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Old 31.01.2017, 17:17
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UK Student Loans

The student loans company have just sent me a letter. Which is odd as I'm sure I'd repaid everything a while ago , first I've heard from them in years (sent them a letter when I first moved here- though I did say I planned to return to the UK a few months back when my original contract expired. I guess this is why they're writing to me...though bizarre if I'm paid up).

A few questions:

1: I notice beneath all the standard instructions of updating them of where I am, my income, etc... they say that if I don't tell them anything then I'll be put on the maximum repayment schedule for my country of residence.
Does anyone know...what on earth is this maximum repayment schedule?
I can't find solid numbers anywhere and I'm wondering whether it might be just as good as repaying based on my income. And less annoying paperwork too.

2: Googling around I also see a lot of talk of fees for not telling them anything. I fully intend to pay off this loan so it shouldn't apply to me but...Curiosity strikes and I come across no solid information about penalties. Does anyone know of any actual numbers on this? (slight paranoia on account of my suspicion its because I stayed in Ch longer than I said I would? Will a £10 outstanding balance turn into £1000?)

3: I've done the maths and.... with bank interest rates at a fraction of a percent and student loan interest rates at over a percent.. it seems to me that paying off my entire loan (no idea how much. At most it was originally 10k but should be largely gone now) might make monetary sense, despite advice I see on money saving expert and the like saying otherwise.
Has anyone done this? How does this process work? Is there any sort of surcharge based on interest you would have paid for getting rid of it early?

4: An easier one... For the date I begun employment should I put my original start date of working in Ch (which they already know), or the date of my new contract beginning (which they don't)?

Last edited by josquius; 31.01.2017 at 17:41.
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Old 31.01.2017, 17:22
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Re: UK Student Loans

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The student loans company have just sent me a letter. Which is odd as I'm sure I'd repaid everything a while ago
Why not first send a letter showing you have paid everything off?
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Old 31.01.2017, 17:26
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Re: UK Student Loans

No, send them a letter asking for proof that you owe them anything. At the moment, all you've got is their say so. They need to provide you with concrete evidence that you do actually owe them money. Meanwhile go through your financial records and check that you have paid off the loan. I would also contact the Citizens Advice Bureau in the UK to see what help they can give you if needed.
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Old 31.01.2017, 17:31
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Re: UK Student Loans

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Why not first send a letter showing you have paid everything off?
I never got any such letter. One month (a while before I was due back in the UK) they just stopped taking payments. Which I assumed at the time to mean I was paid off but now am a little worried otherwise.

I'm going to phone and ask about how much I owe et al before taking any concrete steps. Just trying to get all the information before I do this.
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Old 31.01.2017, 17:33
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Re: UK Student Loans

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I never got any such letter. One month (a while before I was due back in the UK) they just stopped taking payments.
What I meant was writing a letter, stating that you paid x times x, which is the amount you owed them.
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Old 31.01.2017, 18:48
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Re: UK Student Loans

Just phone them up, that way they can explain to you directly what they mean.
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Old 31.01.2017, 19:02
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Re: UK Student Loans

They should have sent out an annual "what you owe us" statement, ask for copies of the last one they have on record.

When did you take these loans out btw? There are so many different terms and conditions regarding paying it back etc.

Get it all in writing, would be my advice when dealing with the SLC.
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Old 31.01.2017, 21:27
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Re: UK Student Loans

I feel your pain. I am currently trying to persuade the Student Loan Company that the fact that I changed my address details when I moved back to the UK in April really does mean that I am no longer living overseas... and also that I have phoned them, written to them, and phoned them again and STILL not received the form they say I have to fill in (which is of course not readily available on their website).

Anyway, as they sent me a demanding letter earlier this month, I can tell you that the standard repayment schedule for someone living in Switzerland on a loan taken out before September 2012 (Plan 1) is £295.00 per month.

If they calculate your repayments payments based on your earnings, you can find the earning thresholds here: http://www.studentloanrepayment.co.u..._schema=PORTAL
You pay 9% of anything you earn over those thresholds.

If you took out your loan after September 2012 (Plan 2), you can find the information here: http://www.studentloanrepayment.co.u..._schema=PORTAL

Hope that helps, and good luck!
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Old 01.02.2017, 09:44
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Re: UK Student Loans

I was at uni pre 2008.

That's interesting. 295 quid.... Doing the maths myself, given the current exchange rate, I would have to pay more with 9% off my salary (which is not high at all by Swiss standards)
I've a bad experience with these guys before when I was working abroad and not earning much, they put me onto the poverty line with massive overcharges...
Wonder how I can get onto this default payment with no fines.
Assuming I've much to pay of course. Still haven't phoned them to check if it's only a few pence.
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Old 01.02.2017, 15:29
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Re: UK Student Loans

have you tried logging onto the website to check your balance? When I moved here my payments went up from £45 to CHF 330 a month....lovely eh! Only good thing is it meant I was able to pay them off much quicker than if I was at home. If you've paid everything off then maybe its just an error on their part but as others said if you're not sure give them a call...or check the website and find out.
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