much i have paid... then i can pass this to SLC who can settle my loan, and tell HMRC not to take any more money. HMRC will then send a message to my employer telling them to stop contributions.

I can see this not working out!!

Has anyone gone through it??

fk me, this is topical..
I have been banging my head against a brick wall for over a year. Basically, whilst the deductions were made and my P60 showed that I had paid out over a grand in 2006/7, this information had never got to SLC.

Cue a massive amount of buck-passing between SLC, HMRC and my employer. Eventually SLC told me to speak to HMRC. I have a letter from HMRC basically saying "It's nothing to do with us, it come straight from your employer" which seems odd due to the figure on the P60.

Cue a shouting match with my payroll department today because I really had the bit between my teeth and wasn't going to let them pass the buck. Eventually gave up and rang the employer's helpline at HMRC, to try to gain a different angle on proceedings.

Again they were of no use, denied the existence of a Student Loans department at HMRC and fobbed me off with SLC's number.

Then called the local office and spoke to someone, who didn't know the answer but "Put me through to someone".

I kid you not, it was a hallelujah moment when Duncan from the STUDENT LOANS DEPARTMENT answered and instantly sorted the matter.

Basically, excuse the diatribe but you need to speak to HMRC and, no matter what they say or how often they deny its existence, speak to the student loans team who have the information instantly to hand and can do things with it. SLC nor your employer can alter deductions. HMRC tell the employer what to take.

HMRC denied nearly 4-5 times any involvement in the student loans process but the simple truth is that the local office staff do not deal with these queries...

HTH!

[Glade]

Sounds painful!!

I have a plan to pay off the balance as of last april to the SLC, minus 12 months payments... then hopefully HRMC will notify SLC of my 2008/2009 payments at the end of the tax year.

SLC should then instruct HMRC to stop deductions, who tell my employer to stop deductions.

The online system only works sparodically... so i'm not sure wether to trust it.

I have the feeling that if I ring up SLC it will be "computer says no".

[Disco_Dale]

Government departments in beaurocracy shambles shocker.

It's pathetic isn't it?
How do these useless feckers not get sacked for their inability to organise a pissup in a brewery?

It just seems to be the accepted norm in this country and has been for decades, if not centuries.
We just swallow the sh*t the spoon feed us without question.

[littlegreenfairy]

How do you pay it off??

I tried to pay it off and was told that I couldn't - I had to just keep paying monthly (which I shouldn't be doing at the moment anyhow as I've not been out of uni long enough..)

bds.

[M@T.R]

littlegreenfairy said:

How do you pay it off??

I tried to pay it off and was told that I couldn't - I had to just keep paying monthly (which I shouldn't be doing at the moment anyhow as I've not been out of uni long enough..)

bds.

I was under the impression it has nothing to do with how long you've been out of uni. You start paying it back as soon as you earn over £15,000

[ridds]

I settled mine about 5 years out.

I kept tabs on the payments and how much they were taking towards the end.

They fecked it up.

I paid a final amount. 12 months later, after they had up to date HMRC info they paid me back £200 odd.

They, like most other guberment organisations are fecking useless.

[theaxe]

You can pay it off with a debit card. As you say they only recalculate the balance annually but if you send them payslips you'll get a cheque back for the difference. They'll then keep taking money for a few months and then you have to claim that back too.

Then about a year later they'll send you a letter saying that you can check your balance online. Useful.

On the plus side I did get away without paying anything back for a few years.

Edited by theaxe on Wednesday 18th March 22:20

[esuuv]

I did it a few years ago.

Basically you send them your last P60 and all the payslips since then - they send you a figure thats valid for 30 or so days - You pay it off. It'll then take about 3 months before the revenue bother to tell your employer to stop deducting - your employer cant just stop deducting on your say so.

So then they owe you three months loan payments - which you wont get back until about 6 months after the close of the tax year once they've totted it all up.

Was a complete pain in the ar$e.........

[blank]

M@T.R said:

littlegreenfairy said:

How do you pay it off??

I tried to pay it off and was told that I couldn't - I had to just keep paying monthly (which I shouldn't be doing at the moment anyhow as I've not been out of uni long enough..)

bds.

I was under the impression it has nothing to do with how long you've been out of uni. You start paying it back as soon as you earn over £15,000

Pretty sure that's true. I paid some while still at Uni during my placement year!

[Fidgits]

littlegreenfairy said:

How do you pay it off??

I tried to pay it off and was told that I couldn't - I had to just keep paying monthly (which I shouldn't be doing at the moment anyhow as I've not been out of uni long enough..)

bds.

i just called them, got a settlement figure and sent a cheque, stopping the standing order at the same time...

[BMWBen]

esuuv said:

I did it a few years ago.

Basically you send them your last P60 and all the payslips since then - they send you a figure thats valid for 30 or so days - You pay it off. It'll then take about 3 months before the revenue bother to tell your employer to stop deducting - your employer cant just stop deducting on your say so.

So then they owe you three months loan payments - which you wont get back until about 6 months after the close of the tax year once they've totted it all up.

Was a complete pain in the ar$e.........

Mine's going to be finishing this year - man am I looking forward to sorting out the mess.

Given that thousands and thousands of people must finish paying each year, how can they fk up each and every one of them without fail? It's not like "oooh st, what a suprise! Someone has paid off their loan! WHAT WE GONNA DO??"

My payments are pretty significant, so it's going to hurt.

[Mekon]

Under the old (pre1998) system, you just ring the twits at Glasgow up, ask for a settlement figure, then pay over the phone.

[Matt_N]

I paid mine off a few months ago and it was easy.

I phoned them up, told them I think Ive nearly paid it off, they confirmed that, told me the last payment would come out in the next month's pay then that would be that.

And it was.

[littlegreenfairy]

When I rang the halfwits in Glasgow I was told that they wouldn't take anything until the April after you finished Uni and that I can't pay it off in one go as thats not how the system works.

Oddly, I earn about £20 a month more than my OH, but my student loan repayments are double his.

I'll ring them again..The excitement.

[trooperiziz]

littlegreenfairy said:

Oddly, I earn about £20 a month more than my OH, but my student loan repayments are double his.

I assume you borrowed more. The repayments are based on the amount you borrowed, not the amount you earn (beyond the zero payment cut off)

[Glade]

I rang today... the balance they gave over the phone was different to the website.

Also they did acknowledge that i may end up overpaying because of the delay of them telling HMRC to tell my employer to stop making deductions.

[bitwrx]

st am I glad I didn't take a loan.

I didn't have a summer holiday for 4 years, but it sounds like it was a small price to pay.

[Lucie]

M@T.R said:

littlegreenfairy said:

How do you pay it off??

I tried to pay it off and was told that I couldn't - I had to just keep paying monthly (which I shouldn't be doing at the moment anyhow as I've not been out of uni long enough..)

bds.

I was under the impression it has nothing to do with how long you've been out of uni. You start paying it back as soon as you earn over £15,000

You start paying in the April following graduation I think.

[anonymous-user]

I haven't really earn't a lot in nearly 8 years since I finshed my SL. Paid off the might sum of £500 on 10k..so far