How long before a student loan is written of?

47
Found 25th May 2010
Afternoon All,

I heard somewhere that if no payments have been taken for 10 after you graduate then then student loan is written off....is that true? or is it something some one just made up?

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46 Comments

I didn't think there was a time limit ?

The only way I was told to avoid it was to go and work outside the UK and not come back (a bit extreme!)

i think its if you earn under 10k for 15 years or something stupid.

It is written off when you reach retirement age I believe.

is it for you?............if so................pay your way [SIZE="5"]PARASITE[/SIZE]

mattbisme;8688375

i think its if you earn under 10k for 15 years or something stupid.



it's not written off for low earners, but you do not have to pay until you reach the threshold (around 17k I believe)

Original Poster

oh ok...well here is my dilema....i graduated 6 years ago and since then i havent received any paperwork from the students loan company nor has any payments been taken...do i stay quiet and carry on...or ring them up

Abz;8688400

oh ok...well here is my dilema....i graduated 6 years ago and since then … oh ok...well here is my dilema....i graduated 6 years ago and since then i havent received any paperwork from the students loan company nor has any payments been taken...do i stay quiet and carry on...or ring them up



they can't claim and back payments, so if you are not paying it now - I would not let them know. (it's not illegal)

however your loan will continue to accrue interest.

Abz;8688400

oh ok...well here is my dilema....i graduated 6 years ago and since then … oh ok...well here is my dilema....i graduated 6 years ago and since then i havent received any paperwork from the students loan company nor has any payments been taken...do i stay quiet and carry on...or ring them up



is it not the case that if you have never received a request for payment for 5 years or more for ANY debt at all then you dont ever need to pay it?

Original Poster

dr_badbeats;8688419

they can't claim and back payments, so if you are not paying it now - I … they can't claim and back payments, so if you are not paying it now - I would not let them know. (it's not illegal) however your loan will continue to accrue interest.



yeah i know...and this is whats confusing me.....i know people receive yearly or 6 months statements every year and other paperwork from the student loans company...but in 6 years i haven't received anything...do i just assume that my data has been lost in the system

Original Poster

barky;8688427

is it not the case that if you have never received a request for payment … is it not the case that if you have never received a request for payment for 5 years or more for ANY debt at all then you dont ever need to pay it?



if thats then sorted

Abz;8688400

oh ok...well here is my dilema....i graduated 6 years ago and since then … oh ok...well here is my dilema....i graduated 6 years ago and since then i havent received any paperwork from the students loan company nor has any payments been taken...do i stay quiet and carry on...or ring them up



if you're earning over 15k a year then payments should be taken automatically out of your pay each month. if not then I would give the student loans company a call mate because you will be getting interest added on each month, and after 6 years it may be quite a bit. better to give them a call than do nothing.

]student loan repayment

[COLOR="DarkRed"]First loan taken out in or before academic year 2005/06.
Loans written off when you reach 65.
First loan taken out in or after academic year 2006/07.
Loans written off 25 years after they became eligible to be repaid.

You will repay 9% of anything you earn over the £15,000 gross per year income threshold.[/COLOR]


Abz;8688442

yeah i know...and this is whats confusing me.....i know people receive … yeah i know...and this is whats confusing me.....i know people receive yearly or 6 months statements every year and other paperwork from the student loans company...but in 6 years i haven't received anything...do i just assume that my data has been lost in the system



Indeed they are rubbish at sending statements, I got one in April but that only covered interest from September 2008-August 2009. You are best just to log into it online to find out or phone them....

Original Poster

dre1988;8688453

if you're earning over 15k a year then payments should be taken … if you're earning over 15k a year then payments should be taken automatically out of your pay each month. if not then I would give the student loans company a call mate because you will be getting interest added on each month, and after 6 years it may be quite a bit. better to give them a call than do nothing.



You see i was speaking to an accountant the other day and he said the inland revenue should tell your employer to deduct the student loan....on the forms i've filled in u've always said yes i have a student loan but no payments are being taken out...i dont want to ring them up and put myself in it if i dont have to pay it....

Banned

was it taken out after 1988 or before?

Original Poster

Abz;8688400

oh ok...well here is my dilema....i graduated 6 years ago and since then … oh ok...well here is my dilema....i graduated 6 years ago and since then i havent received any paperwork from the students loan company nor has any payments been taken...do i stay quiet and carry on...or ring them up



sassie;8688500

was it taken out after 1988 or before?



as mentioned i finised uni 6 years ago (2004) so my first application for the student loan was in 2000

surely you have accrued interest since the start of your loan, up until now?
or does the interest stop once you graduate?
edit: log into studentfinance.direct.gov.uk/por…TAL and find out

Banned

i believe it is up to you to notify your employers of this, not the other way round, in other words it is your responsibilty to make sure this is done

Yeah before you receive a letter from the lender out of the blue.

Banned

they are also going to increase the interest come september

barky;8688427

is it not the case that if you have never received a request for payment … is it not the case that if you have never received a request for payment for 5 years or more for ANY debt at all then you dont ever need to pay it?



I doubt this applies to a SL as its not quite the same as other loans, presumably its not covered by the same regulations (its much more akin to a tax than a loan anyway).

NB There is no interest this academic year anyway...

Original Poster

sassie;8688547

i believe it is up to you to notify your employers of this, not the other … i believe it is up to you to notify your employers of this, not the other way round, in other words it is your responsibilty to make sure this is done



well this is what an accountant told me who works for a large organisation....i always tick the box when i start a job to say i have a student loan....so i've done my bit

Banned

Abz;8688622

well this is what an accountant told me who works for a large … well this is what an accountant told me who works for a large organisation....i always tick the box when i start a job to say i have a student loan....so i've done my bit



then it will be your works that will probably be in the crap when it happens, but this wont get wiped off

6 Years without payment and it becoms statuye barred, does it not?

Banned

Paddy_o_furniture;8688644

6 Years without payment and it becoms statuye barred, does it not?



no, this doesnt fall under that i dont think, and it isnt about payments when it comes under that anyway

Paddy_o_furniture;8688644

6 Years without payment and it becoms statuye barred, does it not?



Don't think that would apply to a student-loan. Its written off at 65 years old, or now after 25 years for loans from the last ~4 years in England.

sassie;8688654

no, this doesnt fall under that i dont think, and it isnt about payments … no, this doesnt fall under that i dont think, and it isnt about payments when it comes under that anyway


Does it not, from what I read it was 6 years from last acknowledgement of the debt.

Banned

Paddy_o_furniture;8688708

Does it not, from what I read it was 6 years from last acknowledgement of … Does it not, from what I read it was 6 years from last acknowledgement of the debt.



exactly, not about payments, acknowledgenmt can be a letter, a phone call, a tick in a box, etc,etc doesnt mean a payment

Original Poster

Paddy_o_furniture;8688708

Does it not, from what I read it was 6 years from last acknowledgement of … Does it not, from what I read it was 6 years from last acknowledgement of the debt.



source please??? :thumbsup:

Abz;8688720

source please??? :thumbsup:


This is on normal loans etc, google statute barred.

Ask the natinal debt line: 0800 808 4000

Banned

You have to pay it back unless you reach 65, die or never work. The interest goes up in September so you are just adding more and more debt the longer you leave it

I'll never manage to pay mine off...

plenty of people on here have said just ring up the loan company but it seams the op is hanging on to that tiny bit of hope that they don't have to pay it back.
Here is the reality.....................
You borrowed it now you have to pay it back
its your responsibility to pay back what you owe, not your employer
Interest is gaining month on month regardless of what people may think because he is no longer a student.

If by some extreme miracle the op doesn't have to pay it back, Who does? Yep that's rights..... Me, you, the bloke next door and everyone else.

BANG OUT OF ORDER I SAY

Banned

kroozing;8688896

plenty of people on hear have said just ring up the loan company but it … plenty of people on hear have said just ring up the loan company but it seams the op is hanging on to that tiny bit of hope that they don't have to pay it back.Here is the reality.....................You borrowed it now you have to pay it backits your responsibility to pay back what you owe, not your employerInterest is gaining month on month regardless of what people may think because he is no longer a student.If by some extreme miracle the op doesn't have to pay it back, Who does? Yep that's rights..... Me, you, the bloke next door and everyone else.BANG OUT OF ORDER I SAY



Or with a bit of luck they find that he is intentionally not repaying the loan and put penalties on the loan or make him pay it back in full

kroozing;8688896

its your responsibility to pay back what you owe, not your employer


Not strictly true. If they have been made aware, it is their responsibility, they are the ones who can get fined.
kroozing;8688896

Interest is gaining month on month regardless of what people may think … Interest is gaining month on month regardless of what people may think because he is no longer a student.


Not true either.

jah128;8688926

Not strictly true. If they have been made aware, it is their … Not strictly true. If they have been made aware, it is their responsibility, they are the ones who can get fined.Not true either.



Mine did month on month after i wasn't a student. I was only earning 12k a year too.

Interest was about £30 per month on 11k

kroozing;8688940

Mine did month on month after i wasn't a student. I was only earning 12k … Mine did month on month after i wasn't a student. I was only earning 12k a year too.Interest was about £30 per month on 11k



Zero interest this year. Should actually be -0.4% but the government are being sneaky.

Banned

jah128;8688985

Zero interest this year. Should actually be -0.4% but the government are … Zero interest this year. Should actually be -0.4% but the government are being sneaky.



Aye very sneaky :whistling: They are hardly going to start giving you money for a loan you owe them:thinking:

Banned

face upto your responsibilities man.

youve had the money and by the sounds of it wasted it ,if you still arent earning more than £15k after all this time

well if you aint paid any of it back yet, i would add 50% compound interest to what you did owe in 2004.
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